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Archive for January, 2011|Monthly archive page

Your Employer Can’t Fire You Because Of Bankruptcy

In Uncategorized on January 28, 2011 at 1:07 pm

No private employer may terminate an employee solely because the employee filed for bankruptcy. Its part of the Bankruptcy Code. The government cannot fire an employee and cannot withhold or deny a llcense, permit, records and so on. You cannot be denied a student loan because you filed a bankrutpcy case.

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Chapter 7 and Chapter 13: Which Is Best For Me?

In Uncategorized on January 21, 2011 at 10:58 am

Both bankruptcies protect you from lawsuits, garnishments, and contact with creditors. Both give you a discharge from personal liability on most debts.
Chapter 7 is designed for people with low income. So low that even if they had no debts they could just pay their monthly living expenses. The court gives these people a discharge of debts without requiring them to make payments on them.
Chapter 13 is for people with enough income to cover monthly living expenses and still pay part of their debts. They pay on the debts for three to five years. Once they complete the payments, they receive a discharge of most unpaid debts.
Chapter 13 has advantages over chapter 7. It allow people to catch up past due house and vehicle payments. It can lower monthly payments for debts that survive chapter 7, like taxes and student loans. When you meet with me, I can discuss the pros and cons of both types of bankruptcies.

What’s Worse: Foreclosure or Bankruptcy?

In Uncategorized on January 14, 2011 at 3:36 pm

Foreclosure is worse than bankruptcy in at least three ways.

1. Foreclosure means you will lose your home. Forever.

2. Following the foreclosure, you will probably owe the mortgage company money and they will try to collect it from you.

3. Foreclosure looks worse on your credit report than bankruptcy.

You can file bankruptcy without your spouse.

In Uncategorized on January 6, 2011 at 1:59 pm

But the fact that you are married can affect your case.

If you and your spouse are married and living together, then you have one household. If that’s the case, your spouse’s earnings count and must be considered to determine if you are eligible to file a chapter 7 case – straight liquidation – or whether you must file a chapter 13 debt adjustment case – along with payments to creditors for up to 5 years.

A married person must take into account his or her spouse’s income. The spouse’s separate expenses, like personal credit card bills, are deducted from household income. Anything remaining is considered disposable income which is placed to household uses and therefor available to pay the filing spouse’s debts. If the non filing spouse makes enough money, then the filing spouse may be required to file a chapter 13 case or run the risk of having his or her chapter 7 case be subject to a motion to dismiss as abusive.

If you are married and living separate and apart, you probably won’t have to include your non-filing spouse’s income. Each of you now has your own household. If you are married but divorcing, you may be deemed to have separate households even if you live in the same dwelling.

So if you are married but are thinking of filing bankruptcy separately, ask a bankruptcy lawyer who understands marital law what this means to you and your non-filing spouse.