“Should I file bankruptcy?” is the most basic question you face when considering it. It is also a very complex question to answer. Even before which kind of case you file, you need to know if you are in trouble enough to consider it. If you are even wondering whether filing for bankruptcy is right [...]
January 2007
Generally speaking, the longer most credit card companies go without being paid the more willing they (or the collectors they sell your account to) are to cut deals for lump sum pay-offs for less than the balance. Maybe you’ve seen the companies who promise to settle your debts for pennies on the dollar. They tell [...]
Chapter 13 is a repayment plan, or reorganization plan, for individuals. The repayment may be pennies or it may be 100%, depending on the consumer’s income and the value of their assets. The debtor proposes the terms of the plan which must last between 3 and 5 years. The automatic stay prevents creditors from taking [...]
There are two different types of bankruptcy cases that are usually used by people who need help ending their bill problems – Chapter 7 bankruptcy and Chapter 13. Chapter 7 bankruptcy is designed for individuals (and married couples) who can’t pay their bills. The typical Chapter 7 client is someone whose income minus their regular [...]
One of the myths that circulates about bankruptcy is that you lose everything you own when you file bankruptcy. Not so! One of the basic ideas of debtor/creditors rights in this country is that, no matter how much they owe, debtors can retain certain property for basic living or a fresh start. This property is [...]
Filing for bankruptcy, whether it’s Chapter 7 or Chapter 13, requires disclosures of all of your assets. Over my career as a bankruptcy lawyer I’ve been asked the same dreaded question time and time again: How will the trustee know? The short answer is that the trustee probably won’t know … BUT … A conscience is [...]
