Bankruptcy Is More Difficult It’s a lot harder to file for bankruptcy now than it was prior to 2005. That was the year the federal government passed sweeping changes and reforms to the then existing bankruptcy laws. Since then, there are pre-requisites to filing as well as financial documentation that must be submitted contemporaneously with […]
Category Archives: Chapter 7 Bankruptcy
I have noticed a rush of Chapter 13 filings lately that never make it past the starting gate. The client gets the relief of the automatic stay, but not for very long. It seems that lately there is a lack of sincerity with regard to Chapter 13 filings. This trend is counterproductive to realizing the […]
If a debtor does not know the true value of his home, he may find himself in an asset case under chapter 7 bankruptcy. This was almost the case for a recent client who was seeking a fresh start under Chapter 7 bankruptcy law. The debtor purchased his home slightly over three years ago for […]
Sometimes a debtor’s rights in bankruptcy get affected by an overly aggressive Trustee. The Trustee gets a fee and a percentage of any assets administered. The debtor is seeking to keep any and all of his assets free and clear from the long arm of the Trustee. This blog today deals with the personal injury […]
The Reaffirmation Agreement Over 90% of the Chapter 7 debtors that I assist with auto loans choose to keep that auto while filing a Chapter 7 bankruptcy. This is done through the signing of a reaffirmation agreement which is prepared and provided by the auto lender. The agreement is rather lengthy and filled with unnecessary […]
As these economic times get tougher and tougher for debtors, I am confronted on a weekly and sometimes daily basis regarding their plight. In the most recent case, a debtor was having a difficult time making his rent payment and was concerned about being evicted. He then remembered that he had hired an attorney four […]
Plan Payment Problems A common problem that happens in a chapter 13 bankruptcy case is the inability to continue to make plan payments. This inability to make the plan payment can happen for a variety of reasons. The most common reasons are job loss, illness, injury, divorce, and other catastrophic events. Just recently, a couple […]
Income Whether you are eligible to file under a particular chapter of the bankruptcy code is dependent upon a number of factors. One of the most critical factors is whether or not you qualify based on income. Income is calculated based upon all sources for one part of the bankruptcy petition, yet not necessarily included […]
Booted, Repossessed, Impounded Other than death, divorce and job loss, there is nothing worse than heading out to your car only to find out that it has been either booted, repossessed or impounded. If you find yourself in such a situation, you still have options to retrieve your car. The remedy is chapter 13 […]
Credit Report Determines Credit Worthiness In the last week, I have noticed more than one client relying way too heavily on information appearing on a credit report. These clients were under the impression that if something falls off the credit report, that they no longer owe any money to that particular creditor. What these clients […]