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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]

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Indiana Bankruptcy Blog

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, […]

Being Discharged From Bankruptcy

When a Chapter 13 bankruptcy plan has been completed by a debtor, a few steps remain before the bankruptcy is officially discharged. The discharge process includes the filing of the Notice of Plan Completion by the trustee, along with the filing of two forms by the debtor: the Debtor’s Certification of Eligibility for Chapter 12/13 […]

Accruing Post-Petition Interest on Unpaid Federal Taxes (Interview Part 3 of 3)

Penalties for unpaid federal taxes are still dischargeable when filing for bankruptcy, but they will accrue post-petition interest that is owed to the IRS. Debt limit amounts have changed for Chapter 13 cases, as of April 1, 2016. Editor: We recently discussed the changes in the bankruptcy laws with Christopher Holmes, Jess M. Smith, III, […]

Property You Can Protect When You File for Bankruptcy (Interview Part 2 of 3)

Retirement accounts are exempt from creditors when filing for bankruptcy, but an inherited IRA is not. A recent ruling extending the time to cure arrearage might help you save your house after a tax sale. Editor: We recently discussed the changes in the bankruptcy laws with Christopher Holmes, Jess M. Smith, III, partners at Tom […]

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Stop the Stress and Regain Your Life!

Click to Call Us from Mobile PhoneEmail Us to Schedule Free ConsultationDon't delay! Schedule a FREE consultation today!

CLICK TO CALL US

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*Disclosure required by 11 U.S.C. § 528(a)(3): We, the law office of Tom Scott & Associates, P.C., are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.