from The Jewish Voicehttp://thejewishvoice.com/2019/07/24/private-equity-firm-buying-up-nyc-medallion-cabs-to-take-on-uber-lyft/

From Forbes.comhttps://www.forbes.com/sites/zackfriedman/2019/07/23/cancel-student-loans-elizabeth-warren/#fb140955bc71

If you are filing for bankruptcy and either have a life insurance policy or are the beneficiary of one, there are several ways you can protect the value of the policy. Protecting Your Life Insurance Policy When Filing Bankruptcy Is Your Policy Whole Life or Term Life? A “term life” insurance policy does not accumulate cash value. Therefore, a term life policy is not considered an asset during bankruptcy proceedings, and the death benefit is not at risk whether you are a beneficiary or a policyholder. A “whole life” policy may not be safe from creditors. Whole life policies accumulate cash value you can borrow, making your whole life policy a personal asset. If you hold a whole life policy, there are several ways you can protect its cash value. Continue reading and contact an experienced bankruptcy attorney to understand your options. Are You Filing Chapter 7 or Chapter 13 bankruptcy? The type of bankruptcy you file for will impact what happens to your whole life policy. In a Chapter 7 bankruptcy, a court-appointed trustee is permitted to liquidate any of your assets not “exempted” from your bankruptcy estate. The proceeds from that liquidation are used to pay creditors. Any remaining debts are discharged or eliminated. Any cash value your whole life policy has accumulated is considered an asset and may be at risk. Continue reading to learn about whether your whole life policy’s cash value may be covered by an exemption – the exemption allows you to keep the cash value of the policy In a Chapter 13 bankruptcy, you won’t give up any of your assets, but you will enter a repayment plan lasting three (3) to five (5) years. This repayment plan factors in all of your assets, which may include the cash value of a whole life policy. However, there may be an exemption that will help you protect the value of your policy. Exemptions May Protect Your Life Insurance Although the cash value of your whole life policy may be at risk when you file for bankruptcy, you may still be able to protect this asset with a state or federal “exemption” statute. Federal law exempts unmatured life insurance policies (except for credit insurance); a life insurance policy with loan value up to $13,400; disability, unemployment, or illness benefits; or life insurance payments for a person you depend on for financial support. (See 11 U.S.C. 522(d)(7)–(11).) Some states allow you to choose between using the federal bankruptcy exemptions or your state’s exemption system (AK, AR, CT, DC, HI, KY, MA, MI, MN, NH, NJ, NM, NY, OR, PA, RI, TX, VT, WA, WI). If you are unable to use a state or federal exemption, a wild card exemption may still be available. Wild card exemptions can be used to protect nonexempt assets in bankruptcy. The amount that is allowed under the wildcard benefit varies state-to-state. These state, federal, and wild card exemptions apply not only to the cash value of your whole life policy, but also to any proceeds to which you may be entitled as the beneficiary of a life insurance policy. To understand what exemptions may be available to you as the insured or the beneficiary, contact trusted bankruptcy attorney David Offen. Protecting Life Insurance Proceeds When You Are a Beneficiary Filing Bankruptcy Bankruptcy Estates When filing for bankruptcy, a bankruptcy estate is created with all property and assets included, as well as any property received within 180 days of filing. The value of the bankruptcy estate becomes the money used to repay creditors under Chapter 7 or helps to establish the payment plan you will follow under Chapter 13. Generally, if a debtor becomes entitled to benefits more than 180 days after filing, these funds are excluded from your bankruptcy estate and are not at risk. However, if you become entitled to benefits within this 180-day window, you may still be able to protect these proceeds with an exemption. For example, under federal law, you can exempt benefits you receive from an individual you were financially dependent on, if the funds are “reasonably necessary” to support you and any of your dependents. Many states also provide exemptions for death benefits. The law on this is nuanced and your attorney will help you should you find yourself in this situation, but as a general rule, the timing of receipt of life insurance proceeds is important: When did you receive your benefits? I Became a Life Insurance Beneficiary Before Filing Bankruptcy. If you are a beneficiary and received funds before filing bankruptcy, these proceeds are treated as a cash asset and are vulnerable to creditors. In a Chapter 7 bankruptcy filing, these assets can be seized and used to pay creditors. In a Chapter 13 bankruptcy filing, these assets are considered when your payment plan is established. You may be able to use a state or federal exemption to protect these funds.  