Tag: Chapter 13

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: 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?”

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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