Trustees are appointed to their position by the United States Department of Justice. They are charged with administering the bankruptcy estate which means different things depending on whether the debtor files under Chapter 7 or Chapter 13 of the Bankruptcy Code. In Chapter 7 bankruptcy the trustee’s goal is to acquire assets on behalf of […]
Bankruptcy allows debtors to keep their secured property through reaffirmation agreements in Chapter 7 bankruptcy and by providing for payments inside out outside of a plan in Chapter 13 bankruptcy. However when the property that the debtor wants to keep is being leased the debtor chooses to assume or reject the lease. The ability to […]
The Bankruptcy Code allows debtors in bankruptcy cases to use their tithing and charitable contributions as a deduction on their means test. The means test is used to determine eligibility for discharge in Chapter 7 bankruptcy and in calculating the payment in a Chapter 13 bankruptcy case by determining how much disposable income is available […]
During the course of every Chapter 7 and Chapter 13 bankruptcy case, the debtor is required to attend a meeting with a trustee. This meeting is called the 341 meeting of creditors. The name comes from the section of the Bankruptcy Code that states that the meeting must take place. Creditors are allowed to attend […]
When a bankruptcy petition is filed a federal injunction automatically goes into place which prevents creditors from attempting to collect debt that was incurred prior to the bankruptcy filing. This injunction is called an automatic stay. The automatic stay doesn’t last forever. It ends naturally when the bankruptcy case is finished and can be lifted […]