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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

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

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

April 26, 2016 By TomScottLaw

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, […]

Filed Under: Chapter 13, Non-Dischargable Debt, Property & Asset Protection, Taxes Tagged With: 109(e), Accrue Post-Petition Interest, Chapter 11, Chapter 13 Debt Limit, Department of Education, Federal Register, Indiana Department of Revenue, IRS

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

April 26, 2016 By TomScottLaw

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 […]

Filed Under: Foreclosure of Home / House / Real Estate, Personal Bankruptcy in Indiana, Property & Asset Protection, Taxes, Vehicles Tagged With: 401k, Inherited IRA, IRA, Life Insurance, Pension Plans, Preferential Transfer, Statutory Redemption Period

What’s New in Bankruptcy Law in Indiana (Interview Part 1 of 3)

April 26, 2016 By TomScottLaw

The official bankruptcy forms changed as of December 1, 2015, which will impact pro se debtors filing Voluntary Petitions. Mistakes made by pro se debtors include handling of tax refunds and submission of the document production form. Indiana bankruptcy exemption limitations have also changed. Editor: We recently discussed the changes in the bankruptcy laws with […]

Filed Under: Exemptions, Personal Bankruptcy in Indiana, Property & Asset Protection, Taxes Tagged With: Document Production Form, Indiana Code 34-55-10-2, Meeting of Creditors, Pro Se Debtor, Voluntary Petition

Bankruptcy Strategy for Client with Chronic Medical Condition and No Health Insurance

October 22, 2015 By TomScottLaw

Bankruptcy Strategy for Chronic Medical Condition Without Health Insurance

A remedy is available for a man without medical insurance who has a serious medical condition that prevents him working. Many people with medical conditions seek debt relief through a Chapter 13 bankruptcy plan, with the option of converting that to a Chapter 7 bankruptcy later, if medical bills become overwhelming while the plan is […]

Filed Under: Chapter 13, Chapter 7, Medical Bills

Foreclosure, Second Mortgage, and Bankruptcy

September 4, 2015 By TomScottLaw

Avoid Foreclosure and Keep Your House

When foreclosure of a house is a threat, many homeowners seek debt relief through bankruptcy. A fairly common theme in this type of situation is the presence of a second mortgage. Another common aspect in this scenario is that homeowners are unaware of the second mortgage on their home. How does this happen? We recently […]

Filed Under: Chapter 13, Foreclosure of Home / House / Real Estate, Mortgage, Property & Asset Protection Tagged With: 2nd Mortgage, 80-20 Mortgage, Arrearage, Chronological Case Summary, Department of Housing and Urban Development, HUD, Lien Strip, Loan Modification, Second Mortgage, secured debt, Unsecured Debt, Wholly Unsecured Mortgage

Auto Loans and Bankruptcy: How to Avoid Repossession of Your Vehicle

August 21, 2015 By TomScottLaw

Upside-Down Auto Loan

Are you behind in your monthly car or truck payments to the point where you are unable to satisfy your bank or financial institution and they’ve placed the loan in default? If you answered “Yes,” there may be a way out of your tough situation. If you’re having financial troubles and are desperate to avoid […]

Filed Under: Chapter 13, Vehicles Tagged With: cramdown, cramming, creditor, debtor, lower interest rates, nonpriority debt, repossession, Upside-Down

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