Chapter 7 bankruptcy can help eliminate or wipe out debt obligations for qualifying debtors.  When debt is eliminated it is known as a discharge. When this happens, many people think their case is finished.  Well, not quite.  While getting debt discharged is the primary goal for most filers, this isn’t the actual end of the [...]

A Wisconsin 128 debt amortization plan can be a great alternative to bankruptcy. Unlike a Chapter 7 bankruptcy, a chapter 128 provides fast and effective relief without the hassle of a means test or liquidation of your assets.
Advantages Over Bankruptcy:
1. Less Expensive.
2. Unlike bankruptcy, all debts do not have to be included in your 128 plan.
3. No assets or property are put in jeopardy.
4. Can file more than once.
5. Can file after bankruptcy.
6. Alternative to bankruptcy if you do not qualify under the new bankruptcy code.

Once you have made the decision to file for bankruptcy you are likely to start hearing terms and phrases that you are not familiar with and that may be a bit confusing, but that are incredibly important to the administration of your case. Understanding these terms is key to being an active participant in your bankruptcy case rather than just sitting by and hoping that it goes well. By discussing these terms with a bankruptcy lawyer, clients will likely find themselves feeling more informed and confident regarding their decision to file for bankruptcy.

At Second Chance Legal Services we often get the question: Can I keep my 401k if I file for bankruptcy protection?  The answer to that question is fairly straight forward.  As long as your 401k is a legitimate retirement plan that follows all IRS rules (most plans are extremely interested in compliance) your 401k is fully protected in bo

In the case of In re Eagle, ___ F.3d ___, 2007 WL 2278902 (C.A.8(Ark.)), the court held that under the circumstances the Chapter 7 Debtor did not have a constitutional right to counsel. The Debtor had filed a pro se Chapter 7 case. As the Debtor failed to file the necessary schedules and statements, the court dismissed his case. The court granted the Debtor's motion to reinstate his case and advised the Debtor to obtain counsel. In subsequent proceedings, the court sustained a Creditor's exemption objection.

A creditors’ meeting is required under section 341 of the Bankruptcy Code.  In simple terms, it is a meeting of the minds between the parties present at the meeting.  The parties that will be present at the meeting will be you, the debtor; the debtor’s attorney, and a representative from the trustee’s office.  If you+ Read MoreThe post Information About Debtor’s 341 Meet

Once the meeting of creditors is over in your Chapter 7 bankruptcy case, you’re pretty much done.
You filed for Chapter 7 bankruptcy.
You went for your meeting of creditors.
The trustee closed the meeting.
Here are the loose ends you need to tie up.
If The Meeting Is Closed

Back in 2011, the nation was fixated on the trial of Casey Anthony, the Florida woman wh

The case of Quartemont v. Commissioner, T.C. Summary Opinion 2007-19 (Jacobs, J.) illustrates the tax consequences of the settlement of debt at less than the full amount and specifically addresses the calculation of "insolvency" for the insolvency exception to the discharge of indebtedness income provision of the Internal Revenue Code. 26 U.S.C. 108. In this case, the taxpayers negotiated with their credit card companies to pay a lesser amount than what was owed instead of filing for bankruptcy relief.

If you are thinking about filing Southern California Chapter 13 Bankruptcy, then make sure you know how much you owe your creditors.   Most potential debtors typically focus on how much they must repay based on their disposable income, but many fail to really take a close look at what they owe.