The exemptions available to you are the same as those discussed above for whole life policyowners. Death Occurred Before I Filed, but I Haven’t Received the Benefit. If the death occurred before you filed for bankruptcy, but you have not yet received the benefits, any proceeds you become entitled to before filing become part of your bankruptcy estate. A beneficiary becomes entitled to death benefits on the day the insured dies. Therefore, the proceeds you will receive are considered an asset of your bankruptcy estate, and you need an exemption to protect these funds. These exemptions are the same as the type used to protect a whole life policy that you own. I Became Entitled to Life Insurance Benefits within 180 days of Filing. If you recently filed for bankruptcy and are anticipating a death benefit, the insured’s date of death is an important date to keep in mind. If a loved one dies within 180 days after the date you filed, the insurance proceeds you receive are property of your estate. This is true even if your bankruptcy case is already closed. You must notify the court and discuss with your attorney what exemptions might apply to protect your proceeds. Again, if the death occurs after that 180-day window, your benefits are exempt  because the proceeds were not part of your estate when you filed for bankruptcy. About the author: Chad G. Boonswang, Esq. Mr. Boonswang is a litigation lawyer based in Philadelphia, PA, having graduated from the University of Pennsylvania and the Villanova University Charles Widger School of Law. Mr. Boonswang is a member of the Philadelphia Bar Association, the Pennsylvania Bar Association, the American Bar Association, and the Union League of Philadelphia. In 2003, Mr. Boonswang founded his own practice prosecuting life insurance claims and catastrophic injury cases, and his firm has since recovered tens of millions of dollars on behalf of his clients. Mr. Boonswang maintains a popular and active blog on all aspects of life insurance law and policy. The post How to Protect Your Life Insurance in Bankruptcy appeared first on Bankruptcy Lawyer in Philadelphia PA | David M. Offen Attorney at Law.

I recently found out I was Board-Certified while I was in China adopting my new daughter.  This is my most meaningful professional achievement to date for many reasons.  Running a niche restructuring practice (that is debtor-focused) as a solo practitioner is not for the faint of heart.  I thank my staff, colleagues, mentors and referral sources who continue to entrust to me their clients.  I take each referral very seriously.  Another special thanks goes to my friends and family.  All of you have enabled me to hold tight to my career which has always been important and meaningful to me.    Thank you.  Board-Certified…. at last!!!! FOR IMMEDIATE RELEASE SALENE R. KRAEMER,PITTSBURGH,PENNSYLVANIA CERTIFIED IN BUSINESS BANKRUPTCY LAW March 29,2019-The American Board of Certification announced that Salene R.Kraemer, attorney with Mazurkraemer Business Law, in Pittsburgh, Pennsylvania, has successfully completed the requirements for national certification in Business Bankruptcy Law. To become certified, Ms.Kraemer satisfied the following requirements: Full-time practice of law for at least five years; Good standing in the bars of all states in where a license to practice law is held; Devoted at least 30% of practice time and at least 400 hours to bankruptcy-related matters in the last three years; Documented involvement in Business Bankruptcy by providing information on cases practiced; Demonstrated commitment to continuing legal education by earning at least 60 hours of bankruptcy education in the past three years. Passed an extensive, day-long written examination covering Business Bankruptcy issues. The American Board of Certification (ABC) is a non-profit organization dedicated to serving the public and improving the quality of the bankruptcy bar. The rigorous ABC-certification standards are designed to encourage bankruptcy practitioners to strive toward excellence and to recognize those attorneys who are experts in the bankruptcy field.  The ABC offers separate certificate programs in business and consumer bankruptcy and creditors’ rights.  All three ABC Certification Programs are accredited by the American Bar Association.  For a complete listing of certified attorneys, see our webpage at www.abcworld.org. The ABC is co-sponsored by The American Bankruptcy Institute and the Commercial Law League of America.  The ABC Board of Directors consists of many of the nation’s finest bankruptcy and creditors’ rights attorneys, former judges, and law professors. ###

4 Ways a Bankruptcy Lawyer Can Help You Filing for bankruptcy is not as simple as filling in your personal information on some forms and submitting them. The process can be deceptively difficult, and it can take months to get the resolution you want. You may be able to file for bankruptcy on your own, but that doesn’t mean that you should. Here are just four ways that a Phoenix bankruptcy lawyer can help you: Fill Out the Paperwork Properly Filing for bankruptcy does require filling out a lot of paperwork. You can find these forms online and fill them out yourself, but if you make any kind of mistake, you can jeopardize your case. Some mistakes can even land you in legal hot water. Hiring a bankruptcy attorney near Phoenix ensures that your forms will be filled out properly, so your case can move forward quickly and smoothly. With an attorney doing the paperwork for you, you’ll also save yourself a lot of time, and you’ll have peace of mind that everything has been done by the book so that you don’t risk any legal consequences. Give You Advice You may not be sure if filing for bankruptcy in Phoenix is right for you. Or you may be struggling with whether you should file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. There are a lot of things to consider, and even small choices you make can have a big impact on your future. A experienced bankruptcy attorney in Phoenix can give you advice based on knowledge of the law and knowledge of your financial circumstances. Your bankruptcy lawyer will help you see how each of the potential choices you make can play out in your future. Your attorney will give you the pros and cons of each scenario, ensuring that you can make an informed decision that will help you meet your goals. Represent You at Hearings You will need to attend a bankruptcy trustee meeting in which your debts and assets are analyzed. Your creditors are also invited to this meeting, and they have the option to participate. Depending on the complexity of your case, there may be other hearings or proceedings that you need to attend. When you hire a bankruptcy attorney in Arizona to represent you, your attorney will attend these hearings on your behalf. In many cases, you won’t have to attend any of these proceedings at all. Provide the Skill and Experience for Complicated Cases Not all bankruptcy cases are cut and dry. You may have a complex case involving business assets, debts or assets split with your spouse while you are currently in the middle of a divorce, and so on. Not just any attorney can handle these cases. An experienced bankruptcy lawyer near Phoenix can offer you the skill and knowledge to handle even the most complex case with competence. Your case will be processed smoothly, you’ll get all the answers you need along the way, and you will be able to get the best outcome for your case. Never try to take on a bankruptcy filing by yourself. You don’t have the training or the experience to handle these cases properly, and you could be putting your rights and your finances in jeopardy if you attempt it. Hire an experienced bankruptcy lawyer who can guide you through the process from start to finish and who can help you get the results you want. Working with an attorney can also help you get the debt relief you need more quickly. You won’t have to spend a lot of time researching what you need to know or correcting your mistakes. Everything will go as needed from start to finish. If you are considering filing bankruptcy, call My AZ Lawyers to talk with a qualified bankruptcy attorney. Our bankruptcy lawyers will help you understand the options available to you and how they may benefit you. Your attorney will then put together your paperwork and file it as quickly as possible so you can begin moving toward the debt relief you need. Our bankruptcy attorneys can handle even the most complex cases, so you can trust them with any of your needs. Call us in Phoenix today to schedule an appointment with one of our bankruptcy lawyers. Published By: My AZ Lawyers Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 399-4222 The post 4 Ways a Bankruptcy Lawyer Can Help You appeared first on My AZ Lawyers.

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How Soon After Bankruptcy Can I Lease or Rent? One of the biggest fears most people have about bankruptcy is losing their home or not having a place to live after their debt is discharged. This can be especially scary for people who waited too long to file bankruptcy and have lost their homes to the bank or were evicted when they couldn’t make their rent payments. For a free consultation on how to quickly get your financial situation under control call The Law Offices of David M. Offen at 215-625-9600. They are located in Center City Philadelphia – and are very easy to reach from Philadelphia and the suburbs. How Long Will It Take to Rent An Apartment? Most people will qualify for a rental within three months of a bankruptcy discharge. It is possible to rent or lease after bankruptcy–and depending on how you handle your fresh start, it may even be possible to become a homeowner again without waiting seven years.  Different lenders have different policies and some lenders will allow you to get a mortgage after thirty six months. How you handle credit after your discharge will play a big role in what is available to you. After the early 2000s housing bubble and the 2008 financial crisis, many landlords have rented to couples and families who came through foreclosure and bankruptcy. They may be strict about late payments and will expect proof of income, but it will be possible to find a rental property. Renting an Apartment after Bankruptcy Renting an apartment after filing a Chapter 7 bankruptcy is a fantastic way to build your credit. There are several things you can do to improve your chances of finding an apartment that will help benefit your credit situation. Be upfront with the landlord. They are going to see your bankruptcy when they run a credit check, so trying to hide or excuse the fact that you went bankrupt won’t help your cause. Instead, be open and humble about your mistakes, and have proof, including proof of employment and a record of responsible borrowing since your bankruptcy, to support your search for housing. For example, if you recently purchased an automobile, being able to show that you have made your payments is a plus. It also may help to look at smaller, privately owned apartment blocks instead of larger corporately administered and professionally managed complexes. A local landlord will have a lot more latitude to make decisions than a management company checking your financial statistics through against a risk-assessment formula.  A smaller company may treat you as a human being while some larger companies unfortunately sometimes treat people as a number. Renting or Leasing a House After Bankruptcy It will be harder to rent or lease a house after bankruptcy than it would be to rent an apartment, but it is by no means is it impossible. You should be prepared to offer a larger security deposit to offset the fact that you are considered a higher-risk tenant. When looking for a real estate company or landlord, your best bet is to be as honest as possible. Often times a landlord may be more willing to work with someone than a rental company. This is because many property management companies have strict processes and procedures they need to follow for rental applications. Instead, try going directly to the landlord who may negate these procedures and can give you a yes response directly. If you decide to go with a rental company, ask if there are any landlords that would consider renting to you given your current situation. This way, you won’t waste a credit fee for a landlord that isn’t willing to consider your application. You could also provide a copy of your own credit report and a letter explaining your circumstances and why you feel you would make good renters. You have no debts now (other than maybe a car payment) so paying the monthly rent is not a problem In truth, landlords today understand the economy and are often more forgiving of a bankruptcy. In fact, a person with a recent bankruptcy and no debt is a much safer bet for a landlord than someone with lots of debt and no bankruptcy. When it comes down to it, landlords are looking to rent to people that will be able to afford the rent every month and won’t damage the property. Being able to show that you can manage the payments and that you have owned property before puts you in a much better position to rent a home. Just remember to be upfront and honest with any potential landlords. Considering Bankruptcy? Life after bankruptcy is a chance to start fresh and move forward into a more financially stable future. If you’re struggling with the decision of whether to file for bankruptcy, the Law Offices of David M. Offen can offer a free consultation by calling 215-625-9600. Located in Center City Philadelphia, their offices are easy to reach from Philadelphia and the suburbs. Call today and find out how to quickly get your financial situation under control and be in control of your life once again.  Bankruptcy for many people is a new beginning and many famous and well known people in the United States have chosen the Bankruptcy route to get their fresh financial start. The post How Soon After Bankruptcy Can I Lease or Rent? appeared first on Bankruptcy Lawyer in Philadelphia PA | David M. Offen Attorney at Law.

How to Beat the IRS in Bankruptcy For a free consultation on how to quickly get your financial situation under control call The Law Offices of David M. Offen at 215-625-9600. They are located in Center City Philadelphia – and are very easy to reach from Philadelphia and the suburbs. What the IRS Doesn’t Want You To Know Everyone’s heard the two certainties of life according to Ben Franklin. And while we can’t offer advice to outsmart the grim reaper, old Ben should have spoken to a bankruptcy attorney. As long as you haven’t been caught for evasion or fraud, we might be able to clear your unpaid taxes. Keep reading to learn how filing bankruptcy could help you wipe out old tax debt–and what mistakes could leave you stuck with a tax bill. Taxes Are (Not) Forever There is a common misconception that Federal income tax debts cannot be discharged in bankruptcy. It is true that income tax is a priority debt, and that the government makes it difficult to discharge this kind of debt. But a bankruptcy attorney can discharge a variety of unpaid taxes in a strategic bankruptcy. Cheat on Taxes – Get Stuck With A Bill The IRS has developed a reputation as one of the most relentless federal agencies. Legendary gangster Al Capone evaded police and paid off prohibition agents–but in the end, it was the Internal Revenue Service that brought him down. Every year, high-profile celebrities and sports players get nabbed trying to dodge the tax collector. Not only is tax evasion a crime—-it also makes