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You’ve filed your chapter 13 bankruptcy paperwork and submitted your schedules and payment plan. The meeting of creditors is completed and you’ve answered the trustee’s questions. The next step in the process is your confirmation hearing. In some courts, the confirmation hearing will happen on the same day as the meeting of creditors. In [...]
You’ve filed your chapter 13 bankruptcy paperwork and submitted your schedules and payment plan. The meeting of creditors is completed and you’ve answered the trustee’s questions. The next step in the process is your confirmation hearing. In some courts, the confirmation hearing will happen on the same day as the meeting of creditors. In […]The post The Chapter 13 Bankruptcy Confirmation Hearing appeared first on Tucson Bankruptcy Attorneys Trezza & Associates.
When an individual files for bankruptcy protection they are required by law to disclose all of their assets and all of their liabilities. What exactly does that mean?
Assets are possessions. They are the things that we own or have some sort of interest in. Our homes and cars are assets even if we owe the bank money for a lien they hold on these assets. Our bank accounts, cash in our wallets and even the wallets themselves are all assets. It is important when an individual files for bankruptcy that they list all of the things they own regardless of how much these assets are worth. Broken down vehicles, costume jewelry and pets may not be worth a great deal of money, and certainly are not things a trustee would be interested in liquidating, but failure to list these items could put your bankruptcy discharge in jeopardy.
Additionally, individuals are required to list everyone they own money to. This includes back child support, student loans, credit cards, mortgages and other traditional debts. It also includes loans owed to your parents, fiance, siblings, business and other non-traditional debts. Many times debtors are reluctant to list there non-traditional debts out of fear that they will not be allowed to repay the money they owe to these individuals. In fact, voluntary payment on discharged debts are perfectly legal and while failing to list them will harm your chances at discharge, repaying them after discharge will in no way violate the law.
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While many consumers struggle to make payments on their medical bills, there are doctors facing a similar struggle; except it involves keeping their businesses afloat. The American Bankruptcy Institute’s health care committee has noticed a spike in Chapter 11 bankruptcy filings by doctors with 8 being filed in recent weeks alone. Industry experts have noticed [...]
Due to severe budgetary constraints, the United States Trustee is no longer designating bankruptcy cases for random audits. Bankruptcy attorneys across both Oregon and Washington who had to cope with the burdensome audit requirements aslong with their clients are now breathing a heavy sigh of relief
Ever since the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Debtor’s counsel across both Oregon and Washington had to cope with the prospect that any one case filed in either state might be subject to a random audit. This is so because the BACPA established procedures for independent audit firms to review not only the Schedules filed in a given case but the supporting documents relied on to support the Chapter 7 Bankruptcy filing.
The documentation required by the audit firms were extremely burdensome to both bankruptcy filers and their attorneys. While the audits were random to both the attorney and government, it was often difficult to convince a bankruptcy filer that the audit wasn’t personal or that their attorney hadn’t somehow messes things up. Even worse, the audits themselves were wholly conducted by third party accounting firms that had very little knowledge of the ins and outs of consumer bankruptcy. The paper requirements that they would impose on chapter 7 bankruptcy filers might have been more properly used on corporations. Here’s hoping that the random audits never come back.
If you have any questions about audits or what kind of review is likely to take place after you file Chapter 7 Bankruptcy, please feel free to contact me any time or set an appointment at any one of our bankruptcy law offices in Portland, Salem, Vancouver or Seattle. I will look forward to hearing from you and getting your Chapter 7 Bankruptcy Case filed.
The original post is titled United States Trustee Ends Random Audits For Oregon and Washington Chapter 7 Bankruptcy Cases , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
One of the most important elements debtors should review when considering bankruptcy is how personal debt is handled by the court. When you file, you are required to list outstanding debt including loans owed to friends or family. Depending on the chapter you file they are handled differently. For the most part, these types of [...]
Here at Shenwick & Associates, we often get questions from clients if they may transfer a house or an apartment from one spouse to the other after being sued or prior to a bankruptcy filing. In In re Panepinto, Case No. 12-11230K (Bankr. W.D.N.Y., Feb. 25, 2013), an upstate Bankruptcy Court considered this question and held that such a transfer could be a fraudulent conveyance and set aside.
In this case, in 2008 a judgment creditor was seeking to collect on a debt owed by Mrs. Panepinto, an insolvent who owned a house with no mortgages or other liens encumbering the property. So, to thwart her judgment creditor, she transferred the house to her husband with no consideration for the transfer.
Last year, Mrs. Panepinto filed for Chapter 13 bankruptcy, and her judgment creditor sought to set aside the transfer as a fraudulent conveyance under New York Debtor and Creditor Law §273. The Bankruptcy Court sustained the judgment creditor's challenge to the transfer.
The lesson is that before transferring ownership in property, a debtor should seek advice from an experienced bankruptcy attorney, such as Jim Shenwick.
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Payday loans, also known as a cash advance, are short-term loans borrowers obtain against their next paycheck. While they seem convenient in helping you get necessary expenses covered between pay days, many find themselves trapped in trying to break the cycle of getting it paid without the need to take it out again. Due to [...]
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