Archive for March, 2008
Chapter 13- to file or not to file ?
Filing Bankruptcy is a very difficult decision, there are many factors, and many emotional factors in play. However, you need to realize that, in many respects, bankruptcy is a financial “tool”. A tool that is no different than any other financial tool, like credit cards, car loans, certificates of deposits, life insurance etc…they are all […]
Discharge vs. Closing in Chapter 7
There have been many recent posts with people worried, and some freaking out, that their case has not CLOSED. What you need to realize, in about 95% of cases, the day the case closes is totally meaningless. The discharge has “legal” significance, whereas closing is only of “administrative” significance.
From a debtor’s perspective, there are only […]
61 Days and No Discharge
Too many people are freaking out, checking PACER every 5 minutes, and losing sleep over the fact that they did not receive their discharge the minute the 60 day objection period expired.
Background
Discharge is set to occur 61 days from the date of the first scheduled 341 meeting in a Chapter 7 case. The 60 days […]
What happens to Stimulus rebate / tax refund in bankruptcy?-part3
Question: Will my trustee take my stimulus payment, that I received before I filed?
As mentioned before, no stimulus payments have yet been sent. It’s impossible to predict now how it will be treated in a bankruptcy.
A trustee may treat the stimulus payment received before you filed as the same as a tax refund received before […]
What happens to Stimulus rebate / tax refund in bankruptcy? - part2
Question: Why can a trustee take a tax refund I receive after I file?
In many bankruptcy districts, trustees view tax refunds as being increasing owned during the tax year the refund is for. For example, many trustees view a tax refund received in mid 2008 based off the filing by April 15, 2008, as being […]
