Today’s post isn’t really about bankruptcy per se, but as a bankruptcy attorney in California, as you might imagine, I

Last year, the United States saw ecommerce spending jump to $194.3 billion, up 16.1% from $167.3 billion in 2010. The majority of these purchases were likely made on credit cards, and credit card debt is often cited as a reason why people file Chapter 7 and Chapter 13 bankruptcy.
Americans in general are definitely online shoppers, but which type of online shopper are you?

Filing Chapter 13 bankruptcy will soon be an option for people with larger debts. On April 1, 2013 the law will adjust to allow people with unsecured debts of up to $383,175 and secured debts of up to $1,149,525 to file Chapter 13.
Chapter 13 Not For Everyone

Yes

Pension money that is in a tax qualified pension plan such a Roth or IRA may be kept in a chapter 7 personal bankruptcy, provided that it does not exceed $1,171,650. Pension money is a 401(k), 403(b), SEP or a defined benefit plan, in any amount, is exempt in bankruptcy and may not be taken or seized by a bankuptcy trustee.

In New York a debtor can file bankruptcy and keep 1 car that has no more than $4,000 of equity. If the car or automobile is new or has a loan, equity is calculated by taking the difference between the value of the car and the outstanding loan against the car. To determine the value of a car, a debtor can get a letter from an automobile dealer appraising the car or use the Kelly Blue book values

The homestead exemption in Kings, Queens, New York, the Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam counties is $150,000 per debtor. If a married couple files for bankruptcy and they both own real estate the exemption is $300,000.

180 days! Accordingly do not take the course if you are not ready to file for personal bankruptcy because 180 days passes you will need to retake it.

By saving as much money as possible and by using credit is a responsible way. A debtor should get a securitized credit card after the bankruptcy filing and then charge and repay on that card. After 6 months of using the securitized credit card, call the bank and ask that the credit limit on the securitized credit card be increased and this process will rehabilitate a debtors credit.

If an individual files for chapter 7 bankruptcy and they owe money on a credit card, then the amount of money owed on the credit card will be discharged in bankruptcy,s but the credit card company will cancel the credit card. If the debtor wants to keep the credit card after the bankruptcy filing, they may reaffirm the debt which will require them to pay the money due on the credit card after the bankruptcy filing. Reaffirmation requires that the debtor file a special form or agreement with the bankruptcy court with the bankruptcy petition.