Massachusetts exempts a significant amount of value in your home (meaning that's something you can keep in bankruptcy). Whether or not your home is fully protected depends on the amount of equity you have, but the exemption covers at least $125,000, and in some cases $500,000 in equity, so... View More

The Chapter 7 means test involves several steps, but the first is simply to compare your income to the median income in your state for a family the same size as yours. Most people who earn less than the median are eligible to file Chapter 7 bankruptcy. But, the analysis doesn't end there. Some... View More

There's more to bankruptcy than just filling out the forms. While you are free to file for bankruptcy on your own, mistakes in bankruptcy can be costly. A bankruptcy attorney can do more than complete forms for you--he or she can advise you on whether bankruptcy is the best option for you,... View More

In most cases, when a person files bankruptcy, and automatic stay stops collection actions, including wage garnishment. The fact that a creditor has obtained a judgment in court does not prevent that debt from being discharged in bankruptcy. Even after a court enters a wage garnishment order, it is... View More

This isn't a decision you should make without speaking to a bankruptcy attorney. There are too many factors in play to make a decision based on general information. In some cases, purchasing a car before filing for bankruptcy makes sense and is a legitimate choice, while in other cases it may... View More

Your situation isn't entirely clear from your question (for example, you don't say whether or not you were a party to the loan), but generally speaking one co-debtor remains liable after another is discharged in bankruptcy and would still be subject to collection action, including... View More

There is no rule or law that prevents you from purchasing a home after you've filed for bankruptcy. It's true that it may be more difficult to get approved for a home loan after filing for bankruptcy, but that depends to a great degree on how you've managed your credit and finances... View More

The answer to your question depends on a variety of factors, and you would be wise to speak with the attorney who handled your bankruptcy or another bankruptcy attorney about your specific circumstances. In general, money received years after a Chapter 7 bankruptcy has been discharged does not... View More

One of the primary reasons that people choose to file for Chapter 13 bankruptcy is that a Chapter 13 payment plan allows for keeping property that serves as security for a debt (such as an automobile with a lien on it) and catching up past-due payments over time.

Kevin Chern is an Illinois... View More

In bankruptcy, certain property is exempt (protected from creditors). The Pennsylvania exemptions don't provide specific protection for motor vehicles. Generally, a motor vehicle is treated like any other asset, which may be subject to sale by the trustee for the benefit of creditors.... View More

Generally, when the primary debtor files for Chapter 7 bankruptcy, a co-signer will be liable for the debt. When the primary debtor files for bankruptcy, an automatic stay will usually be entered. The stay prevents the creditor from attempting to collect from the debtor who has filed for bankruptcy... View More

Although bankruptcy and divorce are separate legal proceedings in separate courts, anyone considering both should be aware of areas of overlap and how that may impact one or both cases.

For example, divorce alters household size and household income, which may impact eligibility for... View More

Depending on the specifics of the situation, there are generally two possible options for a person who is unable to keep up Chapter 13 payments due to a change in income.

One possibility is to file a motion to amend the bankruptcy plan based on the change in circumstances. Some people are... View More

You're not required to use a bankruptcy attorney, but if you're not well-versed in bankruptcy law, attempting to handle your own case can result in expensive mistakes.

A few years ago, a study in the Central District of California showed that bankruptcy cases filed without an... View More