The U.S. and global economies constantly fluctuate, because what goes up must come down, and vice versa. The reasons for recessions vary, but the results are the same in that people suffer regardless of the causes.The Great Recession a decade ago, which caused over eight million people to lose their jobs, resulted in a huge […]
Holiday Season and End of Year Preparations if You Have Financial Problems
The holiday season is a time of celebration, but for many people it’s a time of year that brings added financial pressure while they struggle to keep up with payments on their existing debt. If you use credit cards to buy Christmas gifts, with the expectation of filing for bankruptcy to get rid of those […]
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 […]