Does the Chapter 13 trustee negotiate my debts?
A Chapter 13 does not negotiate your debts. When you file a Chapter 13 bankruptcy, your creditors get notified as part of the process. The creditors have 9 weeks to file a claim. If they do not file a claim, they don’t get paid any distribution and that debt still...
What debts are dischargeable in a Chapter 13 and not in a Chapter 7?
There are several reasons that a potential client might consider a Chapter 13 verses a Chapter 7 even if they are eligible to file a Chapter 7 bankruptcy case. A Chapter 13 bankruptcy allows you to restructure your debt such as paying back mortgage arrears. For...
Can the trustee take the proceeds from my personal injury case?
You must list your personal injury case as a potential asset for the bankruptcy trustee. In a Chapter 7, the trustee can collect 100% of what a debtor gets from their personal injury settlement. This applies to any dates of accident that occurred prior to filing the...
Can the bankruptcy trustee take my tax refund?
Let’s say you file your bankruptcy case in August 2023, the trustee can keep you case open until April 2024 to potentially intercept your tax refund (if you do not have exemptions that can cover it). The trustee cannot take “earned income credit” which is a tax credit...
Will gambling affect my bankruptcy case?
The short answer is yes, it can. You are obligated to disclose the last twelve months of profits and losses from gambling on your bankruptcy petition. If you do receive winnings and it’s listed on your tax return as income, that also needs to be shown on the...
What is an insider payment?
An insider payment is when you borrow money from a friend or family member and repay them within twelve months prior to filing your bankruptcy case. The significance of an insider payment is that the trustee can make you pay the bankruptcy estate the same amount of...
Will my bank take money out of my account if I file for bankruptcy?
There is something called a right to set off. This means that a banking institution can take money from your checking or savings account to make a payment on another debt such as a credit card or car loan that you owe the bank. If you are behind on your payments the...
What is does it mean to reaffirm a debt?
People often ask if they can keep their existing vehicles when they file for bankruptcy. The answer is yes. You can either surrender the car if you do not want to keep it or you can keep it and reaffirm the debt. If you are current on your vehicle payments the...
Who can I claim as a dependent for purposes of my bankruptcy filing?
This becomes very relevant because your ability to file a chapter 7 is based upon your income and expenses. That threshold varies due to your household size. As of October 2023, the Florida chart for the median income to qualify for a Chapter 7 is as follows: ...
Can My Pool Loan be Discharged in Bankruptcy?
Pool loans usually get financed through a third-party company, such as a bank or credit union not through the pool contractor themselves. On credit reports the debt is usually listed as an unsecured debt which is the same as any type of credit card debt. However,...
