It's now March 1. Do you know what your tax refund is doing? Will the bankruptcy trustee take it? Read on…
I owe too much money to file bankruptcy. Wrong!
Why do some people think this is true? After all, you read about large corporations that owe many millions filing bankruptcy. Whatever the reason, it's just not true. Let's take a look as what is true…(more…)
Divorce, property settlements, and bankruptcy. Oh my!
There's nothing simple about divorce and bankruptcy. We'll peel off one leaf of that very large subject and see what can happen if someone files bankruptcy after a divorce with a property settlement. (more…)
What's keeping you from filing bankruptcy?
You're in financial trouble, have considered filing bankruptcy, but haven't taken any steps toward it. What's holding you back? (more…)
Owe way more on your car than it's worth? A Chapter 7 bankruptcy might fix that.
Last week we looked at how a Chapter 13 (payment plan) bankruptcy might help when you owe way more on your car than it's worth. Today we look at how a Chapter 7 (get rid of debts quickly) bankruptcy might help in this situation. (more…)
Will bankruptcy ruin my credit (re-revisited)?
Last year I wrote a shorter update to a much longer article about "Will bankruptcy ruin my credit?" So what's new? A very recent client experience, that's what.
Why is bankruptcy so complicated and expensive?
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? (more…)
Will they take my house if I file bankruptcy? (Part 1)
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? (more…)
Do my wife and I need to file bankruptcy together?
I have lots of debt, my wife has a little. Do we need to file bankruptcy together? (more…)
Bankruptcy for a collection-proof senior citizen?
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? (more…)
Bankruptcy sounds scary. Just what is involved in a bankruptcy?
A recent prospective client told me "Bankruptcy sounds scary" and wanted to know how it all worked. (more…)
What is this bankruptcy "Wild Card" I keep hearing about?
I keep hearing about a "Wild Card" and how important it is. Exactly what is it and how can it help me in my bankruptcy? (more…)
Can I file a Chapter 7 bankruptcy with a reverse mortgage and keep my home?
In general, reverse mortgages are treated in bankruptcy the same as any other mortgages, but "in general" isn't enough in this situation. As they say, the devil is in the details.
Will I have to sell my home to pay creditors in a Chapter 7 bankruptcy?
The answer to that question, like many answers to questions about bankruptcy, is "it depends". As an overview, it depends on the equity you have in your home and the "exemptions" you have to protect your home from creditors. For starters, "you" would never have to sell your home, but the bankruptcy trustee might do that. (more…)
Can I Sell Things Before I File a Chapter 7 Bankruptcy?
I have lots of "stuff" that is worth significant money, like two paid-off cars, restaurant equipment (restaurant is closed), a boat, etc. Can I sell those things before filing Chapter 7 bankruptcy (more…)
My car is paid off and worth more than the auto exemption. Can I keep it if I file a Chapter 7 bankruptcy?
You can keep your car in a Chapter 7 bankruptcy by one of the following ways: (more…)
I am behind in mortgage payments. Can I file Chapter 7, not Chapter 13, and keep my home?
Only if you could pay all the mortgage arrears (back payments) at one time, (more…)
Are you expecting a tax refund?
Are you expecting a tax refund? As in life, timing is everything. (more…)