Bankruptcy law limits Chapter 13, or payment plan bankruptcy, to individuals, that is, persons, not corporations, who have regular income, and who owe less than a certain amount of debt in certain categories. So, yes, you can owe too much to file bankruptcy, at least Chapter 13 bankruptcy. Unsecured debt is debt without collateral, or [...]
January 2010
To file bankruptcy, or not? When people research bankruptcy, the one question they really want answered is “Should I file for bankruptcy?“. The answer varies from case to case, and even a seemingly small nuance about someone’s life can completely change the answer. After more than 20 years of experience as a bankruptcy attorney, I [...]
Now more than ever, consumers are doing their homework prior to meeting with a bankruptcy lawyer, and of course, Bankruptcy Law Network is the best starting point for any research on consumer bankruptcy basics. Part of the reason why is that we point you to resources throughout the web, including this helpful bankruptcy basics video [...]
Your bankruptcy lawyer will ask you to identify your creditors. Not all creditors are created equally. There are three types of creditors in bankruptcy: Secured creditors Priority creditors Unsecured creditors Secured creditors are those who have a lien or security interest in collateral. Examples of this include: Mortgage lenders Automobile finance companies Certain furniture dealers [...]
I’m often asked by clients about short sales. As I talked about in my blog, Why Short Sales Usually are a Bad Idea, there are a lot of potential problems with short sales. But while they’re usually a bad idea if you won’t be filing, they almost always are bad if you will file. Why? [...]
Cash and bank accounts (checking, savings, CDs) are property of your bankruptcy estate. You must provide your bankruptcy attorney with exact bank balances as of the date of your bankruptcy filing for all bank accounts. You can obtain this information over the Internet by logging into your account or by calling the bank. Knowing these [...]
