A lot of people think that bankruptcy is in favor of the creditors, but a recent ruling from an appeals court proves the opposite. The case involved a married couple that didn't include all of their social security income in their Chapter 13 payment plan. Their bankruptcy trustee argued they were not acting in "good faith" and tried to get that money, but the courts ruled in favor of the debtors protecting their social security income.
What did the judges say? After the debtors won their case in a bankruptcy court, they won again after an appeal in federal court. The courts claim that because social security income isn't considered a portion of the bankruptcy estate in the first place, the debtors were still acting.
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How will this affect you? It depends on the specifics of your financial situation to figure out how this will change your bankruptcy case, but in the long run this ruling really means that the federal courts are sticking up for hardworking debtors who need a second chance. Instead of always ruling in favor of the big banks and debt collection agencies, the courts recognize that real people need help too--and they are giving them the legal tools to get it. As long as people make sure to act in good faith and according to the law, they ought to get a fresh start with a Chapter 13 bankruptcy!
Does this story inspire you to get on the way to your fresh start? How great would it be to get protection from foreclosure, an end to wage garnishments, and credit card debt help?
To have a successful bankruptcy, though, you need to make sure you know all of the rules, or hire an experiment bankruptcy attorney who can guide you through the whole, sometimes complicated, bankruptcy process.
Always talk to a qualified bankruptcy attorney near you to find out the best way to navigate federal bankruptcy laws for your benefit! Finding the right bankruptcy lawyer can mean the difference between getting a second chance and having your bankruptcy case denied. If you are looking for a bankruptcy attorney in your area, make sure that they provide you with a lot of free information about the bankruptcy process--a lawyer that is dedicated to keeping you informed is more likely to put your interests above all others.
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