What is disposable income for purposes of a Chapter 13 bankruptcy? Chapter 13 disposable income is whatever is left over from your net income after required payroll deductions and allowable expenses, after applying the means test formula. Put another way, disposable income is the amount of money you have at your disposal to be eligible to file a Chapter 13 repayment plan. → Read More
What are my options if I can’t make my Chapter 13 bankruptcy payments because I was laid off? A Chapter 13 bankruptcy repayment plan requires you to repay your creditors according to the plan you agreed on during your initial bankruptcy filing. If you find yourself unable to make your Chapter 13 repayment plan payments because you were laid off, you should first understand the rules for payment or nonpayment. → Read More
Can I file Chapter 7 if I have no property or assets to turn over to the trustee? Most Chapter 7 cases involve individual debtors who have no assets to satisfy any portion of their creditors’ claims. These are called “no-asset” cases. In these cases, the court will hold a discharge hearing, and if there are no objections to the discharge filed by creditors, the court will cancel (discharge) the debts covered in the petition. The debtor is then no longer responsible for those debts. → Read More
What are the different bankruptcy chapters under which an individual can file? There are three different bankruptcy chapters under the Bankruptcy Code through which an individual can file, and they are called Chapter 7, Chapter 11, and Chapter 13. A Chapter 7 case is sometimes called a ‘straight’ bankruptcy, or a ‘liquidation.’ → Read More
Can the state deny a license or permit because of bankruptcy? The state generally cannot suspend a license because you filed for bankruptcy. It is illegal for a governmental unit to deny, revoke, suspend, or refused to renew a license, permit, charter, franchise, or other similar grant to someone solely by reason of his/her having been a debtor, having been insolvent prior to discharge, or having failed to pay a dischargeable debt. → Read More
How does filing bankruptcy affect a co-signer? How bankruptcy will affect a co-signer will depend on the type of bankruptcy you file and the nature of the debt. → Read More
How does bankruptcy affect a joint account holder? Bankruptcy effects on a joint account holder will depend on the type of account and the bankruptcy laws in your state. If the account is a savings, checking, or other similar type of account, a joint account holder could be affected. → Read More
Can I pay some debts outside of bankruptcy? Paying debts out of bankruptcy is generally inadvisable. Some payments that are paid before bankruptcy is filed can cause trouble and trustees have the right to ask the creditor for the money back. Making payments outside of bankruptcy can also mean making payments directly to creditors rather than through the trustee. → Read More
Will I have to give up my personal possessions if I file for bankruptcy? Whether or not you have to give up your personal possessions when you file for bankruptcy depends on what type of bankruptcy you file. Even if you are required to relinquish your possessions, many of your belongings are exempt and will not be considered bankruptcy assets. → Read More
How does bankruptcy affect property settlement after a divorce? When a person goes through a divorce and receives a property settlement from it, that settlement is not exempt from being liquidated during a bankruptcy. Should an individual file for bankruptcy and then get divorced afterward, and subsequently receive a property settlement, he or she may lose that property settlement to the bankruptcy, since it counts as an asset. → Read More
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