Tom Scott & Associates, P.C.

Common Reasons People File for Bankruptcy

Uninsured medical bills resulting in lawsuits and threats of legal action or … [continue]

Can I stop bill collectors from calling me?

The moment a bankruptcy case is filed the law requires that creditors stop all … [continue]

Can I keep my car or truck?

Yes, there are several different chapters of bankruptcy and we will make sure … [continue]

Can I eliminate my credit card debt?

Yes, upon completion of a bankruptcy your credit card debt will be discharged … [continue]

How Filing Tax Returns Late and Unpaid Taxes Affect Your Bankruptcy Case

A recurring theme bankruptcy lawyers deal with is tax returns not filed on-time. Determining tax liabilities in bankruptcy cases can be very complex. If a debtor pays back taxes through a bankruptcy plan, when the case is discharged the IRS can charge the debtor for the unpaid interest on those taxes. Even if you cannot […]

How Bankruptcy Affects Student Loan Debt and Car Loan Interest Rates

As a result of the recent rise of the prime rate, vehicle loans included in Chapter 13 bankruptcy plans can have a higher interest rate than in the past few years. Despite the resurgent economy, single mothers are still vulnerable to financial difficulties. Student loans cannot be eliminated by filing for bankruptcy, but one of […]

Bankruptcy and Personal Injury Claims / Modifying a Chapter 13 Plan / Joint and Several Liability

If you have a pending personal injury claim when you file for Chapter 7 bankruptcy, you relinquish to your trustee all control of the settlement of the case, but you retain some control with a Chapter 13 bankruptcy. In rare Chapter 13 cases, the cram-down method of reducing debt for an automobile can be used […]

Bankruptcy Can Affect a Divorce Settlement / Advantages, Disadvantages, and Misunderstandings of Bankruptcy

You can use a Chapter 13 plan to catch up on child support arrearage or spousal maintenance support (alimony) arrearage. If you have received a Chapter 7 bankruptcy discharge, you may still be obligated to relinquish to the bankruptcy trustee assets you receive in the future, such as your next tax refund check, a pending […]

Car Loan Payments in a Chapter 13 Bankruptcy

If you will be filing for bankruptcy protection, you have a few options regarding the best way to pay off a car loan or to buy a new vehicle before or during the period of a Chapter 13 bankruptcy. We recently discussed some aspects of bankruptcy with Christopher Holmes and Jess M. Smith, III, partners […]

Protecting Your House From Liquidation in a Bankruptcy

If you own a home, Indiana law allows you to protect a portion of the equity in that home. A liquidation analysis determines what would be available for creditors after you deduct the cost of sale and other expenses. We recently discussed several aspects of bankruptcy with Christopher Holmes and Jess M. Smith, III, partners […]

Common Reasons People File for Bankruptcy

Uninsured medical bills resulting in lawsuits and threats of legal action or garnishment are common reasons for bankruptcy these days. Divorce is also a reason for many bankruptcies—a high percentage of the people who file for bankruptcy protection are single mothers. In a Chapter 13 bankruptcy, a conduit case refers to making mortgage payments through […]

Means Test Helps Determine Filing For Chapter 7 or Chapter 13 Bankruptcy

The bankruptcy means test was established by congress as a standard method of calculating the disposable monthly income of a debtor, to help determine the amount paid to the trustee of a Chapter 13 bankruptcy plan. We recently discussed several aspects of bankruptcy with Christopher Holmes and Jess M. Smith, III, partners at Tom Scott […]

Differences Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

The primary difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy is that a Chapter 7 bankruptcy can eliminate debt in a period of three to four months compared to the three to five years it takes to complete a Chapter 13 plan. Under certain circumstances, a Chapter 13 bankruptcy can be converted […]

Divorce and Child Support Can Impact a Bankruptcy

Divorce is one of the major causes of bankruptcy. If your divorce agreement includes child support payments, your ex-spouse can play a significant role in determining whether or not your bankruptcy will be discharged. We recently discussed several aspects of bankruptcy with Christopher Holmes and Jess M. Smith, III, partners at Tom Scott & Associates, […]