Options for Home Equity Loan Defaults

Many homeowners take out loans against their homes to use as they need it.

These loans, or lines of credit (HELOCs) are usually offered with very low, adjustable interest rates, or even interest-only payments, making them even more attractive.

However, the terms for most of these loans have an end date:  A time when the interest rates rise or the minimum payments increase to include principal as well as interest.

Most don’t take out the full credit line all at once.

They use it […]

By |September 17th, 2014|Categories: Bankruptcy Law, chapter 13|Tags: |0 Comments

Why is Bankruptcy a Last Resort?

“I don’t want to file bankruptcy”, says nearly every single potential and actual client I have counseled and represented for the past 23+ years, “but I’ve tried everything else and have no more choices.”

Trying all your other choices may seem like a good idea, but as I pointed out in my post on why you should not always wait to file bankruptcy, leaving bankruptcy as a last resort can be very expensive and damaging.

So why (I ask myself) is bankruptcy […]

By |August 21st, 2014|Categories: Bankruptcy Law, life after bankruptcy|Tags: |1 Comment

What Does it Take to Be Eligible For Bankruptcy?

What are the requirements to file a bankruptcy case?

You know you need to file bankruptcy.  You may even know which Chapter(s) under which you wish to file.

But each bankruptcy chapter has different requirements.
Requirements for All Bankruptcy Chapters
Pursuant to 11 U.S.C. §109, in the United States the basic requirement to be a debtor is that you must reside, have a domicile, place of business, OR some property in the United States.

Oh, and you must be a person, which includes individuals, partnerships and […]

By |July 17th, 2014|Categories: Bankruptcy Law, chapter 11, chapter 13, chapter 7|Tags: |0 Comments

Can I Go To Jail For Not Paying My Debts?

Debtor's prisons were abolished in 1833 yet people still think they exist. Bankruptcy laws are designed to protect people and aid in financial recovery.

By |July 2nd, 2014|Categories: Miscellaneous|Tags: |6 Comments

Don’t Try Too Hard to Avoid Bankruptcy

My typical bankruptcy client exhausts every possible alternative before contacting me to discuss bankruptcy.

After the initial consultation they almost always say they wish they had contacted me sooner.
Do You Have a Financial Exit Strategy?
When our military commits to another country to fight, there is always the question of our exit strategy.  Do we have one? (unfortunately, often not)

A successful exit strategy in bankruptcy comes in part from not depleting all your assets before filing.

Don’t mistake me, it is GOOD to […]

By |June 19th, 2014|Categories: Bankruptcy Law, Fresh Start|Tags: |4 Comments

Don’t Trust Your Mortgage Company When in Foreclosure

Bankruptcy Stops Foreclosure and Allows You To  Save Your Property
Bankruptcy Chapter 13 and Chapter 11  can stop a foreclosure and allow the opportunity to catch up on past due mortgage payments, do loan modifications, refinances, and more, all without having to worry about a sudden loss of ownership of your property.

But, sadly, many people leave bankruptcy as a  last resort when trying to work things out with their lenders, often to the point where it’s too late to save things […]

By |April 17th, 2014|Categories: chapter 11, chapter 13|Tags: |0 Comments

Can I File Bankruptcy After Being Sued?

Is it ever too late to file a bankruptcy case?
Most people wait until the last possible moment before considering bankruptcy as an option.

They make decisions and act, or fail to act, without getting all the necessary information.

In short, they are just “shooting in the dark”.

As I discussed in my article on When You Should File Bankruptcy,  it is always better to consider your bankruptcy–as well as non-bankruptcy–options earlier, rather than later.

Doing so enables you to minimize the costs and problems, […]

By |April 2nd, 2014|Categories: Bankruptcy Law, debts in bankruptcy|Tags: |0 Comments

How to Get Rid of Payday Loans in Bankruptcy

Gina is a single mother of three, trying to make ends meet.

She barely earns enough to cover her monthly expenses, and the expenses always seem to be due before her next paycheck.

So, Gina did what many Americans in this situation do:  She got a payday loan.

And it pushed her over the financial cliff.

Former Daily Show correspondent John Oliver recently did a great exposé on the entire payday loan industry on his new show “Last Week Tonight”.   See Oliver’s payday […]

By |March 22nd, 2014|Categories: Discharge Issues|Tags: |0 Comments

Bankruptcy Case Audits – How To Prepare For

Bankruptcy case audits are back!

According to the website of the United States Trustee (a branch of the United States Department of Justice), and as reported recently in an article by Jacqueline Palank of the Wall Street Journal, audits of consumer debtors in bankruptcy cases (Chapter 7 cases) will resume March 10, 2014 after having been suspended due to budget constraints.
Are you prepared for your bankruptcy audit?
Most are familiar with the ability of the Internal Revenue Service to audit your tax […]

By |March 1st, 2014|Categories: Bankruptcy Law, chapter 7, means test|Tags: |0 Comments

Will Filing Bankruptcy Affect My Spouse?

You need to file bankruptcy,  but you are married.

Perhaps you’re recently married, or maybe you’ve been married for a while.

Either way, your spouse does not want to file bankruptcy with you and you don’t want them to be affected by your bankruptcy filing.

Can this be accomplished?  Must you file a bankruptcy together, or not at all?
Bankruptcy Can Always Be Filed Alone
The Bankruptcy Laws allow married persons to file a joint bankruptcy petition, but they are not required to.    You […]

By |February 25th, 2014|Categories: Bankruptcy Law, Spouse/community property issues|Tags: |0 Comments