By: Samuel Pittman The Definition. By its technical definition, Median Income is the amount of income that divides the population in half. That is, half of the population has income below the Median Income and half the population has income above the Median Income. Median Income is important in the context of Bankruptcy because […]
Filling out your Bankruptcy Client Questionnaire for Your Bankruptcy Attorney
By: Ronald J. Ellett One of the most important duties of a bankruptcy debtor is to disclose all assets and liabilities. This disclosure is made through bankruptcy schedules in the bankruptcy statement of financial affairs. A bankruptcy debtor will be asked under oath to confirm the truthfulness of the bankruptcy schedules in the bankruptcy […]
DO I HAVE TO GO TO COURT IF I FILE FOR BANKRUPTCY?
By: Samuel Pittman Appearance at Bankruptcy Proceedings For all Bankruptcy debtors, the 341 Meeting of Creditors or “341 Meeting” is a mandatory proceeding required under the United States Bankruptcy Code. If you file for Bankruptcy, you will be required to attend a 341 Meeting. If you are filing as a married couple, both spouses must […]
WHAT HAPPENS TO MY INCOME TAX REFUNDS AFTER I FILE FOR BANKRUPTCY?
By: Samuel Pittman Our clients are frequently concerned with how a Bankruptcy will impact their income tax refunds. As with most Bankruptcy questions, the answer to this concern depends on which Bankruptcy Chapter you file. Chapter 7 In a Chapter 7 Bankruptcy, the first step is to determine when you earned the income tax refund. […]
WHAT PROPERTY CAN I KEEP IF I FILE BANKRUPTCY??
By: Samuel Pittman Many people are concerned that they will lose everything if they file for Bankruptcy, however, this is not the case. The Bankruptcy Code allows debtors to keep certain exempt property. Section 522 of the Bankruptcy Code deals with exempt property and establishes that certain property is exempt under federal Bankruptcy law. The […]
WHAT TAX RETURNS DO I HAVE TO FILE WITH THE COURT OR THE TRUSTEE TO COMPLETE MY BANKRUPTCY??
By: Samuel Pittman Consumers often ask what tax returns have to be filed in order to complete their Bankruptcy. This topic is addressed by different chapters of the Bankruptcy Code. Therefore, the answer will be different based on which Chapter of Bankruptcy code your case is filed under. Chapter 7 Bankruptcy. In a Chapter […]
TAX LEVIES ON SOCIAL SECURITY
By: Ronald J. Ellett, Esq. BANKRUPTCY AND TAX LEVIES ON SOCIAL SECURITY Under the Bankruptcy Code, Social Security income is expressly excluded from a debtor’s monthly income under 11 U.S.C 109 and the corresponding monthly income calculations for a bankruptcy debtor. Further, Social Security benefits are generally exempt from execution, levy, garnishment and other legal […]
Eligibility Under Chapter 13 Bankruptcy Debt Limits
By: Ronald J. Ellett, esq. In order to file a Chapter 13 bankruptcy you must be eligible under the Chapter 13 debt limits. This calculation is simple in most chapter 13 bankruptcies. However there are legal issues that do arise in application of the Chapter 13 bankruptcy debt limits. Some of these bankruptcy issues […]
CLIENT ELIMINATES NEARLY $19,000.00 OF NEGATIVE EQUITY THROUGH “CRAM DOWN” PROVISIONS OF BANKRUPTCY LAW
By: Samuel Q. Pittman The Bankruptcy Code limits the amount of a creditor’s claim on your vehicle to the value of the vehicle at the time of filing. If the debt on the vehicle is greater than the value of the vehicle, then the debt is split into two components, a secured claim for the […]
ELLETT LAW OFFICES VINDICATES CLIENT’S RIGHTS AT THE NINTH CIRCUIT BANKRUPTCY APPELLATE PANEL
By: Samuel Q. Pittman Adding to our record of appellate success, the Ninth Circuit Bankruptcy Appellate Panel recently ruled in favor of our client regarding his standing to pursue a claim of equitable mortgage against a predatory lender. Our client brought an adversary case in the Bankruptcy Court against a predatory lender, seeking to have […]
- Next Page »