Early Preparation for Bankruptcy
| December 12, 2011 | Posted by Monica D. Shepard, Esq. under Bankruptcy |
Bankruptcy laws can be complex and there are many timelines involved. Even if you are just CONSIDERING filing bankruptcy it’s advisable to speak with a knowledgeable bankruptcy attorney as early as possible.
Some issues related to timing include:
- Discharge is denied to a debtor under Chapter 7 if he or she received a discharge in a Chapter 7 or Chapter 11 bankruptcy filed within 8 years prior to the present case.
- Discharge is denied to a debtor under Chapter 7 if he or she received a discharge in a Chapter 12 or Chapter 13 bankruptcy filed within 6 years prior to the present case.
- Within a 365 days of filing bankruptcy, payments of $600 or more in money or property paid to a creditor who is also a family member, business associate or closely related (insider) are considered “preferential transactions”. The Trustee may recover the funds and divide the money between all creditors.
- Taxes assessed within 240 days prior to the filing of the petition are not discharged in Chapter 7.
- The debtor must have resided in the state where the bankruptcy is filed for the 90 days preceding the filing. (This is important because each state has it’s own exemption rules and state allowed exemptions can make a huge impact on how much of your property is protected.)
- Luxury credit card purchases totaling $500 or more made within 90 days before filing are presumed to be non-dischargeable
- Cash advances of over $750 within 70 days before filing are presumed to be non-dischargeable.
These are just a FEW examples. Early preparation is essential. It allows you the ability to time activities and transactions in such a way to avoid or at least minimize bankruptcy complications. A smooth and trouble free bankruptcy proceeding is ALWAYS ideal. Early preparation helps to make that happen.
photo credit: dno1967b
For other variations on the letter “E”, visit the following links:
E= Executory Contract- Jay S. Fleischman, New York City Bankruptcy Attorney
E = Exemptions- Cathy Moran, Northern CA Bankruptcy Attorney
E = Emergency Filings- Robert Doig, Colorado Springs Bankruptcy Attorney
E = Euphoria- Bill Balena, Ohio Bankruptcy Attorney
E = Exemptions- Stuart Ing, Hawaii Bankruptcy Attorney
E = Eligibility- Kimberly Coleman, Philadelphia Bankruptcy Attorney
E = Emergency Fund- Jeena Cho, San Francisco Bankruptcy Attorney
E = Equitable Distribution- Dorota Trzeciecka, Surfside Bankruptcy Attorney
E = Exemptions- Mitchell Goldstein, Richmond, VA Bankruptcy Attorney
E = Equity- Catherine Eranthe, Marin County Bankruptcy Attorney
E = Examination- Mark Markus, Los Angeles Bankruptcy Attorney
E = Exemptions-
Peter Behrmann, Livonia, Michigan Bankruptcy Attorney
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