Are you receiving frightening phone calls and letters from collection agencies? Are your wages being garnished? Have creditors threatened to seize your property? If this sounds familiar, then we recommend that you consider reaching out to a bankruptcy attorney for help. The old fashioned notion of a stigma around bankruptcy keeps people from reaching out to ask questions about their financial options. Many people misunderstand what happens to their credit, finances and personal opportunities if they file. By the time they reach out to file, they have already suffered many of the negatives associated with a bankruptcy. Fortunately, by filing bankruptcy, one can begin to move forward. Bankruptcy is a way to protect credit and improve financial standing. Depending on your situation, waiting to file for bankruptcy can actually hurt you. Below, our Kansas City bankruptcy lawyers explain potential consequences of waiting to file. Loss of Property and Assets Creditors…
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Chapter 13 bankruptcy is known by several monikers. Some call it “individual debt restructuring” while others call it the “wage-earner plan”. It doesn’t matter what you call it—Chapter 13 enables debtors to work with their creditors to come up with a plan to repay their debts over three to five years. Now, as 2018 draws to a close, we are finally able to look back and see how effective these plans have been for those who filed in 2012. How Effective Are Chapter 13 Bankruptcy Filings? Over the years, critics have called the effectiveness of Chapter 13 bankruptcy into question. Critics have quoted statistics that claim nearly 65 percent of cases fail before debtors can finish their repayment plans. However, the latest numbers from the National Association of Chapter 13 Trustees (NACTT) show otherwise. According to the NACTT, the national completion rate for Chapter 13 filings was 59 percent in…
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This is syndicated content that was originally published on AVVO.com by Attorney Christopher J. Cusack of Sader Law Firm. A common question people have when filing for Chapter 13 bankruptcy is: “What’s going to happen to my tax return?” The answer hinges on a few variables, which determine whether the refund must be turned over to the Chapter 13 Plan, kept for personal use, or divided between the two. Refunds Turned Over to the Plan There are instances where tax refunds are turned over to the Chapter 13 Plan. The one a debtor is almost guaranteed to encounter has to do with the tax return being a pre-petition asset. When you file your Chapter 13 bankruptcy, your attorney files the Petition for Relief. The filing of the petition creates a symbolic division between the assets, liabilities and earnings that accrued before filing from those that accrue afterwards. When you file for…
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