Here comes the revised Means Test Figures

Revised Means Test Figures, effective May 1st, 2012 The Census Bureau figures, IRS Data and Administrative Expenses Multipliers for Form 22 are revised effective May 1st, 2012. After updating Best Case Bankruptcy, users can view the new figures in the program by changing the expected filing date to May 1st, 2012 or later on the [...]

The automatic stay and its wider implications.

We have been asked many times from our clients about automatic stay, and we had discussed this matter in our blog also, But the questions are coming so often and the law has been changing, that we feel obligations to revisit this issue again. The filing of a petition either voluntary or involuntary invokes the [...]

What is the role of a Bankruptcy Trustee?

As we know that in every case of chapter 7 or chapter 13, a trustee is appointed by the US trustee. If there is an estate, there shall be a trustee. The trustee’s basic role is to represent the interests of the unsecured creditors. The trustee’s duties in carrying out this role are provided in [...]

What Are Different Claims in a Bankruptcy Petition?

Today, we are going to discuss some of the basic definitions the knowledge of which is required to settle claims under various bankruptcy petitions. Definitions: (1) Insider — Debtors should refer to section 101(31) of the Bankruptcy Code for the definition of a “insider.” (2) Secured Claim — A claim is secured if the creditor [...]

Exemptions: Most Important Consideration When Filing Bankruptcy

Section 522 governs debtors’ rights in bankruptcy as this relates to exemptions of property. This section 522, of course, makes bankruptcy more attractive than anything else does. In addition, this gives debtors protection for a fresh start. As usual, the law office of Malik Ahmad at www.fastbankruptcynevada.com provides a free consultation to prospective bankruptcy clients. [...]