After the paperwork for a bankruptcy is filed, the court will schedule a “meeting of creditors.” Often referred to as a 341 meeting (because it’s required under Section 341 of the bankruptcy code), this is nothing more than an opportunity for the trustee assigned to the case or your creditors to ask a few questions [...]
August 2009
At a 341 meeting the trustee may ask, “You have $80,000 in credit card debt, what do you have to show for it.” You may be thinking why is the trustee asking this question? Think of the trustee as a financial detective. The trustee has a duty to investigate your credit card charges. The [...]
Filing bankruptcy doesn’t mean you have to give up your motorcycle, as long as the motorcycle payments would be considered a reasonable vehicle expense. Occasionally clients tell me something like, “I was told if I filed bankruptcy, I would not be able to keep my motorcycle.” This is one of the many bankruptcy myths out [...]
I just returned from a weeks  vacation. While away, I was bombarded by a whole new batch of debt settlement commercials. Who wouldn’t want to settle their debt for pennies on the dollar? If you can avoid bankruptcy and still make all your debts disappear, what’s not to like? These debt-relief advertisements certainly offered hope, [...]
The Ninth Circuit recently issued a very important decision in the case of In re Ransom, wherein it ruled that Debtors without vehicle debt can not deduct vehicle ownership expenses on Form B22 (the “means test”), a new form created under the new bankruptcy laws enacted in October, 2005. Such a ruling now creates a [...]
You’ve fallen behind on your mortgage payments after your Chapter 13 case has been filed. The lender has filed a Motion to Lift Stay. Will you lose your home? Not necessarily, thanks to a Consent Order. In many cases, the mortgage lender will give you one more change to get caught up. The way this [...]
