BankruptcyLawNetwork

Payday loans are a common source of quick cash if you are in trouble.  It’s the local loan shark; you know you should avoid but you can’t.  Sometimes payday lenders think they’re special in bankruptcy court.  They aren’t.

A diamond engagement ring can be a symbol of love and devotion.  It can also be a potential problem in a bankruptcy proceeding.  Ever since the DeBeers Organization began an aggressive marketing campaign for diamonds during the depression years of the 1930’s, diamond rings have become common place as in engagement arrangements.  They can be valuable, and exemption laws often cover only limited amounts for jewelry.

It has been five years since Congress and the U.S. Supreme Court enacted Bankruptcy Rule 3002.1.  Hailed as a victory for homeowners against greedy mortgage banks, the rule was designed to force banks to certify to the court that the homeowner was current in payments at the conclusion of a chapter 13 case.

 “Why should I pay money I don’t have to a lawyer to file for bankruptcy? Isn’t it just filling out a few forms!”

Do not count Social Security Income or Supplemental Security Income when calculating disposable income for debt repayment.

Bankruptcy requires an evaluation of one’s ability to pay existing debt. This article discusses why Social Security Income and Supplemental Security Income is not used for repayment of debt in Chapter 7 and Chapter 13 forms of bankruptcy.