My grandparents used to tell me to save ten percent of what I earn for a rainy day. This is such a simple concept that makes life so much easier if you follow it. Spending everything you earn leaves you with no way to cope with unexpected expenses like medical bills, car repairs or insurance… Read More »
A Chapter 13 bankruptcy case can be used to pay child support arrears and tax liability for prior years. However, in order to stay in a bankruptcy case, debtors must continue to pay child support during the pendency of the case and they must file future tax returns and make arrangements to pay future taxes… Read More »
Most creditors understand that bankruptcy means “Stop!” When a bankruptcy case is filed a federal injunction known as the automatic stay goes into place. The automatic stay prevents most collection efforts by debt collectors for debts incurred prior to the bankruptcy filing. This includes phone calls from creditors, letters attempting to collect debt, lawsuits, garnishments,… Read More »
If you lost your job, have had unexpected medical expenses, or a reduction of hours at work, you are probably struggling with paying your bills. You may be looking at ways to keep up with paying your monthly expenses, and if you have a 401(k) you may be considering cashing it in to pay debt… Read More »
In Chapter 13 bankruptcy debtors propose a plan to reorganize their debt. This plan states that the debtor will make a payment to a trustee for thirty-six to sixty months. The trustee takes this money and makes payments to the creditors as stated in the plan. The debtor must also prove that they can afford… Read More »