People in need of bankruptcy often find it difficult to get the money
together to pay a bankruptcy lawyer. The President of the National Association
of Consumer Bankruptcy Attorneys said, referring to the "new" 2005 bankruptcy
laws, "We've imposed enormous costs on the system which, among other things,
have been a real barrier to people filing for bankruptcy because it's so expensive".
The Wall Street Journal reported that higher attorney fees are due to the heavier
load of legal work that is necessary to meet the law's requirements, creating
a large hurdle for financially strapped people.
What's going on here? Is this just plain unfair? Were the 2005 bankruptcy
laws simply a huge mistake?
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I'm sorry to say that yet another "impressive" bankruptcy law firm website/blog is publishing completely incorrect information. Read the rest of this entry »
Bankruptcy and divorce are often contemplated at about the same time. Here's the short version of answers to common questions involving bankruptcy and divorce. Read the rest of this entry »
I've been told by clients that getting a discharge of debts in bankruptcy is like losing 50 pounds off their shoulders. And a Chapter 7 bankruptcy takes approximately 3 1/2 months from filing to discharge of debts. So there you go. Read the rest of this entry »
For many people, filing bankruptcy would be embarrassing. I know because I've heard that many times. After all, most of us were taught that good people pay their debts and bad people don't, or something similar. So what are we supposed to do when our debt gets to the point that making debt payments prevents us from providing for ourselves and our families? Read the rest of this entry »
We all know that "Nothing is certain but death and taxes", but the fact is that back income taxes may not stay around as long as death. Let's look at when back income taxes may be discharged (eliminated) with a bankruptcy. Read the rest of this entry »
I've borrowed money from my mother. I want to make sure she gets paid back before I file bankruptcy. Read the rest of this entry »
Do you have a thought that you might not report something you own in your bankruptcy filing? After all, how is the trustee going to find out? Before you actually do something like that, let me count the ways the trustee might find out. Read the rest of this entry »
In this Part 3 of the series "Will they take my house if I file bankruptcy?", the situation is that you're behind on your house mortgage payments, afraid they'll foreclose on your house, and probably in debt for other things. In this situation the question is better expressed as "Can I save my house by filing bankruptcy?". As with many questions about bankruptcy, the direct answer is a strong "it depends".
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I'm current on my house mortgage payments but am way in debt for other things.
If I file bankruptcy, will they take my house? In Part 1 we discussed what might
happen in a Chapter 7 bankruptcy. Today we discuss
Chapter 13, the "payment
plan" bankruptcy.
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I'm current on my house mortgage payments but am way in debt for other things.
If I file bankruptcy, will they take my house?
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I'm not making enough money to afford my mortgage payments and my home will soon be sold in foreclosure. It's worth a lot less than I owe on it. Will I still owe mortgage-loan money after the foreclosure sale, which would mean that I'd probably need to file bankruptcy? Read the rest of this entry »
I've taken out several payday loans that I can't pay back and now I owe them a lot of money as well as owe a lot of other money. Will those payday loans go away if I file bankruptcy? Read the rest of this entry »
About one month after your bankruptcy case is filed, you and your attorney will appear in front of the trustee assigned to your case. Read the rest of this entry »
I have a few credit cards that I don't owe anything on. Will I be able to keep them after I file bankruptcy? Read the rest of this entry »
I have lots of debt, my wife has a little. Do we need to file bankruptcy together? Read the rest of this entry »
Senior citizens have contacted me to discuss the possibility of bankruptcy for them. Most of them have no assets that their creditors could get; they could "exempt" from creditors all of their assets. What do I say to them? Read the rest of this entry »
Last year I wrote about offers for credit cards that remove them from consumer protections provided by the "Card Act" of 2009 (article). This time I'm warning you about offers for credit cards that trick you into repaying debts that are older than the period for the statute of limitations. Read the rest of this entry »
A moment of reflection at this holiday time … Read the rest of this entry »
A recent prospective client told me "Bankruptcy sounds scary" and wanted to know how it all worked. Read the rest of this entry »
