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06 June
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What is the Bankruptcy Means test

Posted by Ed Magauran
in RECENT ARTICLES

The means test is an important component of the bankruptcy process. Its primary function is to determine whether an individual or household has sufficient financial means to repay their debts, specifically in the context of Chapter 7 bankruptcy. Chapter 7 bankruptcy is a type of bankruptcy that allows individuals or businesses to discharge their eligible debts and obtain a fresh financial start. However, not everyone qualifies for Chapter 7 bankruptcy, as there are income limitations in place to prevent abuse of the system. The means test helps determine eligibility for Chapter 7 bankruptcy by assessing the debtor's income and comparing it to...

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01 August
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What Is A Hawaii Bankruptcy Estate?

Posted by Ed Magauran
in RECENT ARTICLES

A bankruptcy estate includes all of your assets and debts at the moment you file a bankruptcy.  It can also include things you disposed of prior to the bankruptcy. You provide the Court with a list assets and debts.   We exempt most or all of your assets.  Exempt assets are yours and are not taken. Exemptions are key If you are in a Chapter 7 the exempted asset is abandoned back to you at the conclusion of the case unless the trustee sees equity in it that is non exempt and he liquidates it to pay your creditors on a pro rata...

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01 July
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What Happens In A Chapter 7 Bankruptcy Meeting Of Creditors?

Posted by Ed Magauran
in RECENT ARTICLES

After filing a bankruptcy the Court sets the date for the metting of creditors.  This Bankruptcy meeting is scheduled between 30-45 days after. A notice of the meetig is sent you and to all of the creditors. They or their counsel can ask you questions about the nature and validity of the debts at the meeting. The Trustee swears you in and asks a series of questions to  confirm all of the information provided in the bankruptcy petition.  These questions include that you listed all of your assets, debts,  income,  and expenses.  In some cases the trustee will hold the...

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01 May
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What if my house is worth less than I owe on my first mortgage? Can I eliminate the second mortgage or HELOC?

Posted by Ed Magauran
in VIDEOS

https://youtu.be/2JCo7SqPOtg?feature=shared If your house is worth less than you owe on your first mortgage and you otherwise qualify for a chapter 13 bankruptcy, the second mortgage, if you have one, can be "stripped." Eliminate second mortgages and HELOCs The bankruptcy court recognizes that in a theoretical foreclosure, the sale price would be less than is owed on the first mortgage and the second mortgage would get nothing. No equity available for the second mortgage- So strip it So, when the second mortgage is wholly "undersecured" it can be "stripped." That means you can keep the house and get rid of the second mortgage.  Once stripped...

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01 April
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Bankruptcy Hawaii and Co-Signed Debt

Posted by Ed Magauran
in RECENT ARTICLES

Money regrets. Who doesn't have them? Among the poor and even among the rich, not to mention everyone in between, you'll find that each person has more than a few. Some can be remedied. What does it mean When 2 or more people owe on the same debt they both owe 100% of the debt. Example Kimo and Kelli borrow $10,000 from Bank of Hawaii.  They both sign the contract.  The fiendly banker gives Kimo $1,000 and Kelli $9,000.  For some reason the debt isn't paid.  Bankoh sues Kimo and Kelli.  They both go to Court.  Kimo brings $1,000 and hands it to the...

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01 March
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What happens to my tax refunds in a Hawaii Bankruptcy?

Posted by Ed Magauran
in RECENT ARTICLES

It depends whether you are filing chapter 7 or chapter 13. If you receive your tax refund after filing chapter 13 bankruptcy, it has to be payed to the bankruptcy trustee unless it can be exempted and minus any earned income or child tax credit It is also subject to setoff, recoupment or otherwise provided for by your plan. If you are filing chapter 7, your tax refund must be listed as an asset to the extent that it is earned and claimed as exempt if permitted under your state or federal exemptions. Any non exempt refunds through petition date will have...

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01 February
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What is chapter 7 bankruptcy in Hawaii?

Posted by Ed Magauran
in RECENT ARTICLES

Chapter 7 is a "straight" or "liquidation" bankruptcy. Filing for and completion of a Chapter 7 bankruptcy takes on average 4 to 6 months. We gather the required information of your assets, debts, income, and expenses and provide them to the Court in the reuired format. After filing most people can exempt or keep all of their assets and still dump the debt. Once you have filed for Chapter 7 bankruptcy, the Court issues an "Order of Relief." This Order stays or stops most, if not all, creditors from try to collect debts from you. This is a huge releif.  Filing and the...

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