Chapter 13 Bankruptcy

Knoxville Bankruptcy Chapter 7 Means Test Numbers Change Hurts Most People

Justice Department Publishes New Means Test Numbers

At the request of the Credit Card Industry Lobbyists, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act effective in October 2005.  Since then, if you file a Knoxville bankruptcy when your debts are primarily consumer debts you must go through what is known as the “means test.”  The Means Test is intentionally designed to make it harder for people to file Chapter 7 bankruptcy.

If you are above the “median income” then in many cases you must file a Chapter 13 bankruptcy. […]

Spare Your House from Business Bankruptcy

Going through the trials and tribulations of business bankruptcy is certainly not a shimmering experience of life. Most of the times, it’s a painful ordeal for an individual owner as well as his entire family.

The pain is compounded with the thought of losing home and the social stigma attached to it. However, not everyone loses their home during a business bankruptcy. If you are lying on the verge of bankruptcy and trying to protect your ‘sweet home’ by hook or by crook, you must be relieved to know there are ways to do it. In fact,

Knoxville Bankruptcy? Still Pay Your Utility Bills

Pay Utility Bills in BankruptcyOne of the more frequent questions a person considering filing bankruptcy asks is, “Can you include past due utility and cable bills in my bankruptcy?”

The simple answer is yes.  But you’ve got to know more.

There are basically two types of bankruptcies most individuals file- a Chapter 7 or a Chapter 13.

The Bankruptcy Code requires you to list all your debts (the people you owe) and all your assets.  This will include past […]

Chapter 13 Bankruptcy Meeting of Creditors. Should I be Worried?

Chapter 13

Just got your notice of the date for your Chapter 13 Meeting of Creditors?

I got a call from a client yesterday.  She had just gotten her Notice for the Chapter 13 Meeting of Creditors.  She asked, “Should I be worried?”

The short answer to that question is, “NO.”

Since I go to Creditors Meetings every week, that’s pretty easy for me to say.  Allow me to dispel some of the fear of a

Who will know if I file Chapter 13 or Chapter 7 Bankruptcy?

Who will knowIf you are considering filing a Chapter 13 or Chapter 7 bankruptcy in Knoxville, you’ve likely got lots of questions.  Despite the fact that under these economic times there really is no stigma associated with filing a bankruptcy case, folks often want to know who will know about my bankruptcy case.

Obviously, if you file a Chapter 13 or Chapter 7 bankruptcy it is […]

How to Modify a Chapter 13 Bankruptcy Repayment Plan

When your Chapter 13 bankruptcy begins, the payments under your Chapter 13 plan are based upon the secured debt you owe and the amount of money you have as “disposable income.”  At a minimum your “disposable income” must be committed to repayment of your debts over between 3 and 5 years.

Well, LIFE HAPPENS!

Your job changes; you get sick; your car is totaled.

So what happens now?

You will need to modify your plan.   So what do you do?

First, […]

7 Questions About Bankruptcy

Should You File Bankruptcy?Every day, when I meet with individuals who are under the financial pressures caused by too much debt or too little income, I’m asked these 7 Questions About Bankruptcy:

When will creditors stop harassing me?

Until your bankruptcy case is actually filed with the bankruptcy court, creditors can continue to harass you by phone, file suit against you and if they already have a judgment garnish your wages.  In many cases, once you retain Scott Law Group, PC to file your bankruptcy case, […]

Why File a Chapter 13 Bankruptcy?

Most Chapter 13 Chapter 13 bankruptcy cases are filed to in an effort to save a home from foreclosure sale or save a car from repossession.

The next most common reason to file Chapter 13 is if you make too much money based upon the “means test” as adopted by the bankruptcy code.

While the process of filing a Chapter 13 has many similarities to a Chapter 7, the biggest difference is that with a Chapter 13 you will be making periodic payments to the Chapter 13 Trustee for between three and five years.  The […]

Knoxville Loan Modifications Not Working

Knoxville Loan Mod Lawyer

If you are overloaded with debt, the collection calls increasing, or you’re just avoiding answering the phones at all, you are not alone.

For many individuals getting debt relief through a Chapter 7 or Chapter 13 bankruptcy is the likely answer.  However, many homeowners refuse to consider bankruptcy until they’ve gone down the loan modification trail.

For most people that try loan modifications, after months and months of follow up, frequent re-faxing documents that were sent last month, or the month before, the end result is no loan modification.  […]

Social Security Gets Further Protections from Garnishments

Bank GarnishmentIf a judgment has been entered against you the next thing to expect is a garnishment of your bank account.  You will get no notice or advance warning of the garnishment.  The judgment creditor simply fills out paperwork and serves it on you bank.

 

Just like magic your money disappears!  Not a happy day!

Social Security and other benefits, for example SSI and VA benefits) have long been exempt from the claims of creditors.  HOWEVER, here’s the problem.  If a […]