We occasionally receive telephone calls from people concerned about their aging parent's financial situation. The first step is to sit down with your parent and review their financial records and bills to understand their assets and liabilities. It is also important to know what creditors can and cannot do to collect a debt.
We occasionally have people ask us of they can file a joint bankruptcy petition with their live-in significant other. The answer is no. Only spouses can file a joint bankruptcy petition. Because bankruptcy is federal law, same-sex spouses can file a joint bankruptcy petition regardless of their states' laws on same-sex marriage.
Every couple of years, the Bankruptcy Court releases updated figures for the median income of families based upon their location...
Every Debtor must complete two courses on financial literacy to successfully complete his/her bankruptcy.
When you file for bankruptcy, all of your assets become part of the bankruptcy estate and are available for distribution to your creditors unless you can exempt the asset using either the Federal or State exemptions.
Yes, a Chapter 13 does not prevent you for selling assets, but any sale requires court approval.
When you file a Chapter 13 bankruptcy an automatic stay goes into effect immediately upon the filing of your case.
Chapter 13 does not put any restraints on where you can live and work.
You should list your current and married name on your bankruptcy petition.
Oftentimes clients express a desire to leave one of their credit cards off their bankruptcy filing.
Once you file a bankruptcy, a Trustee will be assigned to your case.