A currently-married woman cannot transfer property to her maiden name (which is no longer being used) simply to avoid losing the property to a judgment in a current or potentially upcoming litigation. [ Read More… → ]

A spouse’s income must be reported in a married person’s individual Bankruptcy filing, on the Means Test. But listing income or asset information from the spouse does not give a Trustee free reign to sell off assets. [ Read More… → ]

Generally, the phrase “deed in lieu of foreclosure” explains the process more so than any actual deed itself. [ Read More… → ]

If a debtor has recently changed his or her state of residence, the debtor may file in the state in which he or she now lives, but may need to utilize the exemptions from the state in which he resided prior to the move.  [ Read More… → ]

Depending on your state of residence, an income level of less than $50,000 may permit you to file a Chapter 7 Bankruptcy case. [ Read More… → ]

In general, and assuming that the original debt is listed on the debtor’s bankruptcy petition and schedules and that the debt itself is otherwise subject to discharge, the purchaser of the debt would be subject to any discharge order received by the debtor through the bankruptcy case and the debt would not be collectable. [ Read More… → ]

“Ask Standard Legal” is not aware of any situation where a Power of Attorney can be used by the attorney-in-fact to sign a Bankruptcy petition on behalf of the grantor. [ Read More… → ]

While filing for Divorce during the process of a Chapter 13 Bankruptcy could change your financial situation, the divorce is but one factor among many that should be considered as a part of the continuing bankruptcy action. [ Read More… → ]

If a piece of real estate has more than one mortgage attached and the owner is in the process of filing personal bankruptcy, how the mortgages and property will be treated depends upon the type of bankruptcy filing being created and the intent of the owner with regards to staying in or walking away from the property. [ Read More… → ]

There is no such thing as a ‘list of maximum allowable expenses’ in any documentation provided by Standard Legal — or the Court, for that matter — for a personal bankruptcy filing. [ Read More… → ]

Priority unsecured debt are those debts that are described on Schedule E of the bankruptcy petition. [ Read More… → ]

Standard Legal’s Bankruptcy forms are not “generated” all at once after some basic questions are answered — no company could offer such a product for a price of $49.95, as the constant changes in programming, legal requirements and form content could never be managed at that price. [ Read More… → ]

Financial issues affecting a deed holder and/or his or her personal legal situation is the primary drawback to purchasing real estate using a Land Contract. But in nearly every situation (except fraud!), the law sides with the person who is making payments on the land contract property. [ Read More… → ]

A debtor in a Chapter 13 bankruptcy plan has the right to convert his or her bankruptcy case to a Chapter 7 case. But the debtor needs to qualify for the Chapter 7 treatment (i.e. the debtor must meet the “means test” threshold and his or her disposable income must be such that the Chapter 7 case is proper).  [ Read More… → ]

In most cases, a 341 meeting will not take place without the filer’s tax returns being provided to the Bankruptcy Trustee. But there are steps you can take to rectify the situation. [ Read More… → ]

Within Standard Legal’s Bankruptcy legal forms software, links are provided to the REQUIRED CREDIT COUNSELING and the DEBTOR EDUCATION PROGRAMS, along with information on all of the requirements and the Bankruptcy Court’s recommendations related to these programs. [ Read More… → ]

For the purposes of bankruptcy, judgments obtained through arbitration are treated the same as judgments obtained through the more traditional court process. [ Read More… → ]

A debtor does indeed have the right to cancel or rescind a debt reaffirmation (an agreement to not include a particular debt for discharge as part of a bankruptcy filing) at any time prior to the entry of a discharge, or within 60 days after the reaffirmation agreement is filed with the Bankruptcy Court, whichever occurs later. [ Read More… → ]

Under the Bankruptcy Code, a debtor is required to list ALL assets and ALL debts on the petitions and schedules that must be completed and filed with the Bankruptcy Court. In doing so, the documents require the disclosure of all co-signed obligations and debts as well. [ Read More… → ]

It is highly recommended that a person file all of the Bankruptcy documents that are required to be submitted at the same time, one time. But that recommendation is not a legal requirement. [ Read More… → ]