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Archive for January, 2008

If I File Chapter 7, Will I Get a Discharge? »

If you are considering filing a chapter 7 bankruptcy, you might be wondering if you are guaranteed to get a discharge of your debts.  You’re right to wonder — it certainly is not gauranteed!  It would be disappointing, maybe even financially ruinous, to file a chapter 7 case, only to have an unforeseen problem result [...]

Contract for Deed Cancellation in Minnesota: Can Bankruptcy Stop It? »

In Minnesota, the purchase of a home is most commonly financed by obtaining a mortgage, but it can also be accomplished by means of a contract for deed.  This is usually done by a buyer whose credit rating is too poor to qualify for a mortgage.  There are less legal protections for the contract for [...]

Mortgage Foreclosures in Minnesota: How Does It Work? »

In Minnesota, a home mortgage can be foreclosed by sheriff’s advertisement sale or by court action. Unless there a title defect to cure by means of a court order, almost all Minnesota mortgage foreclosures are done by advertisement.
Foreclosing by advertisement is simpler, quicker and less expensive for the mortgage bank than doing it by [...]

How hard is it to finance a car after bankruptcy? »

Most people seem to think that after filing bankruptcy, its next to impossible to obtain financing on a new car.  WRONG!  In many cases, its actually easier!  How could this be?
If you liked that post, then try these…Senate Bill 3690 Proposed to Change Bankruptcy Laws to Help Homeowners. by Michael G. Doan, San Diego Bankruptcy [...]

Bankruptcy can remove my Second Mortgage? »

If you own real estate with a second or other subsequent mortgage after your first, chances are you can remove that lien in a Chapter 13 Bankruptcy Case.  This is most common these days as a result of the declining real estate market.  In many instances, at least locally in San Diego County, we are [...]

Can My Business Corporation or Limited Liability Company File A Chapter 7 Bankruptcy? Part 1 »

As a bankruptcy attorney, I frequently see clients in my office that want to file a Chapter 7 bankruptcy for themselves individually as well as for a business corporation or limited liability company (LLC) that they may own.  For the owners of most small businesses, this makes perfect sense because they frequently have personally guaranteed the business [...]

Can I Be Paying Someone Else’s Car Payment, And Still File Bankruptcy? »

If your credit rating has been less than perfect due to financial difficulties, it’s possible you are driving a motor vehicle that was obtained for your use by a friend or relative.  If so, it’s likely the vehicle is in someone else’s name, and also the vehicle loan probably is in that person’s name as [...]

Will My Ex-Spouse Have to Pay the Debts Discharged in My Bankruptcy? »

If you file bankruptcy, you might be concerned about listing debts included in your divorce decree. Perhaps the divorce decree assigned certain debts to you, and you are worried that the creditors might ask your ex-spouse to pay the debts if you do not.
While this is a valid concern, remember that you do not [...]

State must regulate brokers of sub prime mortgages »

For every subprime loan, made to a borrower who could never realistically hope to repay the debt, there is a mortgage broker with a license from the state. The states must investigate how supposed professionals urged on their clients ruinous loans that have lead to the foreclosure explosion.
As we watch waves of foreclosures, investigation [...]

Are debts incurred while driving under the influence of alcohol or drugs (DUI) dischargeable in bankruptcy? »

Don’t drink and drive
Many of the ideas for posts on Bankruptcy Law Network come from actual client’s situations. One BLN attorney will post a question to the group, and the others will chime in with their own experiences and opinions regarding the issue. This post is an example of that process in action.
If you liked [...]