The client planned to file bankruptcy. Two of his creditors were willing to settle the debt for a substantial discount, my client reported. Could he accept a reduced payoff before he filed bankruptcy? There is no bar to compromising with creditors before a bankruptcy filing. Debtors under California state law are free to pay one [...]
February 2010
While it is necessary to take your Financial Management course (also called Debtor Education or the Second Credit Counseling course) after you file bankruptcy – it is a requirement to receive your discharge – it’s also a good idea to wait to file the certificate until the deadline. The course is very important. If you fail to take [...]
There is no “cure” for a foreclosure of your home, but bankruptcy can certainly help. If you haven’t lost your house yet, but are behind in the payments, go talk to a competent bankruptcy attorney as quickly as you can. There might be a way to save the home in a Chapter 13 . If, [...]
If your income is not enough to cover your expenses, will a bankruptcy filing help you? Depending on what expenses you are talking about, probably not. Unfortunately, I’ve had many discussions with people seeking information about bankruptcy only for them to leave disappointed when I tell them that a bankruptcy filing will not help. But before [...]
Filing for bankruptcy is often used to put an end to standard collection lawsuits, and can provide relief in many other types of suits.
It’s stunning how many ways debtors mess up their bankruptcy cases. For example, when married people file a bankruptcy case without their spouse, there are many opportunities to make a muck of it. First of all, when you file your bankruptcy case without your spouse, you still have to disclose your spouse’s income both on [...]
