Yes, a bankruptcy filing can be made by one spouse without the other. Doing so means the non-filing spouse’s assets do not get examined by the trustee or court. It also means the non-filing spouse does not get the full protection of the automatic stay or the bankruptcy discharge. A key question in determining whether…
When I meet with a potential client who might be able to avoid a bankruptcy filing, I often send them to OnTrack Financial. They treat people the right way, and are doing a lot of good for our community.
One of the most effective ways a creditor can get paid is through wage garnishment. Generally, a creditor gets a court order which directs an employer to withhold a certain amount of their employee’s pay. The garnishment order is usually a very unpleasant surprise which arrives before payday. If a wage garnishment takes more from…
I often meet with clients who have been struggling financially for months or even years. They have been coming up with strategies on their own in order to make ends meet. These are people who work hard, and have faith their hard work will pay off eventually with stability for their families. By the time…
“Deciding to file bankruptcy has caused so much stress in my life.” My client said these words the first time we met for an initial consultation. “I’m so sorry you are going through a tough time. I am here to help. Nobody wants to file bankruptcy, and that’s why we should discuss your non-bankruptcy options…
Almost everyone I meet with in my Asheville office would like to find a strategy to avoid bankruptcy. I examine their non-bankruptcy options before ever considering a filing. One option is to borrow money against a retirement account in order to pay back debts. The good news for 401k loans is that they are easy…
I speak to prospective clients frequently who have a HAMP loan modification which has been finalized, and have paid their modified payments on time since, but have credit card debts still accumulating. In this scenario, filing a Chapter 7 bankruptcy to clear away credit card, personal loan, and medical debts should not adversely affect your…
Most people I represent are concerned about their 341 meeting where they can be asked questions by the trustee assigned to their case. It’s court. Creditors are invited to come too. Sounds scary, right? The truth is that most of the 341 meetings last about 10 minutes, and are much less stressful than my clients…
Your current monthly income (“CMI”) is defined in the bankruptcy code as income you have received during the previous six months before filing a bankruptcy petition. If you file your case in March, the relevant months will be September, October, November, December, January, and February. If you add up all of your gross income for…