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February 13, 2017

Can I File Bankruptcy If Current And Not In Default On Payments?

By | 2017-02-13T18:26:51+00:00 February 13th, 2017|Categories: Bankruptcy Law, credit card debt, Filing Bankruptcy|

Status Of Payments Does Not Affect Bankruptcy Eligibility I get asked this question often.  People think the gateway to bankruptcy relief requires being delinquent on payments. There is no such requirement. You can file bankruptcy if your credit score is 900 and never missed a payment in your life. The truth is:  If you wait until you are missing payments, you are probably waiting too long to file bankruptcy. Why do I say that? Because if you are eligible for [...]

January 19, 2017

Chapter 7: Can You or Trustee Sell Your Property After Bankruptcy Discharge?

By | 2017-01-19T10:39:01+00:00 January 19th, 2017|Categories: Bankruptcy Law|

You made it to the finish line. You filed your bankruptcy case and attended the required meetings. You took your credit counseling and debt management courses. You survived any filed objections. And you finally received your Order discharging your debts. Can you sell your house now?  Or your car? Can you legally transfer money from your savings to someone? Can you put your car, house, or other asset in someone else's name? What about borrowing money against your home? Answer: [...]

December 19, 2016

Chapter 13: How To Get Relief From High Interest Rate Payments

By | 2016-12-20T09:30:50+00:00 December 19th, 2016|Categories: Bankruptcy Law|

If only the credit card companies would lower our payments a little, we could make them! Many people with good jobs have a hard time paying their debts. They have a house, car(s), and plenty of things a middle class household in America typically has. Things on the surface look good, but they can no longer make the minimum payments on their credit card debt. So they call their creditors and try to get them to lower the payments. That [...]

November 1, 2016

Why Bankruptcy Trustees Prefer You To File Without An Attorney

By | 2016-11-01T08:55:12+00:00 November 1st, 2016|Categories: Bankruptcy Law, chapter 7, exemptions, Trustee Issues|

Bankruptcy trustees are in business to make money. Most knowledgeable sources recommend against people filing  bankruptcy cases without an attorney. But not Chapter 7 bankruptcy trustees. I recently attended a panel of some Chapter 7 Trustees who quite honestly admitted this fact. And why do they prefer this? Because trustees make more money when the party filing bankruptcy (debtor) has no legal representation. What Do Bankruptcy Trustees Do? In Chapter 7, a Trustee's job is to liquidate (sell, obtain) any [...]

September 28, 2016

Bankruptcy Can Get Rid of Tax Debts But Only If Returns Are Filed

By | 2016-10-18T13:35:22+00:00 September 28th, 2016|Categories: Bankruptcy Law, tax issues, taxes|

Income tax debts can be discharged in bankruptcy. But not all of them. There are rules.  Lots of them. One of the rules is that the taxes must be at least 3 years old. This is measured from the date the tax return was last due to be filed. Another rule is that the taxes must be assessed more than 240 days prior to filing bankruptcy. Another is that the tax returns must have been filed at least 2 years [...]

Chapter 13: How Plan Payments Work

By | 2016-10-18T13:35:22+00:00 September 1st, 2016|Categories: Bankruptcy Law, chapter 13|

Ever wonder how to determine the amount of your monthly plan payment in a Chapter 13 bankruptcy case? Chapter 13 is a repayment plan that your creditors have to accept, as long as certain requirements are met. That means they do not get to vote for, or against, your proposed payment as they can in a Chapter 11 case. But there are rules for how your plan is structured, how much gets paid out, and for how long. HOW IS THE [...]

June 27, 2016

How To Self Report Current Payments On Your Credit Report After Bankruptcy

By | 2016-10-18T13:35:22+00:00 June 27th, 2016|Categories: Bankruptcy Law, Credit Scores/Credit Repair, debts in bankruptcy, reaffirmations|

You file a bankruptcy case and receive your discharge of debts. You are keeping your house and cars and continue making the payments on time. You assume this will help you rebuild your credit. But none of those payments shows up on your credit report. Why not? The most common reason given is that since the debt was discharged in bankruptcy, they cannot report voluntary payments being made on the loan. Let me explain this issue a bit further before getting [...]

Can I Discharge Unlisted Debts In a No Asset Chapter 7 or Other Bankruptcy Chapters?

By | 2016-10-18T13:35:22+00:00 June 9th, 2016|Categories: Bankruptcy Law, chapter 11, chapter 13, chapter 7|

When you file a bankruptcy case, the main goal is usually to eliminate the obligation to repay debts. But what if you don't know everybody you owe money to? This is very typical and can result in different ways, such as: You had recent medical treatments, but have not yet received all your bills; Your debts are old and  haven't opened your mail for several years and you don't know who you owe. What happens in cases like these? Do [...]

May 3, 2016

Bankruptcy Helps The Middle Class To Survive

By | 2016-10-18T13:35:22+00:00 May 3rd, 2016|Categories: Bankruptcy Law|

You did what you were supposed to do in life. You went to school.  Got a job.  Earned decent wages. Worked hard.  Started a family. Maybe you've even managed to put a child through college. You paid your bills on time, one way or another. But now you owe a lot of money that there's just no way you can pay back and you simply cannot afford to keep making payments. It Was Easier Before... In the "old" days (about [...]

February 26, 2016

Why It Is Important To Have A Bankruptcy Consultation Sooner Rather Than Later

By | 2016-10-18T13:35:22+00:00 February 26th, 2016|Categories: Bankruptcy Law|

A potential client canceled her appointment with me today. That's nothing new;  happens all the time. I'm just happy she actually told me. But what floored me was her reason for canceling: She didn't know if bankruptcy was the path she wanted to go, and therefore did not want to have a consultation to learn about her options until she was fully committed to doing so. This sure seemed like twisted logic to me.  Especially since she sought me out and [...]