Last updated March 30, 2017. Your home is one of your largest assets. Your mortgage is probably the largest loan you’ll ever take out. If you’re struggling to pay your bills, it’s also probably your biggest worry. Bankruptcy might be your best option, but what happens to your home when you file? Ohio Homestead Exemption […]
Civil Lawsuits and the Automatic Stay The automatic stay goes into effect when you file for bankruptcy and prevents creditors from pursuing action against your property in an attempt to collect debts. It also stops all civil lawsuits involving the debtor. Any action against a debtor brought after he files for bankruptcy violates the automatic […]
Under Chapter 7 bankruptcy law, the court may dismiss your case if it believes that relief is unwarranted based on your financial circumstances. 11 USC § 707(b)(1) reads: After notice and a hearing, the court, on its own motion or on a motion by the United States trustee, trustee (or bankruptcy administrator, if any), or […]
The Binding Effect of Chapter 13 Confirmation Under the legal doctrine of judicial estoppel, once a Chapter 13 bankruptcy plan has been confirmed, all issues relating to the confirmation of that plan have been resolved. 11 USC § 1327(a) states: “The provisions of a confirmed plan bind the debtor and each creditor, whether or not […]