The issue is whether the claim, or the money you received or will receive, can be claimed as exempt in the bankruptcy case. Another relevant consideration is the chapter of your bankruptcy case. In chapter 13, for example, the trustee does not always take control of non-exempt assets. You need...Read more »
It is difficult if not impossible for a lawyer to say what a bank or other financial institution might do down the road. There is a new line of case analysis arising from a decision by the bankruptcy court in Poughkeepsie which has changed the terrain for analyzing student loan defaults and...Read more »
Yes, defaulted student loans are usually the ones people would want help with in bankruptcy. To get a discharge for student loans in bankruptcy, you generally need to file an adversary proceeding where you can prove undue hardship, just as you said in your question. Whether a student loan is in...Read more »
In 2009, my neighbor filed for Chapter 7 bankruptcy and kept her house with two mortgages, 100k+ and 25k. Her personal obligation for the second mortgage was discharged. A loan modification of the second mortgage in 2015 adjusted the principle, term, and interest rate. In late 2017, my... Read more »
If the borrower on the second mortgage loan received a discharge in bankruptcy, and did not reaffirm the debt, that borrower no longer has personal liability, and cannot be pursued for the loan, whether or not the amount owed is a "deficiency."
I have made all of my payments, in fact I have made 63 payments in a 5 yr plan they started taking payments on my filing date, since my plan will be done 4/28/20, do I still have to give up the 2020 stimulus, I have not received yet and not sure when I will receive it. I have read all of the... Read more »
I received a pre discharge notice regarding my Chapter 13 bankruptcy case and it spoke about the form listed above. Is this something I have to complete or is it not required? I don't want to miss anything that could prevent my case from discharging. I pulled up the dorm and it does not have... Read more »
I have a garnishment from my employer. They take payroll taxes off before determining disposable income. What's to stop me from just raising my additional federal withholding by a lot to make my disposable income too low to garnish and then get huge federal refund next year?
No. A creditor receives up to 25% of your gross income by wage garnishment. This is taken from each check. By increasing our withholdings, you would not impact the amount taken, and would reduce your takehome income even further. You should consider setting up a payment plan and consulting...Read more »
My chapter 13 bankruptcy case is now closed and final disbursements were made. I am receiving a refund due to overpayment. My case status still says "discharge recommended" so at what point will I receive my discharge letter?
My job put me on layoff a week before the shutdown here in Michigan and now our shop is closed like many others. My husband is still working as he is a mechanic but that is a unknown as to how long that will be as its based on business and if there isn't any then he wont be working. So with... Read more »
You're probably in luck! Sect. 1113 of the CARES Act, which was just passed by the Senate, says the definition of “income” in the Bankruptcy Code for chapters 7 and 13 will exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of...Read more »
The money that was in my account was to file bankruptcy, all the courthouses are closed to the public due to the Coronavirus. Everything I had was in my account, now I have no money for rent, food, my car. Is there any way to fight this during a national emergency?
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