Earlier this year, I wrote a post on the topic of Bankruptcy and it’s affects on immigration, but wanted to address it again, as I frequently get asked about it. I often get to witness firsthand how complicated and exhausting the immigration process can be. Add financial duress to the situation and it can be too much to handle. I regularly have clients that cannot afford the minimums on their credit cards who are applying to be citizens of this country who wonder if they can even file for bankruptcy. The answer is yes.
The Bankruptcy Code clearly states that a “person” may file bankruptcy so long as they own a property or business in the ...
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Am I Required to Turn Over my Tax Refund in a Chapter 13 Bankruptcy Case?
This is a complicated question and the answer depends on your specific Chapter 13 Bankruptcy plan. In general, if your Chapter 13 plan provides for 100% payment to all creditors, you will be able to keep your tax refund. However, if the plan does not provide for 100% payment to all creditors, including general unsecured creditors (such as credit cards), then you must remit any tax refunds received during the life of your plan to the Chapter 13 trustee, in addition to your regular monthly plan payment to be included in the distribution to creditors. Here’s why:
When filing a Chapter 13 case, a debtor is agreeing to pay all projected ...
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Should I File for Bankruptcy?
This is one of the most frequently asked questions about Bankruptcy, as it is a major life decision, and may not be right for everyone. The answer is, there is no one answer! Whether Bankruptcy is the right answer for an individual varies from case to case, and even a seemingly small nuance about someone’s life can completely change the answer. If you are even thinking about Bankruptcy, you are most likely already in a bad financial situation and need help. One way to tell is by reviewing my list of financial warning signs. If any of these situations are familiar to you, Bankruptcy could be the answer.
If you are looking for a general ...
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