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Archives for June 2016

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

June 7, 2016 By TomScottLaw

Bankruptcy Means Test

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 […]

Filed Under: Chapter 13, Chapter 7, Debt to Income Ratio, Exemptions, Medical Bills Tagged With: 401k, 7th Circuit Court of Appeals, Disposable Monthly Income, DMI, IRA, IRS, means test, Social Security

Differences Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

June 7, 2016 By TomScottLaw

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 […]

Filed Under: Chapter 13, Chapter 7, Credit Score, Taxes Tagged With: credit report, credit score, nondischargeable debt, student loan, umbrella

Divorce and Child Support Can Impact a Bankruptcy

June 7, 2016 By TomScottLaw

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, […]

Filed Under: Chapter 13, Chapter 7, Marriage & Divorce, Wage Garnishment Tagged With: Child Support, Indiana Child Support Collection Unit, Indiana Support Enforcement and Tracking Number

Being Discharged From Bankruptcy

June 7, 2016 By TomScottLaw

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 […]

Filed Under: Chapter 13, Mortgage, Trustee Tagged With: Debtor’s Certification of Eligibility for Chapter 12/13 Discharge, Motion for Entry of Chapter 12/13 Discharge, Notice of Final Cure Payment, Notice of Plan Completion

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SOUTH INDIANAPOLIS OFFICE
4036 Madison Ave.
Indianapolis, IN 46227
Phone: 317-786-6113

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EAST INDIANAPOLIS OFFICE
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Indianapolis, IN 46219
Phone: 317-870-3232

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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.

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