WASHINGTON - A decline in Chapter 13 bankruptcy filings in West Tennessee, which might look like a welcome trend, may instead reflect the inability of some debtors to file for relief because they're unemployed, some observers said Tuesday. In Chapter 13, the so-called wage-owner bankruptcy, filers must have an income to gradually repay their debts and, if they don't have one, many are just giving up, Memphis lawyers familiar with the situation said.
A Chapter 13 debtor who had no loan or lease payments was still entitled to deductions for expenses associated with his vehicles, the 1st Circuit Bankruptcy Appellate Panel has ruled in reversing judgment. Chapter 13 of the Bankruptcy Code now requires those with above- median incomes to pay their "projected disposable income" to unsecured creditors for an "applicable commitment period" of 60 months.
A debtor was not eligible for Chapter 13 bankruptcy status when he did not complete required debt counseling prior to filing his case, the U.S. Bankruptcy Appellate Panel for the Eighth Circuit held. The counseling provision is mandated by the Bankruptcy Abuse Prevention and Consumer Debt Act of 2005 (BAPCPA), which, among other amendments, introduced new eligibility requirements for individuals seeking bankruptcy protection.
The American Bankruptcy Institute has released a new manual on Chapter 13 that provides a comprehensive overview of the Chapter 13 bankruptcy process from the perspective of both debtors and creditors. Everything from filing preparation and debtor education to the role of the Chapter 13 trustee to the discharge of debts is covered in the manual, which is entitled "Chapter 13 in 13 Chapters.
The greatest fear of many families in serious financial trouble is that they will lose their homes. Bankruptcy offers a last chance for families to save their homes by halting a foreclosure and by repaying any default on their mortgage loans over a period of years. This article examines the actual behavior of mortgage companies in consumer bankruptcy cases. Using original data from 1,700 recent Chapter 13 bankruptcy cases, the author concludes that mortgage companies frequently do not comply with bankruptcy law. A majority of mortgage claims are missing one or more of the required pieces of documentation for a bankruptcy claim. The findings of this article are a chilling reminder of the limits of formal law to protect consumers. Misbehavior or mistake by mortgage servicers can have grav...
A married couple did not meet the income eligibility requirements for Chapter 13 bankruptcy relief - even when taking into account a loan from a family friend, the 1st Circuit Bankruptcy Appellate Panel has ruled in affirming a dismissal. Section 109(e) of the Bankruptcy Code provides that only an "individual with a regular income" is eligible to obtain relief under Chapter 13.
Filing a bankruptcy petition at the proper time may result in the discharge of tax-related government claims. Tax advisors should be familiar with the different opportunities available through Chapter 7 and Chapter 13. For those who can afford to live on the exempt amount of wages, it would be beneficial to wait three years before filing Chapter 7. Those who cannot afford to wait so long can file for Chapter 13. They will not receive as many breaks, but will save some money.
CLAREMONT - More than 20 speakers voiced their support for Tony Ramos before he was unanimously approved as city manager at a special City Council meeting on Wednesday night. Ramos has been criticized in recent weeks due to his personal filing in May for Chapter 13 bankruptcy, which enables people with regular income to create a plan to repay their debts.
A discharge of debts in a Chapter 13 case isn't barred by the Bankruptcy Code's new prohibition on the receipt of a discharge of debts within four years of obtaining relief under Chapter 7, the 6th Circuit has ruled. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 added [section]1328(f) to the Bankruptcy Code. The provision states that a Chapter 13 debtor may not receive a discharge of his debts if he "received a discharge ... in a case filed under Chapter 7 ... of this title during the 4-year period preceding" the filing of his Chapter 13 petition.
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