chapter 7

How Donald Trump Uses Bankruptcy to Become More Successful

01/16/12

How Donald Trump Uses Bankruptcy to Become More Successful It is not uncommon for a client to ask about Donald Trump and other famous large-scale bankruptcies.  How can a rich person like Donald Trump file for bankruptcy, and how does he seem to come out of it more successful than ever?  And is this something [...]

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If Your Debts Are Mostly Secured, Should You File for Bankruptcy?

01/16/12

Many people who have considered bankruptcy are aware of the fact that bankruptcy treats secured and unsecured debts very differently.  If most of your debt is secured, should you even consider bankruptcy? If not, what are your other options? Secured debts are debts that are attached to your assets.  A home mortgage is a good [...]

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Quick Guide to Fees and Costs Associated With Filing Bankruptcy

01/08/12

Chapter 7 Fees Chapter 7′s typically take about three months from start to finish. Your lawyer would normally charge from $800.00 to $2000.00, depending on several factors such as how many people are filing, how much debt you have and what types of debt you have. Chapter 13 Fees Chapter 13′s typically run from three [...]

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Chapter 7 Bankruptcy Consequences For Earned Income Tax Credit And Child Tax Credit

12/30/11

Income tax refunds are part of the Chapter 7 debtor’s bankruptcy estate. Debtors who file Chapter 7 bankruptcy during the first four months of the calendar year and in November or December of the proceeding year should expect the Chapter 7 trustee to inquire about their anticipated income tax refund. In most cases, the debtor must agree in writing to send a copy of yet unfiled tax returns to the trustee and to hold any refund received until the trustee decides whether or not the refund is significant enough to administer for the creditors’ benefit.

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Chapter 7 Bankruptcy Consequences For Earned Income Tax Credit And Child Tax Credit

12/30/11

Income tax refunds are part of the Chapter 7 debtor’s bankruptcy estate. Debtors who file Chapter 7 bankruptcy during the first four months of the calendar year and in November or December of the proceeding year should expect the Chapter 7 trustee to inquire about their anticipated income tax refund. In most cases, the debtor must agree in writing to send a copy of yet unfiled tax returns to the trustee and to hold any refund received until the trustee decides whether or not the refund is significant enough to administer for the creditors’ benefit.

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How Can Bankruptcy Turn the Tables for the Debtor

12/14/11

How Can Bankruptcy Turn the Tables for the Debtor When people consider filing for bankruptcy, their first concern is usually what negative consequences may stem from their decision.  Making the decision to file for bankruptcy is an important one, and one that needs to be given considerable weight.  However, it is also important to see the [...]

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Chapter Means Test Interpreted Liberally By Court To Permit Debtors' Expense Deductions For Three Cars

12/14/11

Car related expenses are important deductions in the means test analysis. A debtor’s car expenses, including car payments and car operation expenses, often determine whether a prospective bankruptcy debtor passes a means test analysis for bankruptcy eligibility.

Means test calculation are technical and complicated. I infrequently comment on details of means test computations.

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Chapter Means Test Interpreted Liberally By Court To Permit Debtors' Expense Deductions For Three Cars

12/14/11

Car related expenses are important deductions in the means test analysis. A debtor’s car expenses, including car payments and car operation expenses, often determine whether a prospective bankruptcy debtor passes a means test analysis for bankruptcy eligibility.

Means test calculation are technical and complicated. I infrequently comment on details of means test computations.

[more]