All debts, all debts, any debt, all debts must be listed on any bankruptcy, Chapter 7, Chapter 13, Chapter 11. By debt, any possible claim against you, whether you agree you owe money or not. If you dispute the debt, that box can be checked on the bankruptcy form. Yes, it includes credit [...]
September 2007
Bankruptcy has a language all its own. It takes common ordinary words and turns them into specific words of art easily understood by those familiar with the bankruptcy process, yet confusing to most everyone else. An example is the term “Not Filed”. In some parts of the country, the bankruptcy trustee will gather a list [...]
You worked for years (somewhere between 3-5 years) paying off your debts, and just when you thought you were done with debt collectors…..something bad happens. Something really bad and suddenly you are back where you started, in trouble financially and being pestered by bill collectors. And those collectors are telling you that there is nothing [...]
In my previous article, I discuss the fact that, in a Chapter 13 bankruptcy, the debtor can “value” the merchandise securing a purchase money security interest (PMSI), paying the creditor only an amount equal to the fair market value. Any remaining amount owed would be treated as an unsecured claim. This process is known as [...]
A potential client recently approached me with a concern that his bankruptcy filing would obligate him to appear in Court; it made him feel as though he would be subject to some form of public scrutiny; that he would have to answer directly to a Judge as well as a cautary of “opposing” lawyers. His worst [...]
Over the past year I asked several creditor attorneys to provide me with their loss mitigation procedures in an effort to rewrite mortgage loans. Not one said they could do that. There is a lot of news these days that mortgage lenders are helping homeowners stave off foreclosure or bankruptcy by rewriting adjustable rate mortgages [...]
