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You can keep your Social Security if you file for bankruptcy.

You can keep your Social Security if you file for bankruptcy.
"""Many people believe that bankruptcy favors creditors, but a recent decision by an appeals court proves the contrary. A married couple failed to include the entirety of their social security income in their Chapter 13 payment plan. Their bankruptcy trustee argued they were not acting in """"good faith"""" and attempted to recover the funds, but the courts sided with the debtors and protected their social security income.

What did the experts determine? After winning their case in bankruptcy court, the debtors won again on appeal in federal court. The courts assert that the debtors were still acting because social security income is not deemed part of the bankruptcy estate.

How will you be affected? How this affects your bankruptcy case will depend on the specifics of your financial situation, but in the long run, this ruling indicates that the federal courts are standing up for hardworking debtors who need a second opportunity. In lieu of always ruling in favor of large banks and debt collection agencies, the courts acknowledge that real people also require assistance and are providing them with the legal means to obtain it. As long as individuals act in good faith and in accordance with the law, Chapter 13 bankruptcy should provide a fresh start!

Does this narrative motivate you to embark on a new beginning? How fantastic would it be to obtain protection from foreclosure, an end to wage garnishments, and assistance with credit card debt?

To have a successful bankruptcy, however, you must ensure that you understand all of the rules or employ an experienced bankruptcy attorney who can guide you through the entire, often complex bankruptcy procedure.

Always consult a qualified bankruptcy attorney in your area to determine the most advantageous way to navigate federal bankruptcy laws. Finding the correct bankruptcy attorney can mean the difference between receiving a second chance and having your case denied. If you are searching for a bankruptcy attorney in your area, make sure they provide you with a great deal of free information about the bankruptcy process. A lawyer who is committed to educating you is more likely to prioritize your interests.

" - https://www.affordablecebu.com/
 

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"You can keep your Social Security if you file for bankruptcy." was written by Mary under the Finance / Wealth category. It has been read 187 times and generated 1 comments. The article was created on and updated on 02 June 2023.
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