you ineligible to discharge your tax debts. Don’t let the Internal Revenue Service sabotage your finances. When Can You Discharge a Tax Debt? You need to meet the following conditions to be allowed to discharge your tax debt. These rules are followed strictly, and even a two or three day grace period will not be permitted. The 3 Year Rule: The taxes you want to discharge must have been due at least three years before the date you filed bankruptcy. For federal income tax, this is on or around April 15th. State and local taxes will differ. Here’s an example: If you don’t pay your taxes due on April 15th, 2019, you could not file to discharge that debt until April 15th, 2022 at the earliest. If your file for a tax extension, three years runs from the date of the extension, not the date that the tax was due. The Two Year Rule: You must wait two years from the date you filed your taxes to file for a bankruptcy discharge. This grace period allows you to still get a discharge of your taxes three years from when they came due when filing late. The date your taxes are legally counted as filed depends on when and how you send the information to the IRS. If you send tax returns certified mail via the United States Postal Service, and the postmark is on or before April 15th, the taxes will be treated as if they were received on time, even if they arrive at the IRS office after that date. However, if taxes are mailed after April 15th, or are mailed by a private carrier and arrive after April 15th, the date of filing is the actual date the IRS receives your documents, not the date they were posted. This might seem like a trivial detail, but since these deadlines are absolute, just one day’s delay could be the difference between a tax being dischargeable or not. The 240 Day Rule:  If your tax debt passes the previous two tests, there is one more condition: The actual date of assessment must be at least 240 days prior to filing bankruptcy. If your tax debt is a case of simply not paying, then the date of assessment should be close to your filing date. But in tax disputes, the IRS can assess additional taxes for several years after the original assessment was made. If you are involved in any tax action, you should notify your bankruptcy lawyer immediately, as this could seriously impact your ability to have these taxes discharged. When Taxes Can’t Be Discharged Not all taxes can be discharged in a bankruptcy case. Recently missed taxes. You have to wait three years (at least) before you can file to have bankruptcy taxes discharged. Fraudulently filed taxes. Taxes assessed when no return was filed. Substitute returns filed on your behalf by the IRS do not count towards the filing requirement. Can Bankruptcy Help With Tax Liens? Unfortunately, bankruptcy cannot clear tax liens already placed against your assets. What it can do is prevent new liens from being filed or collection actions from being taken. It can also prevent the IRS from seizing property through the levy process to settle your tax debts. Liens survive bankruptcy intact. That means that you do not personally owe the government the value of discharged taxes as a debt, but the government’s claim to your assets still exists. When this happens, the lien will not attach to assets you acquire after the bankruptcy concludes. If the underlying personal liability cannot be discharged, then not only will the lien survive, but it will also attach itself to assets you acquire after bankruptcy and must eventually be paid to avoid future levies. Do You Need Help Filing Bankruptcy on Back Taxes? If you need an expert to guide you through the bankruptcy process, schedule a consultation with Philadelphia bankruptcy attorney David M. Offen. David M. Offen has over 20 years of experience and has helped over 10,000 individuals and families go through the Bankruptcy process. For a free consultation, call (215) 625-9600 to get your questions answered about how bankruptcy can help you with taxes owed to the Internal Revenue Service, as well as State and Local Governments. The post How to Beat the IRS in Bankruptcy appeared first on Bankruptcy Lawyer in Philadelphia PA | David M. Offen Attorney at Law.

Why Creditors Keep Calling After Your Bankruptcy Discharge After you receive a bankruptcy discharge, most of your debt is gone. Wiped out. Erased. Absolved. But it sure might seem like somebody forgot to tell a few collection agents that! Located in Center City Philadelphia, The Law Offices of David M. Offen offers years of bankruptcy law experience. If you need help to stop creditor harassment, call our office today at 215-625-9600.  Having helped over 10,000 clients with Bankruptcy, we can offer the proper advice to immediately get bill collectors and creditors to stop calling you. If you don’t owe massive debts anymore, why are they still calling? There’s a couple of reasons why debt collectors may call after your discharge. 1.You Reaffirmed A Debt To keep your car or house in bankruptcy, you have to continue making payments on the debt. These creditors may ask you to sign documents committing to making payments on time and in full. This is known as reaffirming a debt.  