Steven J. Richardson | May 10, 2010
There is no question that most Americans want to avoid filing bankruptcy at all cost. Although “the B-word” has lost most of its stigma, and some consider filing it casually (some doing it more than once), the vast majority will do anything else first (and some of those options can have some long term consequences). [...]
Steven J. Richardson | April 19, 2010
There is one very common concern among my clients that are preparing a chapter 13 bankruptcy plan of repayment: Is this written in stone? Will I have to make this payment no matter what for the next three (or five) years? The answer is, in most cases, no. The courts understand that things happen in [...]
Steven J. Richardson | April 1, 2010
Someone filing bankruptcy does not necessarily lose everything they own and, contrary to popular myth, you do not automatically lose your house because you filed. This is because of a feature of the bankruptcy code called “exemptions.” These are protections against the liquidation of assets by creditors that exist in both federal and state law. [...]
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 [...]