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Does Your Income Matter In Bankruptcy, And How Does It Affect Your Case?

By Law Offices of Stephen Orchard |

In a typical bankruptcy your income matters. That may not be a surprise to you–you probably already have an idea that if you make too much money, bankruptcy may not be available to you. But the question of income is more complex than that, and the effect of making too much or too little,… Read More »

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Can You Pay A Chapter 13 Repayment Plan Off Early? Should You?

By Law Offices of Stephen Orchard |

You may be aware that if you file for a Chapter 13 bankruptcy, you will have to make payments over a period of time, between 3-5 years, three years being if your income falls below your state’s median income, and 5 if your income is above the median amount. Although this may initially seem… Read More »

BankLegal

Why Using A Bankruptcy Preparer Is A Bad Idea

By Law Offices of Stephen Orchard |

Ads for bankruptcy preparers can be tempting, promising certain bankruptcy services, at a fraction of the cost of what most lawyers may charge. But bankruptcy preparers are a dangerous risk, and in the end, can end up costing you way more. What are Bankruptcy Preparers? When you file bankruptcy, there is a lot of… Read More »

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Legal And Equitable Title: Owning Stuff You Don’t Really Own

By Law Offices of Stephen Orchard |

In bankruptcy, the less you own the better—the less property that could potentially be taken (although in reality, most people don’t lose any of their property in bankruptcy). But did you know that there is a way that you can own things without actually owning them for the purpose of bankruptcy? Legal Title This… Read More »

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Should Your Business File A Chapter 7 Bankruptcy?

By Law Offices of Stephen Orchard |

For many of us who have businesses, we find ourselves with a double problem. We may have personal debts—related or unrelated to the business—but our business has debts too. You know that Chapter 7 wipes out your debts, so why not do the same thing for your business—file a Chapter 7, wipe out your… Read More »

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Could Chapter 20 Bankruptcy Help You?

By Law Offices of Stephen Orchard |

Here’s a riddle: Can you file a type of bankruptcy that’s not actually written in the bankruptcy code or the bankruptcy laws? The answer is yes, you can: Chapter 20 bankruptcy. It’s no coincidence that Chapter 7 plus Chapter 13 happens to equal 20; that’s because Chapter 20 is a combination of both forms… Read More »

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Keeping Your Tax Refund In Bankruptcy

By Law Offices of Stephen Orchard |

For people in financial trouble, the promise of a receipt of a tax refund can be a lifesaver. Many rely on that money to pay essential bills or to afford things that they need in their everyday life. But if you file for bankruptcy, will you lose that tax refund? If so, are there… Read More »

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Bankruptcy May Not Be As Bad For Your Credit As You Think

By Law Offices of Stephen Orchard |

One of the biggest concerns that people who file for bankruptcy have is whether and how the bankruptcy will affect their credit. Although bankruptcy is not great for credit, it is still a meaningful step on the path to better credit than you may currently have. How Long is Bankruptcy on Your Credit? As… Read More »

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Will My Employer Know If I File For Bankruptcy?

By Law Offices of Stephen Orchard |

Although there is absolutely no shame or embarrassment in filing for bankruptcy, it is understandable that you may not want others to know you are doing it. Certainly some people–like close family–may be aware, but one person or entity that you may want to keep your bankruptcy from is your employer. Will your employer… Read More »

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How Does A Creditor Become A Secured Creditor?

By Law Offices of Stephen Orchard |

Secured property gets special treatment in the law. Unlike with unsecured debts, with secured debts, the creditor can take back any property that secures the debt. Unsecured creditors, like medical debt, or credit card debt or pure monetary judgments, don’t get this kind of treatment. Certainly, some debts in bankruptcy are legitimately secured. These… Read More »

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