If your income is above the median income for your household size, you must complete a "means test" when you file your bankruptcy petition. To determine whether you are above or below the median income, your gross income for the six month period prior to...
After you file a bankruptcy case, you are required to attend a meeting of creditors. This is scheduled for about a month after your petition is filed, and is usually the only appearance you will need to make during the bankruptcy process. Your attorney should prepare...
This is NOT true. In fact, nothing could be further from the truth. The minute you file bankruptcy, the Bankruptcy Court issues an order telling all of your creditors to leave you alone. No more phone calls. No more collection letters. No more lawsuits. No garnishments....
There exists something referred to as the "wild card" exemption. This is a very useful exemption and what allows most bankruptcy debtors to keep all their property. Section 522(d) of the Bankruptcy Code states, in relevant part: The following property may be exempted [...
There are two main federal bankruptcy exemptions for "unmatured" insurance contracts; 11 U.S.C. § 522(d)(7) and (d)(8): (7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract. (8) The debtor's aggregate interest, not to exceed in value $11,525 less any...
One of Benjamin Franklin's most famous quotes is: "Certainty? In this world nothing is certain but death and taxes." However, the death of a Debtor does not automatically meant the death of his or her case. The Bankruptcy Code permits the continuation of both Chapter 7...
Co-signing a loan is a dangerous thing. Too many people end up in bankruptcy due to debts they just co-signed for, so here are a few points worth considering before co-signing for a friend or family member. There is a reason they need a co-signor....
The current economic situation has put a strain on many people. This is resulting in an increase in mortgage foreclosures. The best way to stop mortgage foreclosures is to work proactively with your bank. So, what is going on with mortgage foreclosures? Mortgage Foreclosures in PA Are...
