Not really. The greatest effect on your Credit Score (Fico score) Is the number of late payments on your accounts. More late payments – worse scores. Certainly there are other factors, and filing bankruptcy may have the immediate effect of lowering the score. But why do you care? That’s the truly important question. First of [...]
May 2011
Filing bankruptcy does not predetermine what happens to the house after bankruptcy. In an era of underwater houses, the home may just pass through bankruptcy in the direction of your choosing thereafter. The eventual fate of the property does not necessarily have to be decided before a bankruptcy case is filed; if the house is [...]
Bankruptcy fraud is back in the news today, with the indictment of Lenny “Nails” Dykstra on charges of bankruptcy fraud and obstruction of justice. The indictment accuses Dykstra of looting his mansion of furniture, fixtures and memorabilia that belonged to his bankruptcy estate, and selling or destroying those items. Dykstra’s attorney maintains he did nothing [...]
Clients ask “What’s the difference between chapter 7 and chapter 13″? Sometimes, they call chapter 7 “straight bankruptcy” or just “bankruptcy”. Sometimes they call chapter 13 “wage earner plan” or “debt settlement plan” or “debt adjustment”. Here’s what the National Association of Consumer Bankruptcy Attorneys advises you in general. Here are the most important features [...]
You may run an incorporated, or, unincorporated, small business. A corporation that wants to keep operating has to file for Chapter 11 to get bankruptcy relief. Individuals may file also; you do not have to be a corporation to file for Chapter 11. You may own and rent a bunch of houses, operate a store, [...]
What was an affordable property division while you were working may not be affordable after you’ve lost your job. Bankruptcy may help. A Chapter 13 discharge includes property division obligations incurred through a divorce, possibly even a pension division. It does not include an alimony obligation. It’s not always as easy as one might think [...]
