Chapter 13 Bankruptcy

Certain tax debt has to be paid 100%, certain tax debt we can pay less than 100%.  Cars are treated a little differently too, depending upon how old they are.  So when we look at their income minus expenses, we know approximately what it’s going to take in terms of a monthly payment to get [...]

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a [...]

The stagnant economy and depressed housing market has created a huge financial burden for millions of Americans. Many Americans are unemployed and having a difficult time keeping up with their debt obligations. Furthermore, declining home values are exacerbating the financial strain put on families. Millions of homeowners now owe more on their mortgage than the [...]

Although bankruptcy filings by sports teams have been historically rare, a recent smattering of filings have turned into a trend.  The Los Angeles Dodgers have recently joined the Phoenix Coyotes, the Chicago Cubs, the Texas Rangers and several other sports teams that have filed for bankruptcy within the last 20 years.  Why is this becoming [...]

A bankruptcy discharge is one of the most common reasons for filing for bankruptcy.  A discharge releases you from personal liability for debts that qualify under federal law.  It is a permanent order granted by a bankruptcy court.  Any debts you successfully discharge in bankruptcy will basically disappear and your creditors can never come after [...]