Nobody really wants to file bankruptcy. I know there is a myth out there that there are many people who see bankruptcy as an easy way out of their financial problems. Like most myths, it is not true. The truth is that most people do everything they can NOT to file bankruptcy. Most people do [...]
January 2010
One of the most common concerns that potential clients have when considering whether or not to file a Chapter 7 bankruptcy is will they be able to keep their house? When you file for Chapter 7 bankruptcy, you can get rid of the amount of money you owe to his unsecured creditors. This includes credit card debts, personal [...]
What happens when the case is filed? Automatically, upon filing a voluntary bankruptcy case, without any court appearance, notice, motion or other court proceeding, an order for relief is deemed to have been granted.
Your bankruptcy is a public record. In some places, bankruptcy filings might even be published in a local newspaper. It will be on your credit report for as long as 10 years. Still, you are entitled to privacy – even in bankruptcy. Personally identifiable information must be protected. Your social security number will be disclosed [...]
According to a recent article in the The Economist, “in one respect at least America remains a beacon for the rest of the world: its treatment of corporate bankruptcy.” The purpose behind America’s corporate bankruptcy laws is “to put economic resources back to productive use as quickly as possible.” U.S. bankruptcy laws distinguish between those [...]
I had a call from a client last week who screamed at me saying, “I thought bankruptcy was supposed to cure my money troubles.” Cure is an awfully strong word that attorneys and doctors do not like use. Why? Merriam Webster defines cure as: “a complete or permanent solution or remedy.” It is very [...]
