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What property do debtors have to give up in Chapter 7? What about tax refunds and lawsuits?
Debtors in Chapter 7 are required to give up "nonexempt" property that they own at the time of the filing; they are allowed to keep both "exempt" property that they own at the time of filing and any property that they receive a right to own after the bankruptcy...
What should debtors do if they forgot to list a creditor in their bankruptcy schedules?
As soon as a debtor realizes that a creditor has been omitted, the debtor should notify his or her attorney with all of the information necessary to complete the schedule (the amount of the debt, the type and value of any collateral, and the name and address of the...
Does a bankruptcy case automatically remove liens—such as mortgages –against a debtor’s property?
No. Liens can be placed on a debtor’s property in many different ways. Some are by agreements, like mortgages and auto liens. Others are by operation of the law, like property tax liens on a debtor’s home. And some liens are to enforce judgments that have been entered...
Who is the Chapter 13 Bankruptcy Trustee for the Western District of Kentucky and what does he do ?
All Chapter 13 cases have a Trustee. They are responsible for the overall administration of a Chapter 13 Bankruptcy case. In all cases in the Western District of Kentucky, the Trustee is William W. Lawrence. He and his staff have many active case files. The Trustee’s...
In chapter 13, can I pay off my plan early or make larger payments to the Trustee so I can finish quicker ?
The Bankruptcy Code requires that you send all your disposable income to the Trustee for the number of years you are in the plan. Your disposable income is the amount left over after you subtract your reasonable and necessary expenses from your net income. This amount...
BORROWING MONEY OR BUYING OR SELLING PROPERTY WHILE IN CHAPTER 13 BANKRUPTCY
Folks who are debtors in a Chapter 13 Bankruptcy often need to borrow money from a bank, finance company or other party, while they are still in their Chapter 13 Bankruptcy. For example, their car may have broken down and they may need to borrow money to purchase...