Potential bankruptcy clients frequently ask: “My wife/husband does not want to file, if I do, is she/he required to file also?” Negative. Involuntary bankruptcy is provided for in the bankruptcy laws. It is a complex proceeding in which creditors band together to throw a corporation or individual into Chapter 7 bankruptcy so they can get [...]
August 2010
“Attorney fee only” chapter 13 plans run afoul of bankruptcy code section 1325(a)(3)’s good faith requirement, according to a recent Massachusetts bankruptcy court decision. The court held that where the chapter 13 debtors could have filed chapter 7 and obtained an immediate discharge of all their debts, and where all the debtors’ property was exempt, [...]
I recently received an email from a web site visitor who asked an interesting question about his responsibilities to his mortgage company. This gentleman had filed a Chapter 7 and received a discharge four years ago but did not reaffirm his mortgage. He had remained in his house and continued to make his mortgage payments [...]
When a bankruptcy is filed the debtor gets an automatic stay. The stay is a very important. It prevents your creditors from continuing any attempts to collect on the debts that are owed. While in place, the creditors can’t:
