A Chapter 7 bankruptcy is the most commonly filed bankruptcy in the United States. A Chapter 7 bankruptcy allows the debtor the opportunity stop a home foreclosure, stop collection actions against them and obtain a fresh start. The Means Test The means test is a test under the Bankruptcy Code which determines who qualifies to file a Chapter 7 … [Read more...]
The Chapter 7 Bankruptcy
How It Works The first step in a Chapter 7 bankruptcy is the debtor files a bankruptcy petition. In addition the debtor must file schedules of assets and liabilities; schedules involving monthly income and expenditures made by the debtor; a statement of financial affairs pursuant to the bankruptcy code and a schedule of unexpired contracts and … [Read more...]
The Chapter 7 Bankruptcy Process
Once a Chapter 7 bankruptcy is filed on the debtors behalf the United States Bankruptcy Court appoints a trustee. The court, upon filing of the bankruptcy, gives the debtor an automatic stay. This is a federal court order which cause all collection efforts against you to be stopped until the bankruptcy process is complete or a creditor obtains a … [Read more...]
The Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a reorganization of an individual’s or of a husband and wife’s debts. Many Chapter 13 bankruptcies are filed by individuals who are behind on the their mortgage payments or car loans. This can help them modify their financial arrangements with their creditors regarding their mortgage and car loan payments. The … [Read more...]
How a Chapter 13 Bankruptcy Actually Works
A Chapter 13 bankruptcy actually starts to work when the debtor files a petition. The petition includes schedules, a statement of financial affairs and a counseling certificate by an accredited bankruptcy counseling organization. The debtor must file a statement of current monthly income and a projected calculation during the 3 to 5 year period … [Read more...]
Bankruptcy and Individuals Credit
I have often heard from individual’s considering filing bankruptcy they do want to do this because they will never get credit again. That is not true. Most individuals who file bankruptcy can be educated how to reobtain their credit within 18 months of filing bankruptcy. Most bankruptcy attorneys will educate their clients after the filing of the … [Read more...]
Executors and Estates
The individual named as the executor in a Will is entrusted with the assets of the individual who drafted the Will after the individual dies. The executor has responsibilities with regard to administrating the estate, accounting for its assets, paying taxes, distributing the assets of the estate, and dealing with a variety of other issues. … [Read more...]
Medicaid Explained
Medicaid is a program maintained jointly by states and the federal government. It is designed to pay for home healthcare aids and/or nursing home care for individuals who qualify. How does one qualify for medicaid? Although medicaid is basically a welfare program, estate planning can allow even families with significant assets to qualify for … [Read more...]
Medicaid and IRA’s
If you have an Individual Retirement Account (“IRA”) and you are applying for Medicaid there are certain rules and circumstances which affect your IRA. Your IRA cannot be transferred if you are married. The only way to transfer an IRA between a husband and a wife is to have them enter into a separation agreement or get divorced. If you are in an … [Read more...]
Medicaid In New York – Part I
Medicaid was established in 1965 by an act of Congress. Medicaid is designed to deal with healthcare issues for individuals and families who cannot afford healthcare. Individuals applying for medicaid must meet minimum coverage requirements. These requirements are the individual must be under 21 years of age or over 65 years of age or be eligible … [Read more...]
