Once you file a bankruptcy case, the automatic stay serves to prohibit creditors from taking any action against you. What if one of the accounts which is included in your bankruptcy is co-signed by someone else? You, as the debtor, are protected by the automatic stay. What about the other person? Suppose you have a [...]
January 2010
Not everyone can file for a bankruptcy case. And not every type of business can file for a bankruptcy case either. Who can’t file for bankruptcy? Here are some examples: Insurance companies Banks of any sort, foreign or domestic Trusts which are not “business trusts” Municipalities which are not permitted to do so under the [...]
Most clients get a displeased shocked look when I tell them that I won’t sign a reaffirmation agreement for their car during their Chapter 7 bankruptcy case. A reaffirmation agreement is, in effect, a new contract where the debtor (my client) agrees with the creditor (not my client) that the debtor will be financially responsible [...]
Tax refunds are property of your bankruptcy estate. There are two times of the year this can be especially problematic. During Tax Season During tax refund season–the first four months or so of the year–you may be entitled to a tax refund. If you are getting a refund, you want to be able to keep [...]
Mmmm, I bet this person is feeling overwhelmed and doesn’t know where to begin. It’s a painful and frustrating place. A good response might be something like, “What’s bothering you?” That will bring out details which can be fully discussed in bite-sized, understandable pieces. But even that response might miss a critical issue, simply because [...]
A Chapter 13 bankruptcy filing can get rid of a second mortgage if the balance of the first mortgage is greater than your home’s value. So can a Chapter 7 filing, in some places. You’re having trouble paying the mortgage, especially for a home that has fallen in value, but you can’t think about moving [...]