Generally, our office is opposed to having our clients sign reaffirmation agreements as this creates a legal obligation on our clients.  Many creditors will allow you to continue to make payments and not take any action as long as you keep making the payments. Some creditors will not report your monthly payments to the credit bureau unless you sign a reaffirmation. If you went through the process of bankruptcy without the help of a lawyer, it is possible you did not understand what you were signing when you reaffirmed your debt. You still need to make payments on reaffirmed debts–they don’t get discharged—and creditors will pursue them as if you miss payments 2. You Didn’t List All of Your Debt This happens all the time when people try to file bankruptcy on their own, without the help of an attorney to fill out court documents and prepare all the legal paperwork.  This can also happen if your lawyer forgot to list a creditor. Bankruptcy courts can’t discharge debts if they don’t know about them. A discharge only covers the debts listed on your bankruptcy petition, and if any are left off, intentionally or by accident, it becomes a legal issue if they can be discharged, and collection actions won’t be frozen. There is a way to fix this. A bankruptcy lawyer can prepare a motion to amend your bankruptcy petition and have the debt included on your discharge. 3. Creditors Didn’t Get the Message Your creditors are notified when you file bankruptcy, but word doesn’t travel fast in most larger companies, and it could take weeks or even months before the debt collectors are informed that your account is discharged. For smaller debts, a telephone call and a faxed copy of your bankruptcy discharge letter should be enough to settle the matter. More persistent collectors can usually be driven off with a letter from your bankruptcy attorney reminding them that they are breaking federal law by pursuing a legally discharged debt. 4. Someone Bought Your Bad Debt The least pleasant of the four possibilities: Debt Buyers. There is a particular breed of debt collector with a demeanor somewhere between vulture and junkyard dog who targets zombie debts. Zombie debts are bought for pennies on the dollar, long since written off by the original owner and presumed uncollectable. These debts may be so old they are not legally collectible. They may not even be real. But zombie debt collectors will do their best to draw blood from a stone, resorting to every legal (and often illegal) threat they can muster, from repossession and lawsuits to threats of blackmail if payments are made. Zombie debt buyers can target just about anyone, but those with a history of bankruptcy are more likely to have old accounts sold to debt buyers. Do Not Pay Discharged Debts! This can’t be stressed enough. No matter how intimidating they sound, no matter what they threaten, zombie debts are not enforceable, so long as it is past the statute of limitations. Making a payment on an old debt, even verbally acknowledging it, could reset the statute of limitations and make you liable for the full amount. Do not pay any money without speaking with an attorney first. If you are being aggressively pursued over a discharged debt, the best option is to not even talk with the debt jackals; contact a bankruptcy attorney and let him handle the problem. If collectors keep up after being notified of a discharged debt, they may end up having to pay you for court fees and violations of the Fair Debt Collection Act Find an Attorney to Stop Illegal Collections The whole point of bankruptcy is to discharge debts and end collection actions. And in fairness to the vast majority of banks and credit unions, notification of a successful discharge is enough for them to leave you alone.  In fact, as soon as most creditors receive notice of the filing of a Bankruptcy, they will not contact you for fear of being in violation of the Automatic Bankruptcy Stay as provided under 11 U.S.C. 362. If these calls are coming just after a bankruptcy discharge, ending the calls might be as simple as telling the person on the other end that you have received a discharge, something they can easily confirm with your creditor. More determined collectors require a stronger approach. You should have a bankruptcy attorney (ideally the same one who handled your filing and is familiar with your case) first send cease and desist letters. Sometimes collectors just don’t know when to quit. If warnings don’t work, your bankruptcy lawyer can sue the collectors, who are violating Federal law by pursuing discharged debts and harassing debtors. If you need help getting out from under debt or dealing with creditors that won’t stop harassing you, call The Law Offices of David M. Offen today at 215-625-9600 for a free consultation. With over 20 years of experience in bankruptcy law, we can help you get a fresh start and move forward with a brighter financial future. Located in Center City, Philadelphia, our offices are easily accessible from all parts of Southeastern Pennsylvania. The post What to Do When Creditors Come for Discharged Debt appeared first on Bankruptcy Lawyer in Philadelphia PA | David M. Offen Attorney at Law.

