Tag: Bankruptcy

IRS: Offer In Compromise

Offer In Compromise – Doubt as to Collectibility There are three types of Offer In Compromise (OIC). The most commonly utilized OIC is the “Offer In Compromise, Doubt as to Collectibility,” or OIC-DATC. This OIC is geared towards those individuals who are unable to… Continue Reading “IRS: Offer In Compromise”

Inheritances in Bankruptcy

Chapter 7 Under a Chapter 7 bankruptcy, the trustee looks to the timing of the inheritance. If the inheritance was before filing, any amount on hand at the time of filing will become part of the estate. When it becomes part of the estate,… Continue Reading “Inheritances in Bankruptcy”

Chapter 13 Bankruptcy: Liquidation Analysis

In a Chapter 13 Bankruptcy, if you are unable to exempt all of your assets, you will need to perform a liquidation analysis (LA).  The purpose of a liquidation analysis is to ensure the general unsecured creditors are receiving at least the amount they… Continue Reading “Chapter 13 Bankruptcy: Liquidation Analysis”

Chapter 13 Bankruptcy: Save the Home

When an individual falls behind on their mortgage, they have the benefit of filing for a Chapter 13 bankruptcy in order to prevent a foreclosure. A unique feature of a Chapter 13 bankruptcies is that junior mortgages, a second or third mortgage, can be… Continue Reading “Chapter 13 Bankruptcy: Save the Home”

Chapter 13 Bankruptcy: What is a Cramdown?

 A “cramdown” essentially reduces the principal balance of a secured debt from the outstanding loan amount down to the Fair Market Value. This is most often used with car loans, mobile home loans, household goods, and other personal property in a Chapter 13 Bankruptcy.… Continue Reading “Chapter 13 Bankruptcy: What is a Cramdown?”

Chapter 13 Bankruptcy: Examples of Disposable Income

Disposable Income in the bankruptcy world will be whatever is left over after taxes, insurance, and any necessary household expenses. This disposable income must then be turned over to the Chapter 13 trustee. However, there are additional forms of income that can come into… Continue Reading “Chapter 13 Bankruptcy: Examples of Disposable Income”

Chapter 13 Bankruptcy: Can I Keep My Tax Refunds?

Short answer, yes, as long as the paperwork is handled correctly. In a Chapter 13 bankruptcy, tax refunds are treated as disposable income, and as stated in other articles, by default all disposable income is to be turned over to the trustee. However, the… Continue Reading “Chapter 13 Bankruptcy: Can I Keep My Tax Refunds?”

Grand Rapids Bankruptcy Attorney – Bankruptcy’s Effects On Credit

A common fear among individuals considering bankruptcy, is what the bankruptcy will do to their credit record and how long they will be affected.  It is true that under the Fair Credit Reporting Act, this notation on your credit report will last for ten… Continue Reading “Grand Rapids Bankruptcy Attorney – Bankruptcy’s Effects On Credit”

Bankruptcy: My mother has is mentally incapacitated, can she still file for bankruptcy? Yes.

It is possible for there to be a situation where a parent needs to file for bankruptcy, but has severe dementia, and therefore mentally incapacitated. Dementia can come on gradually, limiting their ability to make wise financial decisions.  By the time you realize their mental health… Continue Reading “Bankruptcy: My mother has is mentally incapacitated, can she still file for bankruptcy? Yes.”

How Often Can I File For Bankruptcy?

The answer really depends on which Chapter of Bankruptcy you previously filed (Chapter 7 and Chapter 13), and which Chapter you wish to file. Additionally, these restrictions only apply if you received a discharge in your previous filing. Ch 13 -> Ch 13: You… Continue Reading “How Often Can I File For Bankruptcy?”

Can a Chapter 7 Bankruptcy status stop my foreclosure?

Chapter 7 bankruptcy cannot permanently stop your foreclosure, but it is helpful in other ways that can help you manage a foreclosure you are facing. Chapter 7 bankruptcy can delay your foreclosure – When you file for bankruptcy you gain an automatic stay. Fortunately,… Continue Reading “Can a Chapter 7 Bankruptcy status stop my foreclosure?”

Retaining Nonexempt Property in Chapter 7 Cases

In consumer chapter 7 bankruptcies, although the trustee pretty clearly has a right to take possession of totally nonexempt property prior to the 341 meeting of creditors, this rarely occurs. These non-exempt issues can be resolved in one of three fashions.: (1) Turn the… Continue Reading “Retaining Nonexempt Property in Chapter 7 Cases”

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