Currently Browsing:Bankruptcy Code

Clients seek Chapter 7 , 13 and Chapter 20 bankruptcy relief

FIRST client is 45 and single. His gross income last year was $98K, which is good. It reached $98K because of bonus. Without bonus, his gross income is $72K. This year started out for him with nothing to expect by way of bonus. So his last four months gross income was $6K a month, net […]

Chapter 13 – Bankruptcy Basics

This┬áchapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income.┬áChapter 13 allows a debtor to keep property and pay debts over time, usually three to five years. Background A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan […]

Chapter 7 – Bankruptcy Basics

This chapter of the Bankruptcy Code provides for “liquidation” – the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. Alternatives to Chapter 7 Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole […]