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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 June
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Can I Keep My Car in Bankruptcy?

Posted by Ed Magauran
in Recent Articles

We discuss this question every day. Next to our homes, our cars are our most precious material asset. We need them. I need my car The fear of car loss is enough to keep some people from even inquiring about the possibility of filing bankruptcy. In most cases, you keep your car - even multiple cars - in bankruptcy while getting rid of the other debts you don't want. The Bankruptcy Court knows you need your car The whole idea of the Bankruptcy Code is to provide a fresh start to the "honest but unfortunate debtor."  And the law and Court know that a...

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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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01 January
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What is a Co-Debtor Stay in Chapter 13 Hawaii Bankruptcy?

Posted by Ed Magauran
in Recent Articles

The Co-Debtor Stay applies in Chapter 13 bankruptcy toconsumer debts. It does not apply in a Chapter 7 bankruptcy. The co-debtor stay stops collection against people who are not in bankruptcy.  When a person files chapter 13 that filing also protects any one else who owes onthe debt as well.  It protets them even though they did not file bankruptcy. A co-debtor is someone who agrees to be liable on the debt with the debtor, the person filing bankruptcy. It does not matter if they sign as "secondary" or "primary" or as "guarnator" or as a "surety." All of those persons...

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