Legal Versus Equitable Interests in Bankruptcy

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When one files bankruptcy, a bankruptcy estate is created. The bankruptcy estate consists of all legal or equitable interests the debtor possesses in any property, at the time of the filing of the bankruptcy petition [See USC 541(a)(1)]. In bankruptcy, one may have a legal interest in property, or an equitable interest in property. A legal interest is represented by ownership in property that is generally more recognizable by law. If one buys an automobile and titles the automobile in his or her name, then Read More +

Chapter 13 Bankruptcy Monthly Payments Based Upon Disposable Income

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[NAME OF CLIENT], THE TWO MAIN FACTORS THAT CAN DETERMINE A DEBTOR OR DEBTORS’ MONTHLY CHAPTER 13 PAYMENTS, ARE THE DEBTORS’ ASSETS AND THE DEBTORS INCOME. DEBTOR OR DEBTORS’ ASSETS IN A CHAPTER 13 BANKRUPTCY, THE DEBTOR MUST PAY HIS OR HER UNSECURED CREDITORS AN AMOUNT EQUIVALENT TO WHAT SUCH UNSECURED CREDITORS WOULD RECEIVE IF THE DEBTOR FILED A CHAPTER 7 BANKRUPTCY. WHEN A DEBTOR FILES BANKRUPTCY, THE BANKRUPTCY ESTATE IS CREATED. THE BANKRUPTCY ESTATE INCLUDES ALL OF THE DEBTOR’S INTERESTS IN ANY PROPERTY. SUCH Read More +

the Duties of the Chapter 7 Bankruptcy Trustee

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We at The Weller Legal Group know how difficult it is to file bankruptcy. We are here to help you with making the Chapter 7 bankruptcy process easier for you and your family. In this article we are going to discuss a common question that we get asked and that is what are the duties of a Chapter 7 bankruptcy trustee. WHAT IS CHAPTER 7 BANKRUPTCY? Chapter 7 bankruptcy is the type of bankruptcy where a trustee is appointed to liquidate nonexempt assets to pay Read More +