Tag Archives: chapter

What Property Can You Keep Under Chapter 7 in Pennsylvania?

What Property Can You Keep Under Chapter 7 in Pennsylvania? When a person considers filing bankruptcy in Pennsylvania, they often fear that the bank will take everything they have. Thankfully that’s an unfounded fear. While Chapter 7 bankruptcy does mean … Continue reading

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How do you value a Chapter 13 debtor’s business for purposes of the best interests of creditors test?

In a recent Michigan bankruptcy court decision, the court used the “going concern forced sale value” to value Chapter 13 debtor’s business for purpose of best interests of creditors test in Code § 1325(a)(4). The court was faced with determining … Continue reading

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Chapter 13 Bankruptcy: How Much Do You Pay?

How Much Do You Pay Creditors in Chapter 13? A Chapter 13 bankruptcy is a chance to reorganize your debts without having to liquidate your assets. The monthly payment set up in a Chapter 13 bankruptcy depends on what kinds … Continue reading

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Can an LLC judgment creditor “pierce the corporate veil” and hold a Chapter 7 debtor personally liable for that debt?

It depends on the facts and circumstances of each case. An Oklahoma bankruptcy court held that a judgment creditor could not pierce the corporate veil under Oklahoma law to hold the Chapter 7 debtor personally liable, as the sole owner … Continue reading

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Are the Chapter 13 “Debt Limitations” determined by the creditors’ claims?

No. In a recent Illinois case, the court held that the Chapter 13 debt limits were determined by schedules filed in good faith, not by amount of thecreditor’s proof of claims. If your secured debts (mortgages and liens) add up … Continue reading

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