A Guide to Divorce Before, During, and After Bankruptcy Divorce. Most American couples swear “till death do us part”, but over 40% will eventually decide to break their vows.  Divorce is a messy business, often in the literal sense. Most couple’s finances are intimately entangled, including a great deal of shared debts incurred with the assumption of two incomes. Messy finances can be a stress leading to divorce, and trying to maintain the spending of a marital lifestyle after divorce can lead to rapidly mounting debt. This guide will explain what role bankruptcy can play to resolve a personal financial crises leading to or stemming from a divorce. This guide is written for educational purposes only. It is not a substitute for personal legal counsel and reading it does not create an attorney-client relationship with The Law Offices of David M. Offen. If you do have questions about filing bankruptcy, call David M. Offen at (215) 625-9600 to get answers or schedule a consultation with him Should I File Bankruptcy Before or After Divorce? There is no proper order for proceeding with bankruptcy and divorce, and which should be handled first will depend on your personal situation, as well as the relationship with your spouse. It is worth noting that while you can file for bankruptcy during a divorce, in most situations it is inadvisable as the distribution of marital assets could be frozen until the bankruptcy matter is settled. Chapter 7 vs. Chapter 13 Bankruptcy When considering whether or not you should file for bankruptcy before or after your divorce, it is first necessary to consider what type of bankruptcy to file. Chapter 7 bankruptcy, also known as liquidation bankruptcy, can be resolved in a matter of months. With Chapter 7, it is possible that you and your spouse can eliminate your debts and move toward the divorce proceedings in a relatively short amount of time. However, under Chapter 13 bankruptcy, referred to as reorganization bankruptcy, the proceedings can last anywhere from three to five years. This is not an ideal choice for a couple that is planning to separate. Check out some more information on how Chapter 7 bankruptcy and Chapter 13 bankruptcy work by clicking the links. Joint vs Individual Bankruptcy If you have spoken with an attorney and decided on which type of bankruptcy makes the most sense to file, you should then consider whether to file jointly or as individuals. Joint Bankruptcy If you and your spouse are on good terms, it can be advantageous to file for joint bankruptcy before being separated. You can expect to save money on filing fees and attorney fees. This is in addition to eliminating all dischargeable debts before separating. This is only possible in a situation where the divorce is amicable, and where the two parties can plan to resolve their bankruptcy with in several months. Individual Bankruptcy There are also reasons why one might file individually, even if the divorce is amicable. When one spouse owns separate properties then it might be a better choice to have the other spouse file for bankruptcy as an individual. This way the separate properties are not considered assets of the filing spouse. Also, if one spouse owes a considerably larger amount of priority debts than the other, filing jointly would hold the other to a more expensive repayment plan. Should I File for Bankruptcy After Divorce? Sometimes a divorce may bring about a financial situation where bankruptcy is the best course of action. Usually, the challenge arises when a person transitions from a dual income household to a single income household. With a reduced income, it becomes harder to manage payments like mortgages, car payments, or loan payments, etc. Also, if your ex-spouse has accrued debt on credit cards in your name, that debt does not disappear. In cases like this, bankruptcy may be the best option for dealing with reduced income or substantial debts from your ex-spouse. Chapter 7 Bankruptcy You may not have been approved for a Chapter 7 bankruptcy because your income as a dual-income household was too high. In cases like this, it might be a better financial choice to separate first and establish single households. By doing this, you and your ex-spouse might be eligible for Chapter 7 bankruptcy as individuals. How Does My Bankruptcy Affect My Ex-Spouse? This depends on how the divorced  was finalized and how assets and debts were distributed between the two parties. You cannot affect your ex-spouse’s credit by filing for bankruptcy, however, if there was joint debt owed, your ex-spouse may still have to pay the debt after you file. for Bankruptcy. How Does My Ex-spouse’s Bankruptcy Affect Me? Likewise, if your spouse files for bankruptcy and you shared joint debts, you would be liable to pay the full amount. You should speak with a bankruptcy lawyer to learn more about how to protect yourself from having to pay what is essentially your ex-spouse’s half of the debt. Should I File for Bankruptcy During a Divorce? Generally this course of action should be avoided. A divorce can be prolonged by many of the legal procedures of the bankruptcy. A family court cannot divide up assets like land and vehicles when they become the property of the bankruptcy estate. This effectively drags the divorce proceedings out until after the bankruptcy is settled. Conversely, a bankruptcy case can be prolonged by unresolved divorce proceedings such as child support or alimony. If you are in the Philadelphia area and are struggling with how to best approach bankruptcy, call the Law Offices of David M. Offen at (215) 625-9600 to schedule a free consultation. With over 20 years of practice in bankruptcy law, Mr. Offen has helped over 10,000 clients navigate their financial troubles successfully. to a better financial life. The post A Guide to Divorce Before, During, and After Bankruptcy appeared first on Bankruptcy Lawyer in Philadelphia PA | David M. Offen Attorney at Law.