Bankruptcy Planning

Bankruptcy for Married Couples: Filing Options

If you are married and considering bankruptcy, you'll have to decide whether to file separately (that is, only one spouse files for bankruptcy and the other is not part of the case) or jointly (both spouses file together).

The Clawback Provision and Preferential Transfers

In Chapter 7 bankruptcy, the trustee has the right to take back property or money that the debtor improperly gave away before filing. "Clawback" is the term used to describe this power, which allows the trustee to regain assets should have been part of the debtor's bankruptcy estate, but were removed or hidden from the trustee by the debtor by means of preferential or fraudulent transfers.

Bankruptcy Preference Payments to Creditors

In bankruptcy, a preference payment occurs when you repay a creditor within a certain period of time before you file for bankruptcy. If you make a preference payment (also called a preferential transfer), your bankruptcy trustee may be able to get the money back from the person or business you paid.

If You Receive an Inheritance During Your Bankruptcy Case

If you receive an inheritance after filing for bankruptcy, it might become part of your bankruptcy estate. In a Chapter 7 case, this means the trustee can take the inheritance unless it's protected by an exemption. In a Chapter 13 case, receiving an inheritance could increase the amount you have to repay to your creditors.

Should I Repay Debts Before Filing for Bankruptcy?

Although paying off debts before filing bankruptcy may seem like the right thing to do, it is often not a good idea.

Should I Refinance Before or After Bankruptcy?

If you intend to file bankruptcy but are also considering refinancing your mortgage, whether you refinance before or after will depend on a number of factors, including:

Timing Your Bankruptcy Filing: When to Delay or Avoid Bankruptcy Altogether

Sometimes it’s a good idea to delay filing for bankruptcy. For instance, waiting for your income to drop might help you qualify for Chapter 7. It’s also a good idea to wait until you finalize a mortgage modification. On the other hand, you’ll want to avoid some transactions altogether before filing for bankruptcy. For instance, charging purchases, paying relatives, and transferring property before filing for bankruptcy can wind up costing you money.

Is It Better to File for Bankruptcy Before or After My Home is Foreclosed?

If you plan to file for bankruptcy but are also facing foreclosure, the timing of your bankruptcy can make a difference for you, depending on what you want to do with your home.

The New Bankruptcy: Will It Work for You?

Is bankruptcy the right solution for your overwhelming debts? Pick the best strategies for your situation with the information and practical suggestions in this book by best-selling author Stephen Elias.

How to File for Chapter 7 Bankruptcy

The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.

Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time

This comprehensive guide explains the Chapter 13 process, from start to finish.