If you owe your bank money they may close your checking and savings accounts after the filing of the bankruptcy. The bank may not take any money from your accounts after you have filed to off-set their debts. However, sometimes they do and then it takes a while to get the money back. Some banks [...]
April 2007
In most every bankruptcy consultation, I am asked, “Do you think I should file bankruptcy?” Because it is assumed I have an economic incentive to push bankruptcy, I don’t answer the question. Rather, I analyze the financial circumstances, and I advise what would happen to the financial circumstances if a Chapter 7 or Chapter 13 [...]
The chief question that almost every client asks is whether bankruptcy is the right choice for them. For every family, the combination of factors to look at is different. Most have limped along, financially, and hate the thought of bankruptcy. One of the elements that is decisive for me is whether the individual has any [...]
You are on your mother’s bank account “in case something happens,” or just to make it easier to pay her bills. You recognize you need bankruptcy protection and you do not want to put your mother’s money at risk. The deposits only came from your mother; you have NEVER deposited any of your own money [...]
Frequently, potential clients ask if they need to owe a certain minimum amount of debt to file bankruptcy. The most common forms of bankruptcy affecting individual debtors are chapter 7 and chapter 13. Different rules apply to each chapter. While there is no bottom limit to the amount of debt required to file under either [...]
Although the October, 2005 changes to the bankruptcy laws were big news to bankruptcy lawyers, most people did not really pay much attention to this new law. I therefore frequently get the question “I hear that the bankruptcy law changed – what is the significance of these changes?” Obviously, someone asking this question does not [...]
