News and Resources
New Submission Rules for Proofs of Claim
I was invited by the American Bankruptcy Institute to speak on Chapter 13 issues at the ABI Consumer Bankruptcy Conference in Chicago. A big issue: the effect we are seeing from having shortened the time within which creditors must file proofs of claim in bankruptcy...
Beware of Losing Chapter 13 Discharge
Chapter 13 provides the debtor with a discharge upon completion of all payments under the plan. For many years this has worked well, and debtors received a discharge even if they have not made all the payments which were to be made directly to creditors. Payments made...
Should I Get a Credit Card After My Bankruptcy?
Yes, probably. Credit reporting agencies, like TransUnion, advise us that it is good to have a credit card, even a secured card, even if you do not use it. Doing so will increase your credit score. Having a credit card is also important if you are traveling or are...
Must I Report Money Used From Minor Children’s Accounts?
Question: I will be filing bankruptcy and am preparing my schedules. As my financial problems have worsened, I have used money from my minor children’s savings accounts. Do I have to say anything about this? Answer: Yes. The money you have “borrowed” from your...
Vehicle Deductions for Means Test
A potential client contacted me for a second opinion regarding her eligibility to obtain a Chapter 7 discharge. Her income was high enough to create an issue under what is known as the means test. The means test is a mathematical calculation based on a debtor’s income...
How Soon Will the IRS Start Its Collection Actions Against Me for Unpaid Taxes?
You will have notice and some time to pay or otherwise deal with the tax debts. The IRS always sends a bill first. That bill will be based on your tax return and will likely include appropriate interest and penalties. You will always receive at least a second bill...
If I find employment prior to filing bankruptcy, or after I file bankruptcy, will this pose a problem?
No. We want our clients to be able to earn as much as possible and part of our job is to make sure any income you have is protected. The amount of income can affect your case, depending on the chapter you are filing under and the amount you are earning. In Chapter 7...
Foreclosure Mediation Requires Prompt Action
Attorney David Krekeler reflects on meeting legal deadlines in your strategy. Last month, a client brought me a foreclosure complaint to review. Unfortunately, the time within which to respond to the complaint had long since passed. In fact, the judgment had already...
How Debtors and Creditors Use Proofs of Claim in a Bankruptcy Case
One of the purposes of bankruptcy is to provide creditors with distributions (made up of the debtor’s assets or income). Creditors must file proofs of claim to receive their share of the distributions. Surprisingly, many creditors do not file proofs of claim, thereby...
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