Possibly, but first you need to understand that a Chapter 13 plan is not based on your income. It does not fluctuate depending upon how much you make. The Chapter 13 plan amount depends upon what you plan on keeping and/or what creditors you plan on paying through the bankruptcy. …
Although there is not a limit on the number of bankruptcy cases you can file and no limit to the amount of time in between filings, there are limits to when you are eligible to receive a proper “discharge”. So why would you want to file a bankruptcy case if…
No. There may be reasons why it would benefit you both to file together, but the choice is yours individually to make. You cannot be forced to file with your spouse and likewise, you cannot force your spouse to file with you. When you file alone, you are filing “individually”. …
If you are filing bankruptcy as an individual (not jointly with your spouse), yes, you must still report your spouse’s income. However, this in no way includes your spouse in the filing. The court simply looks at your total household income for calculating eligibility (Means Test) and for your…
I will be teaching in the Millsaps College Community Enrichment program – 2012 Fall Series that is open to the public. I will be hosting 2 sessions under the section “Money & Business”. Click here to register. “Who Owns your Home? Mortgage Securitization in Mississippi” will be a 2 class session Oct…
I get countless calls from people asking what they can do to about their parents or grandparents who co-signed for them on a student loan and are now facing garnishment, loss of their tax refunds, or even seizure of their bank accounts because they co-signed and the loans have not…
First you should understand that when we talk about “cramming down” a debt, it is referring to a secured debt (such as debts for vehicles, furniture, household goods and appliances). Referring to a debt as secured means there is some type of collateral attached, which you would lose if you…
The “withholding, suspension, or restriction of a driver’s license, a professional or occupational license, or a recreational license, or the reporting of overdue support to a consumer reporting agency, or the interception of a tax refund” are actions that can be taken upon an individual as a penalty for failure…
Filing Chapter 13 bankruptcy can be used to pay past due support over an extended period of time (max of 5 years within a single Chapter 13 plan) and yes, it can protect the debtor from going to jail for previously failing to pay what was due. It’s important to…
In a Chapter 7 and Chapter 13, as long as four basic criteria are met, both state and federal income taxes can be discharged. The tax return due date was at least 3 years before filing bankruptcy. The filing of the tax return must have been done at least 2…