Jesse Barrientes:         Well, Dave, what happens if we are in this plan here for a couple years and let’s just say that I have inherited some money.  And you know what?  I never wanted to do a bankruptcy in the first place.  I just didn’t have much of a choice.  But now I find myself+ Read More
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Jesse Barrientes:         What happens if – because it’s going to be lean living during this time.  What happens if I need to get credit?  If I’m going to be able – if I’m locked into this plan for three years or five years, and I need – I probably shouldn’t, not the greatest idea but+ Read More
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David Siegel: Does someone get to keep all of their property when they are in a Chapter 13 or do they have to give up some property in exchange for this reorganization? Jesse Barrientes: Typically they get to keep all of their property. I suppose there have been some instances and I think I was+ Read More
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David Siegel: Let me ask you this, Jesse. Do creditors object to your plan for your organization or do they just accept it? Jesse Barrientes: It depends on the creditor. Sometimes they object. Essentially, and we talked about this which is similar in a Chapter 7. It’s a 341 Meeting. It’s essentially the same, Meeting+ Read More

Your office, Dave, you also do the first plan payment as well. Do you not? David Siegel: What I like to do in many cases is get first plan payment that’s going to go to the trustee upfront. The reason for this is its good faith, it shows the trustee when you go to meet+ Read More
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Jesse Barrientes: So how do I pay the trustee? Do I send them a check? A money order? How does that work? David Siegel: Well, if you are gainfully employed and you are working for an employer, then I’m going to mandate payroll control and that’s where the money comes directly out of your payroll+ Read More
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Jesse Barrientes: Well, you mentioned the plan payment. How do I go about paying the trustee? So assume now we have gone through the numbers and we know what my disposable income is. And by the way, that’s pretty lean, right? There’s nothing else built in that budget. There’s nothing for entertainment or anything else.+ Read More

Grandma passes away and you inherit her retirement funds.  If forced to file bankruptcy, will you be able to save the inheritance from the creditors?  

Because there is additional proof needed to show undue burden, the majority of those individuals who file bankruptcy do not file the additional adversary proceeding necessary to receive a discharge. This accounts for very low number of student loan discharges given to debtors by bankruptcy courts each year. The post Student Loan Debt and Bankruptcy appeared first on Tucson Bankruptcy Attorney.

Because there is additional proof needed to show undue burden, the majority of those individuals who file bankruptcy do not file the additional adversary proceeding necessary to receive a discharge. This accounts for very low number of student loan discharges given to debtors by bankruptcy courts each year. The post Student Loan Debt and Bankruptcy appeared first on Tucson Bankruptcy Attorney.