THE EFFECT OF DISCHARGE-WAIVER-DEBTS NOT DISCHARGED The Bankruptcy Code prohibits collection against a debtor once a debt has been discharged in a bankruptcy. This applies to debts that arose prior to the date the bankruptcy was filed. If the creditor has a lien against an asset of the debtor and the lien attached prior to…
THE BANKRUPTCY FEDERAL EXEMPTIONS AS ESTABLISHED BY CONGRESS The federal exemptions are found in section 522(b) of the Bankruptcy Code. The Debtor’s interest (value minus secured debt, as an example, if the debtor owns a house worth $50,000 subject to a mortgage of $50,000 the debtor’s interest is $10,000) in the following: (1) residential exemption:…
Stay in Business by Filing Chapter 11 Bankruptcy It seems as though nearly every American person or business has been suffering from financial loss due to the recession: jobs are cut, families have had to deal with foreclosures, and businesses have gone under. If you, like many Pennsylvania residents, own or are part of a…
Property of the Debtor protected by the bankruptcy filing. PROPERTY OF THE ESTATE &Â PROPERTY EXCLUDED FROM THE ESTATE When a Property of the Debtor bankruptcy is filed the person filing is called the Debtor. The fling creates an estate called the bankrupt estate, and all of the Debtor’s property is placed in this estate. This…
REAFFIRMING A DEBT Reaffirming a debt means that the debtor agrees to be responsible for a debt that would otherwise be discharged. This procedure most frequently arises when a chapter 7 debtor has a secured vehicle loan. The loan agreement provides that if the debtor files for bankruptcy, that filing is a default and the…
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