Consulting with an experienced bankruptcy professional is the first step to determining what really needs to be done. Then, you will be able to make an informed decision and enjoy the benefit of being guided by someone who understands your needs and concerns. Ignorance may be bliss in certain instances, but in the case of bankruptcy, you may never know just how much the failure to act actually costs you.

A caring bankruptcy professional will not rush you into making a decision or pressure you to do something you are not comfortable with. Procrastination is your greatest enemy. Act now by scheduling a comprehensive planning meeting. Once you understand what needs to be done, you can proceed with Peace of Mind, knowing that your concerns will be addressed.

Contact us now to inquire about our bankruptcy related legal services.

First, the court could deny you a discharge or your bankruptcy could be revoked. Second, you could be fined or even receive jail time for committing bankruptcy fraud. Third, under the rules of estoppel, if you don’t disclose your claim in your petition, you will be deemed to have waived it. So, in effect, your claim will be extinguished! Damages for pain and suffering enjoy a special exemption in bankruptcy. As you can see, making assumptions can be extremely costly. Find out what you need to know by investing in a comprehensive Rights and Options Consultation and give yourself the opportunity to make an informed decision!

Contact us now to inquire about our bankruptcy related legal services.

An inheritance is not a protected asset. In fact, if you inherit anything in the 180 day period after filing your petition, that fact has to be reported to the bankruptcy trustee and your lawyer and the asset turned over to the bankruptcy estate, – subject to any exemptions you may be able to claim. The same rule applies to lottery or gambling winnings or any other windfall you may receive.

Contact us now to inquire about our bankruptcy related legal services.

You cannot stop legal action until your petition is filed. If at least $600 was garnished within the 90 days prior to filing, all the garnished funds may be recovered, – if the issue is handled correctly.

Contact us now to inquire about our bankruptcy related legal services.

You are entitled to keep up to $12,000 worth of stuff, whether it is equity in your home, car, money in the bank, personal property, and so forth. Depending on the amount of your available exemptions, you can exempt all or a portion of your refund from the bankruptcy estate.

Contact us now to inquire about our bankruptcy related legal services.

One is only eligible for a Chapter 7 discharge every 8 years from the date of filing. Chapter 13s can be file every 4 years, including 4 years after a Ch. 7 discharge. Even if you are not entitled to another discharge, you may be entitled to bankruptcy relief under Chapter 13, – not to wipe out any debt but to buy breathing room to get caught up on your mortgage, car payments, taxes, student loans and so forth. A Chapter 13 can be filed at any time as long as the case is filed in good faith. For instance, there are rules to prevent abuse through serial filings to avoid foreclosure.

Contact us now to inquire about our bankruptcy related legal services.

No. You are required to disclose all property interests you had and transfer made in the three years prior to filing. Such a transfer would be deemed fraudulent and the asset would have to be returned to the bankruptcy estate or the value paid to the estate. Such a transfer would also preclude the application of certain exemptions. So don’t do this! If you already have, all is not lost. Discuss the matter with your lawyer and perhaps the situation can be rectified prior to filing.

Contact us now to inquire about our bankruptcy related legal services.

Yes. Once your child leaves the family home he or she is no longer a member of the household. Although supporting one’s child through college is a good thing to do, college is not considered to be a reasonable and necessary household expense and cannot be made at the expense of your creditors.

Contact us now to inquire about our bankruptcy related legal services.

No. You cannot claim you don’t have money to pay your creditors and then continue to contribute to your own savings account!

Contact us now to inquire about our bankruptcy related legal services.

401k loan repayments are not allowed deductions from income in Chapter 7 cases. You are not prohibited from repaying these loans, but the funds used, if from your income, will be deemed available funds for your creditors and might disqualify you from Chapter 7 relief. If you file for relief under Chapter 13, you are allowed to repay your 401k loan through your Plan. Although it is absurd to allow such deductions in Chapter 13 for public policy reasons (to encourage people to make every effort to pay their debts before filing bankruptcy and not punishing them for such effort) and not allow the same deduction in Chapter 7, that is how the Bankruptcy Code is written and the courts have no discretion to change the law. Therefore, if you have a large 401k loan, it may pay you in the long run to file under Chapter 13. Be sure to discuss this with your lawyer.

Contact us now to inquire about our bankruptcy related legal services.