A Plan that pays off all creditors in full is a one hundred percent Plan.

The advantage to the debtor is that no interest or other charges on any unsecured claims, e.g., credit cards, accrues, and the Plan may be as long as five years.

The disadvantage to the debtor is that for that... View More

Your confirmed Plan is your first stop- does it read that you will pay, directly, specific debts? If so, and your cell bill is among those, then you have violated your confirmed Plan, and the bankruptcy Trustee my file to convert or dismiss your case. (You don't say whether you are current... View More

There are different forms/"Chapters" of bankruptcy, e.g., for an individual, primarily a Ch. 7 ("liquidation", other than exempt property) and Ch. 13 (commonly, a "Wage earner's plan").

A Chapter 7 case, without "wrinkles", can take three to four... View More

Unlike many states (like PA), Ohio does not permit a debtor to choose between the state and federal exemption lists; an Ohio resident can choose only those exemptions granted by the state of Ohio.

While it appears that the Ohio exemptions might have protected your auto accident recovery,... View More

Pursuant to New Jersey statutory law, S.A, 3B:3-2B, a holographic Will, e.g., one handwritten by the decedent, even unsigned (the handwriting of the decedent of the context of the Will may be good enough), can be admitted to probate in NJ, regardless of the location of its drafting. But there are... View More

This is a fairly simple question, but it's not your first, nor even your second. It and those before it illustrate an important point: Bankruptcy can quickly become a complex thing, even for those who have practiced within its scope for years.

Inother words, the bankruptcy area of... View More

While your question indicates that both loans are "active", you don't say whether your obligation on the guaranty has been called/paid.

As a guarantor on a loan not yet repaid by the debtor, you have a contingent claim (check the bankruptcy Schedules to see how the debtor... View More

The US Supreme Court, since the early '90s with the Dewsnup opinion, has been curtailing the Bankruptcy Code's provisions for debtor's relief against creditors generally, imho.

Most recently, the US Supreme Court shifted the burden of proof for a debtor's action against... View More

Creditors not listed by the debtor on a bankruptcy Petition and Schedules may not have their claims discharged, UNLESS they have reason to know about the bankruptcy filing.

If the bankruptcy case is known, a Proof of Claim, at least, should be filed.

There are other alternatives.... View More

Admitting a Will and having a named personal representative (Executor/Executrix) appointed is a pretty simple matter, in most cases, although a personal appearance by the personal representative at the Probate Clerk's office is usually required, to be sworn in.

That can happen where... View More

Your question cannot be reliably answered because it offers only two debt items.

Your options, among which are some of the bankruptcy Chapters, can only be determined by a full consideration of your likewise full financial situation, both income and debt service for... View More

You don't get a list of discharged debts, unless your bankruptcy lawyer provides his opinion about that.

Your Order of Discharge says only that your discharge is of all dischargeable debts.

The Bankruptcy Code itself is somewhat helpful, with provisions about what needs to be... View More

When a piece of real property is foreclosed and put up for sheriff's sale, the lien that is foreclosed (it may be a first mortgage, junior mortgage, tax lien, or other statutory or judgment lien) will be paid from the bid at the sheriff's sale. So will tax liens, and so will the... View More

This is a pretty simple question.

The bankrupt should have identified the receivable in its sworn bankruptcy schedules, which are painstakingly thorough.

If it did, then the Bankruptcy Trustee should be aware, and the payment should be tendered to that Trustee.

If for some... View More

If you have no other property, yes, you can keep both cars with the Federal exemption for equity in autos, plus the catch-all exemption, unused by any realty. There are other Fed exemptions that may cover your clothing, furniture, pc, etc.

That said, your questions strikes me as too... View More

Whether you file a Ch. 7 or Ch. 13, you will not be able to modify/reduce the new car loan if you do it.

If you need the car for work or whatever, it's probably better to do it now than try after a bankruptcy filing (your credit score will drop to about 500, and every lender will... View More

Payments to any unsecured creditors, which includes all unsecured credit card issuers, within 90 days of the filing of a bankruptcy case are deemed to be preferences, recoverable by the bankruptcy Trustee.

Moreover, if you have $1,300 in cash/on deposit at the bankruptcy start date, you... View More

We've been representing financial institutions for over two decades.

"Legal id"?

You aunt's financial institution most certainly has her signature card for her deposit account, and that's all that one needs to add another adult to her account, on a simple... View More

There is an interplay between federal bankruptcy law and statutory provisions, and the law of the State about property rights. Generally speaking, current State law determines the nature of property interests of the debtor and creditors. Bankruptcy Code statutes (e.g., Sec. 506) appear to provide... View More

Issuance of a form 1099 is a prerequisite for you to deduct the bad debt from taxable income.

However, before you do that, check the bankruptcy code provision concerning tax effects of the resulting insolvency of a debt receiving a discharge (much taxable income is forgiven by that statute,... View More