Steven J. Richardson | February 22, 2010
One of the requirements put into the bankruptcy code in 2005 was something called “means testing.” It was meant as a way to force upper income debtors into chapter 13 repayment plans. In a nutshell, it involves taking your total gross income for the six months prior to your bankruptcy filing, doubling it, and then [...]
Steven J. Richardson | February 15, 2010
Tax debt is often a driving force behind the filing of a bankruptcy, either for individuals, or a business. If it is income tax for individuals, it can be discharged in bankruptcy if it is more than three years old and meets certain requirements under the bankruptcy code. However, one kind of tax debt that [...]
Steven J. Richardson | January 27, 2010
It’s a new year, and the W-2s and 1099s are coming in, so it is time to start working on your tax return, especially if you think you are entitled to a refund. If you are contemplating bankruptcy at the same time, however, you should be mindful of the amount and be aware that it [...]
Steven J. Richardson | January 11, 2010
No one wants to file bankruptcy unless they have to do so. This then often leads many to try (and rely) on alternatives that can lead to further problems. One prime example of this is the “mortgage workout” with the bank’s loss mitigation department during a foreclosure action. If they can just modify their mortgage [...]
Steven J. Richardson | December 30, 2009
Section 341a of the U.S. Bankruptcy Code requires that there be a First Meeting of Creditors where the debtor meets with the trustee, who asks him or her questions about the filing, along with any creditors who may appear. For chapter 7s in New Jersey it occurs about 45 days after the bankruptcy is filed; [...]