- Our Blog
What is a Confirmation Hearing? Posted on Jul 14, 2015 By Kathryn Davis July 14, 2015 by Kathryn Davis As has been discussed in this blog before, along with a Chapter 13 bankruptcy petition a debtor will file a Chapter 13 plan. This plan sets out how much a debtor will pay to the Trustee and how certain debts will be paid, among other things.
You can buy a home after bankruptcy! In tough economic times, many clients worry about the impact of filing bankruptcy on their ability to purchase a home in the future, but subject to several guidelines, a debtor can obtain a mortgage and buy a new home after bankruptcy. Federal Housing Administration Guidelines The Federal Housing Administration (FHA) has set out guidelines on this subject.
After a debtor completes a Chapter 13 plan and makes all payments to the bankruptcy Trustee, he will receive a discharge of debt which basically frees him of the obligation to pay his debts. There are certain limited circumstances in which a debtor can receive a discharge even if he or she has not completed the payments to be made under the Chapter 13 plan. This is called a “hardship discharge.
A question that comes up with some of our clients is whether the client can modify his or her mortgage while they are in Chapter 13 bankruptcy. The answer is yes. After you file for a Chapter 13 bankruptcy, the automatic stay goes into effect. One result of the automatic stay is that your mortgage lender will not be able to pursue collection activities, including foreclosure, ...
In a new paper from the National Bureau of Economic Research (NBER), researchers found that roughly 1 in 6 NFL players file bankruptcy within a dozen years of retirement. Interestingly, researchers found that the length of a player’s career and the amount of money he earned had little impact on whether he would file bankruptcy.
We see many potential clients whose biggest issue is that their wages are being garnished by one or more creditors. The potential clients ask whether bankruptcy can stop the garnishments. The answer is yes! Wage garnishments can be devastating to someone who is struggling financially. Fortunately, when a debtor files bankruptcy, the automatic stay is put in place.
In my last blog, I described what constitutes a preferential transfer under the Bankruptcy Code. Now I’ll go into a few of the defenses a creditor might have to a preference lawsuit by the bankruptcy Trustee. These defenses, as well as several others, are set forth in Section 547 of the Bankruptcy Code.