Insights & Analysis

About Credit Counseling Advertisers

About Credit Counseling Advertisers The media bombards you with ads from debt counseling agencies telling you to consolidate or reduce your debt without resorting to bankruptcy. The FTC warns people to be wary of many of these companies that promise to remove debt for pennies on the dollar. Most cannot and the consumers are the […]

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Bankruptcy (For Debtors Only)

Bankruptcy (For Debtors Only) The decision whether to file for bankruptcy is often fraught with fear and shame. It doesn’t need to be. In fact, it shouldn’t be. Consider this: If Thomas Jefferson filed for bankruptcy protection (and he did), it might behoove you to toss out the moral guilt and consider your situation anew. […]

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FAQs for Individual Debtors

Where can I get basic information How much does bankruptcy cost? Do I need to pay the entire fee up front? Can I file without my spouse? How long does it take? Will this affect my credit score? Is information about my bankruptcy case publicly available? What if I don’t qualify for a Chapter 7 […]

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What Must a Chapter 13 Plan Do?

What Must a Chapter 13 Plan Do? When a debtor cannot file for bankruptcy under Chapter 7, either because he cannot pass the means test, because of a too recent prior bankruptcy, or other reason, he usually will file for protection under Chapter 13 of the Bankruptcy code. Chapter 13 is somewhat like Chapter 7 […]

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Homesteads and Bankruptcy Planning: the best laid plans of mice, men and debtors….

While bankruptcy planning is permitted, changes made to the bankruptcy code in 2005 have constrained efforts to convert non-exempt assets into a homestead exemption.  New section 522(o) provides that the value of an interest in a homestead exemption is reduced to the extent the homestead exemption is attributable to non-exempt property that the debtor disposed of […]

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