Effective June 21, 2022, Congress has increased the Chapter 13 debt limit to 2.75 million dollars (combined secured and unsecured debt). The most recent limits prior to this change were $1,395,875 for secured debt (e.g. mortgage, vehicle loan) and $465,275 for unsecured debt (e.g. personal loans, credit card debt). The new debt limit will be … Continue reading Chapter 13 Debt Limit Increase
Author: Michael F. Barrett
Federal bankruptcy exemption amounts are adjusted every three years, with the next adjustment set for April 1, 2022. Exemptions are the laws that let bankruptcy filers keep the property they own. With this increase in available exemptions, bankruptcy filers will be able to keep more assets. While the majority of Chapter 7 bankruptcy cases are … Continue reading Bankruptcy Exemptions to Increase on April 1, 2022
Chapter 13 bankruptcy (3-5 year repayment plan) can be viewed as being similar to debt settlement programs offered by private companies. However, there are several key benefits to filing a Chapter 13 bankruptcy over entering into a debt settlement program: Chapter 13 bankruptcy includes all creditors, while creditors can decide not to participate in a … Continue reading Debt Settlement vs. Chapter 13 Bankruptcy
I first speak to most of my QDRO (Qualified Domestic Relations Order) clients after their divorce has been finalized. Usually the divorce was resolved by a carefully negotiated written agreement. However, when it comes to dividing retirement benefits (often the largest assets to be divided), divorce attorneys sometimes opt for generic agreement language. Perhaps these … Continue reading QDROs: Divorce Agreement Language is Key to a Successful QDRO
If you have significant medical debt and have spent some time online searching for a solution for it, you have probably come across the phrase "Medical Bankruptcy". While there is no specific type of bankruptcy just for medical debts, many people with high medical debts would benefit from filing for bankruptcy to resolve this problem. … Continue reading What is a “Medical Bankruptcy”?
While no one wants to be in the position of filing multiple bankruptcies, sometimes circumstances of medical debt or job loss can cause debt to mount again. Here's what you need to know if you may need to file and have previously received a bankruptcy discharge: The key moment when calculating dates is the case … Continue reading Can I File For Bankruptcy if I Received a Discharge Previously?
More people than ever are investing in cryptocurrency. Increased accessibility has made this category of volatile asset intriguing even to some that are technologically averse. As I write this, Dogecoin is hitting new highs, while one Bitcoin is valued at over $60,000 and hundreds of other "altcoins" are bought and sold on exchanges such as … Continue reading Cryptocurrency: Can the Bankruptcy Trustee Take My Bitcoin?
As of mid-March 2021, a new round of stimulus payments from the federal government is being deposited into bank accounts. While not explicitly protected in bankruptcy by the 2021 bill, it is very likely that these funds will be considered to not be property of the bankruptcy estate (not subject to the bankruptcy trustee's control) … Continue reading Is Your Stimulus Check Protected in Bankruptcy?
In New York, a creditor that has obtained a money judgment may garnish up to 10% of an individual's wages. For many people, being garnished is the wake-up call they need to begin facing their debt situation. Fortunately, bankruptcy can put an end to a wage garnishment and, in some circumstances, even recover some funds … Continue reading Stopping Wage Garnishments in Bankruptcy
"If I had the money to pay you, I wouldn't be in this mess!" That's something that all bankruptcy attorneys hear, and while usually not true (I don't charge nearly enough for that amount to be able to fix my clients' finances), it's a sensible feeling. Money is the problem, and to fix that problem … Continue reading How To Afford Bankruptcy Attorney Fees When You’re Broke