Filing Chapter 13 bankruptcy puts an automatic stay into effect that prevents debt collection without court permission. The stay is a very powerful protection because it applies to so many different types of collection activities. The stay will prevent foreclosure… Continue Reading
Chapter 13 bankruptcy allows debtors to protect secured property using the automatic stay and discharge personal liability for debt. The automatic stay goes into effect at the time the bankruptcy petition is filed. The stay prevents all debt collection against… Continue Reading
The primary test for determining whether a debtor should receive a discharge under Chapter 7 of the Bankruptcy Code is the means test. A means test is used to determine whether the debtor has any disposable income. This document uses… Continue Reading
In bankruptcy debtors have several choices as to what to do with real property that is encumbered by a mortgage. One option is to surrender their interest in the property to the creditor. However, surrendering a house in bankruptcy is… Continue Reading
Chapter 13 bankruptcies are funded through future income of the debtor. Debtors makes payments to a trustee each month for thirty-six to sixty months, and the trustee takes that money and pays it to the creditors provided for in the… Continue Reading