How long does it take to file for bankruptcy?
Clients frequently ask me is how long his or her bankruptcy will take. Even though the question is simple, the answer is not so easy to answer. So, let me explain.
In every bankruptcy case, there is a lot of information I will need from you before I can ever sit down to prepare your bankruptcy petition. The petition contains information about your income, assets and liabilities. This means you have a big job ahead of you to gather all documents related to your financial world. I call this your “home work.”
Assets are basically anything you own or have a right to. Some assets are fairly obvious such as money in your bank account, your car, home, etc. But assets also include any claims you may have against someone else (e.g., personal injury claim) and anything you may be entitled to in the future, e.g., a life insurance policy or tax refund.
Liabilities include anyone you owe money to, and it also includes anyone that has a claim against you. Thi
Indiana Bankruptcy Lawyer Goes Before the Judges
Needless to say, going before a judge is an everyday occurrence for me and for all of the Indiana bankruptcy attorneys who work in the Zuckerberg bankruptcy law offices. Each of us spends a lot of time in front of bankruptcy court judges as we help clients file personal bankruptcy in Indiana or small business bankruptcy in Indiana.
Tomorrow’s appearance will be different, though, because I’ve been asked to lead a seminar just for Indiana state trial court judges. As a longtime debt consolidation lawyer who helped write a portion of Indiana bankruptcy law, this time my knowledge and expertise is being sought after as a lecturer.
Two of the topics that I’ll be covering in detail is the way bankruptcy law relates to domestic relations law and the way it relates to criminal proceedings.
Foreclosure – Maybe Not-So-Bad 4 Kids, Says Indiana Lawyer for Bankruptcy
A good part of my time as a lawyer for bankruptcy in Indiana is spent in efforts to help stop foreclosure. In offering bankruptcy services in Indiana I see many sets of parents – and many single moms. As a dad myself, I’m particularly sympathetic to both moms and dads trying to cope with financial problems and do the best for their kids. So, for all these reasons, I’m interested in research on how kids are affected by foreclosure and by bankruptcy.
Last fall, one of the Columbus bankruptcy lawyers who works in the Zuckerberg bankruptcy law offices there brought in an article she’dfound in MarketWatch.com, quoting a Federal Reserve officer saying that “Children could be prevented from realizing their potential in school, and, eventually, the labor force as consequences from the problem of home foreclosures.”
Then, just recently, in the course of my own reading to find important Indiana bankruptcy information to share with my Bankruptcy in Indiana readers, I learned that an Indiana University researcher has teamed up with three other universities in a study that will look at “why children’s grades often suffer when their families lose their homes to foreclosure. I.U. assis
Dealing with back income tax in bankruptcy
Did you know you can get rid of certain back income taxes (both Federal and State) in bankruptcy? Oftentimes, clients falsely believe they can never discharge taxes through bankruptcy. As the saying goes… “death and taxes.”
In general, taxes can be discharged in bankruptcy if it has been at least:
- Three years from due date of the return;
- Two years from actual filing of the return (Substitute for Returns do not count);
- 240 days from an assessment;
- Returns must not be fraudulent and there must be no evasion.
As you can see, timing is critical when performing the above analysis. File on the wrong date – you might get stuck with tax debt that otherwise could have been discharged had you waited. In addi
Help Stop Military Foreclosure a Mantra for Indianapolis Bankruptcy Lawyer
None of the good bankruptcy attorneys who work in the Zuckerberg bankruptcy law offices 
likes reading headlines about an increase in military foreclosure, that’s for sure. In these Bankruptcy in Indiana articles, I’ve highlighted the special protections provided by the U.S. government to members of the military who are in debt. As I’ve often stated vigorously to the Anderson, Bloomington, Indianapolis, and Columbus bankruptcy lawyers who work with me, serving our country shouldn’t lead to financial troubles here at home!
First of all, let me explain what a military indulgence is. If you had a mortgage as a civilian, and then entered the military, the Soldiers’ and Sailors’ Civil Relief Act can help you in several ways:
- Lowering the interest rate on the mortgage to 6% from the time you begin active duty to the day you’re released. (As a debt co
What happens after I file for bankruptcy?
Exploring into the unknown world of bankruptcy can be a scary proposition. You might be wondering – Is there a trial? Do I have to take the stand? Will I be cross-examined? When will the judge approve my bankruptcy?
First, let’s talk about what happens (or doesn’t happen) in a normal or “typical” Chapter 7 bankruptcy case.
1. You won’t see the judge. That’s right. Bankruptcy is primarily an administrative process so a typical Chapter 7 goes like this:
Case filed -> 341 hearing -> wait 60 days -> discharge (forgiveness of debt)
There is no bankruptcy judge who reviews your case, looks at your credit card statements, asks you questions, etc. Assuming no one objects to your case, your discharge will be entered. Chances are,
Why You Should Not Wait Until You’re Broke to File for Bankruptcy
It’s sort of ironic but bankruptcy is more necessary for those with property, income, and assets then those who are “broke.” Let me explain. If you do not own or have property, bank account, W-2 income, etc. it would be very difficult for the creditor to take anything from you. In fact, you might be “judgement proof” – meaning if you did nothing, and were sued, the creditor could take nothing from you.
However, if you are gainfully employed, own a home, have a bank account, and have other property, bankruptcy may be necessary so that the creditors can’t take your property, garnish your wages, put liens on your home or impound your bank account.
You see, when you file for bankruptcy, you can protect assets (to a limit) through use of “exemptions.” California is fairly generous with its exemptions. Many people (fal