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August 2016 Archives

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Court says income is part of bankruptcy estate

Ohio residents who file for Chapter 7 bankruptcy must turn over all of their nonexempt assets to a bankruptcy trustee so that the assets can be liquidated to pay off creditors. If an individual earns income after a bankruptcy case has commenced, this money does not have to go to the trustee. However, a person who is paid after a bankruptcy filing for work performed before the bankruptcy filing may have to give this money to the trustee.

Fee-only Chapter 13 bankruptcy may be an option

Ohio consumers who decide to file for bankruptcy protection may choose between Chapter 7 and Chapter 13 bankruptcy if they are eligible. While many people opt to file under Chapter 7, there are some situations in which Chapter 13 is a better option. A case decided in August shows that it is possible in some instances for debtors to file fee-only Chapter 13 plans, which are plans that pay for the attorney fees over the plan's life while paying little towards the unsecured debt balances.

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