A Chapter 13 does not negotiate your debts. When you file a Chapter 13 bankruptcy, your creditors get notified as part of the process. The creditors have 9 weeks to file a claim.
If they do not file a claim,
Gina Rosato Law Firm Blog
The Gina Rosato Law Firm Blog focuses on bankruptcy law, particularly the distinctions and practical implications of Chapter 7 and Chapter 13 bankruptcy filings. It covers topics such as debt dischargeability, the role and actions of bankruptcy trustees, handling of personal injury settlements and tax refunds in bankruptcy, and the impact of gambling on bankruptcy eligibility and proceedings. The blog provides guidance on managing debts, repayment plans, exemptions, and legal considerations for individuals navigating bankruptcy processes.
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What debts are dischargeable in a Chapter 13 and not in a Chapter 7?
By Gina Rosato
There are several reasons that a potential client might consider a Chapter 13 verses a Chapter 7 even if they are eligible to file a Chapter 7 bankruptcy case.
A Chapter 13 bankruptcy allows you to restructure your debt such…
Can the trustee take the proceeds from my personal injury case?
By Gina Rosato
You must list your personal injury case as a potential asset for the bankruptcy trustee.
In a Chapter 7, the trustee can collect 100% of what a debtor gets from their personal injury settlement. This applies to any dates of…
Can the bankruptcy trustee take my tax refund?
By Gina Rosato
Let’s say you file your bankruptcy case in August 2023, the trustee can keep you case open until April 2024 to potentially intercept your tax refund (if you do not have exemptions that can cover it).
The trustee cannot take…
Will gambling affect my bankruptcy case?
By Gina Rosato
The short answer is yes, it can. You are obligated to disclose the last twelve months of profits and losses from gambling on your bankruptcy petition. If you do receive winnings and it’s listed on your tax return as income,…
What is an insider payment?
By Gina Rosato
An insider payment is when you borrow money from a friend or family member and repay them within twelve months prior to filing your bankruptcy case.
The significance of an insider payment is that the trustee can make you pay…
Will my bank take money out of my account if I file for bankruptcy?
By Gina Rosato
There is something called a right to set off. This means that a banking institution can take money from your checking or savings account to make a payment on another debt such as a credit card or car loan that…
What is does it mean to reaffirm a debt?
By Gina Rosato
People often ask if they can keep their existing vehicles when they file for bankruptcy. The answer is yes. You can either surrender the car if you do not want to keep it or you can keep it and reaffirm…
Who can I claim as a dependent for purposes of my bankruptcy filing?
By Gina Rosato
This becomes very relevant because your ability to file a chapter 7 is based upon your income and expenses. That threshold varies due to your household size. As of October 2023, the Florida chart for the median income to qualify…
Can My Pool Loan be Discharged in Bankruptcy?
By Gina Rosato
Pool loans usually get financed through a third-party company, such as a bank or credit union not through the pool contractor themselves. On credit reports the debt is usually listed as an unsecured debt which is the same as any…