With that kind of debt, it's a good idea to reach out to a local bankruptcy attorney to determine what and cannot be discharged and which chapter is appropriate. Not all debts are equal. For instance, priority debts like taxes are treated differently than unsecured debts. There's a lot to... View More

The timing of distributions by the Ch. 13 Trustee rests with that trustee.

Maddening as it can be, I have heard more than one Judge say, "my Trustee". And once was in a case where the Trustee had over $200K of my client's money, held those funds in an IOLTA account (the... View More

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answered on Jun 19, 2024

In a Chapter 13 bankruptcy case with a confirmed 100% repayment plan, creditors typically start receiving payments after the plan is confirmed and the debtor begins making payments to the trustee. The timeline for when you can expect to receive payments depends on a few factors:

1. The... View More

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answered on Jun 3, 2024

After filing for bankruptcy, the timeline for purchasing a home can vary depending on several factors. Generally, you might be able to qualify for a mortgage two to four years after a bankruptcy discharge, but this can depend on the type of loan you are seeking and how well you have rebuilt your... View More

This question is best directed to any of the lenders out there, each of whom makes a "credit decision" upon loan applications.

Currently, interest rates are high, and the Fed has been tightening the money supply.

My own experience is that, more than usually, lenders, even... View More

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answered on Apr 28, 2024

As someone in your situation, bankruptcy could potentially be a viable option to consider, but it's important to carefully weigh all your options before making a decision. Here are some thoughts and suggestions:

1. Consult with a bankruptcy attorney or credit counselor: It's... View More

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answered on Apr 20, 2024

It's important to address this situation by understanding the potential implications of your ex-husband's actions. Since he declared bankruptcy and listed you as a creditor, stating he didn't know your address could affect various legal aspects, especially if there were debts owed to... View More

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answered on Apr 20, 2024

In your situation, it's important to first clarify the nature of the agreement and the debt involved. If the agreement was for child support or another personal obligation, and he filed bankruptcy, you might still be able to enforce the agreement. Bankruptcy generally does not discharge debts... View More

It sounds like you are a creditor bc of the unpaid agreement but that should not affect you getting paid bc domestic and other support obligations are non-dischargeable. You might, however, want to report his fraud regarding where you lived to the US Trustee handling his case.

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answered on Feb 4, 2024

Yes, you should consider contacting the trustee in the Chapter 13 bankruptcy case. If you loaned money to someone who has intentionally left you off the creditor list, it's important to address this issue with the trustee. Filing a proof of claim with the bankruptcy court can help protect your... View More

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answered on Feb 4, 2024

In a Chapter 13 bankruptcy case, when a loan is jointly held by a husband and wife as co-creditors, either party can sign the proof of claim form. However, it is important to ensure that the form clearly indicates that the claim is being filed on behalf of both parties. This can be achieved by... 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

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answered on Feb 3, 2024

In a chapter 13, the debtor is required to pay some or all of their debts over a 3 to 5-year period. So you should check out the proposed plan to see what percentage of the debt you cosigned on will be paid. If you are still left being held responsible for some portion of the obligation, there is... View More

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answered on Feb 4, 2024

As a cosigner, you are legally obligated to repay the loan if the primary borrower defaults or cannot make payments, as is the case in a Chapter 13 bankruptcy filing. However, there are a few steps you can take to manage or potentially avoid this debt.

Firstly, communicate with the lender... 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

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answered on Feb 4, 2024

When submitting a proof of claim in a Chapter 13 bankruptcy case where you've loaned money to the debtor and also co-signed a loan, it's important to accurately reflect your role in relation to the debtor's obligations. Given your situation, you should identify yourself both as a... 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

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answered on Feb 4, 2024

In this situation, it's advisable to consult with a consumer law attorney. They can help you understand your legal rights and options for pursuing the repayment of the borrowed funds. While bankruptcy may affect the outcome, consulting a consumer law attorney is a good first step. They can... View More

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answered on Jan 13, 2024

Using credit cards for essential expenses before filing for Chapter 7 bankruptcy is not automatically considered fraud. It's essential to understand that bankruptcy laws are designed to provide individuals and families with a fresh start when they are struggling with overwhelming debt. While... View More

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answered on Jan 13, 2024

Filing your tax return can be affected by bankruptcy, especially if you're filing jointly with your husband. It's important to note that tax laws and bankruptcy laws are complex, and the impact can vary based on your specific circumstances.

Before bankruptcy: If you file a joint... View More