By Jeff Field | Published January 30, 2021 | Posted in Bankruptcy, Chapter 7, COVID-19 | Tagged Tags: automatic stay, Chapter 13 bankruptcy, chapter 7, covid-19, credit counseling | Leave a comment
Financial Strategies During the COVID Economic Crisis
As a result of stay-at-home orders, job losses and business closures, the coronavirus pandemic has caused many families to suffer significant economic hardship. While filing for bankruptcy may be an option, there are also a number of financial strategies you should consider that can help you tackle your debt and protect your finances during these Read More
Read MoreUsing Chapter 13 to Deal With Overdue Taxes
Can IRS debt be discharged in chapter 13? The general rule in bankruptcy is that tax debts are not dischargeable. While a Chapter 13 repayment plan can stagger repayment of taxes over a three- to five-year period, it cannot wipe out all tax debts. However, there are exceptions. The test for dischargeability is whether a Read More
Read MoreWhat to Do If You Fail the Chapter 7 Means Test
In order to file for bankruptcy protection under Chapter 7, you must be able to show that your average monthly income for the six months prior to your bankruptcy filing is below the median income for a household of your size in your state. This is because Chapter 7 bankruptcy is meant for people with Read More
Read MoreOptions to Consider Before Filing for Bankruptcy
If you’re dealing with the stress of carrying burdensome debt, being harassed by collection agencies and knowing that the money coming in is not going to cover all the bills that come due, you may be considering bankruptcy. However, it’s important to keep in mind that a bankruptcy filing will have a significant impact on Read More
Read MoreWhat Is the Trustee’s Role in a Chapter 7 Bankruptcy?
A trustee is a court-appointed officer charged with managing a Chapter 7 bankruptcy case. The trustee’s principal role is to act as the bankruptcy court’s agent, insuring compliance with the law and protection of the debtor’s and creditors’ rights. In practice, the trustee, who is also a lawyer, will take all actions and make all Read More
Read MoreHow a Trustee or Creditor Can Oppose Your Chapter 13 Plan
Chapter 13 is a court-approved restructuring of debt that requires you to commit to a repayment plan that will last for three to five years. However, the plan you propose is not effective until the bankruptcy judge approves it after a confirmation hearing, at which creditors and/or the appointed bankruptcy trustee can raise objections. The Read More
Read MoreHow Much Must Creditors Be Repaid in a Chapter 13 Plan in Georgia?
Chapter 13, also known as a “wage earner’s plan,” is a popular alternative to traditional bankruptcy for people who simply need breathing room to deal with crushing debt. Chapter 13 bankruptcy allows debtors to keep their possessions and pay back creditors a percentage of their arrearages over a period of three to five years. What’s Read More
Read MoreWhat Happens When Only One Spouse Files for Bankruptcy in Georgia?
The experienced Georgia bankruptcy lawyers at Jeff Field & Associates help married couples understand the possible positive and negative outcomes of filing for Chapter 13 or Chapter 7 bankruptcy.
Read MoreAbout Mandatory Credit Counseling for Bankruptcy Filing in Georgia
Declaring bankruptcy is a course of action that should not be taken lightly. While it can be a troubled debtor’s best path to a healthier financial future, there may less extreme forms of debt relief that should first be pursued, such as renegotiating and restructuring. In recognition of the importance of considering such alternatives, federal Read More
Read MoreIs Your Small Business Considering Chapter 11 Debt Reorganization Due to the Pandemic?
With small businesses facing crushing losses due to pandemic-related closures, many are struggling to keep going. For some, low-interest loans and new tax credits will provide enough sustenance to survive the crisis, depending on how long the slowdown lasts. Others might find that reorganizing their debt load through Chapter 11 bankruptcy is the best option Read More
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