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If You Are Filing Bankruptcy, You Can Keep Your Social Security

Author : Jim Brown


A couple who filled Chapter 13 bankruptcy recently won their appeals case that allowed them to exclude their social security income from their Chapter 13 payments. Their bankruptcy trustee claimed they were not acting in "good faith" by not including all of their social security income in their payment plan, but the judge ruled on the side of the debtors.

What did the judges say? After an initial case and an appeal, the appeals court upheld the bankruptcy court's decision to let the debtors keep their social security income outside of their bankruptcy estate. 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.

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!

Do you now understand that bankruptcy is meant to help you? Do you realize that you can get the credit card debt help, protection from foreclosure, and an end to creditor calls from a bankruptcy?

A successful bankruptcy requires that you know the rules and follow them. The best way to prevent any errors is to hire an experienced bankruptcy attorney to handle the messy details of your bankruptcy case for you.

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.


Author's Resource Box

James Brown is a bankruptcy attorney in St. Louis, Missouri. He has filed over 30,000 bankruptcy cases and published many books and articles. You can request his free Missouri and Illinois bankruptcy guide at http://www.castlelaw.net for the best tips on how to prepare for your bankruptcy and find a great bankruptcy attorney.


Article Source:
Articlebliss

Tags:   chapter 13 payments, chapter 7 bankruptcy, when to file bankruptcy, credit card debt help, chapter 13 bankruptcy, social security income

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Submitted : 2010-10-07    Word Count : 1    Times Viewed: 599