Many of my clients worry about where they will live if the file for bankruptcy and surrender their (usually far under water) house. They’ve heard horror stories about people with bankruptcies on their credit being unable to rent. But things aren’t as bad as they fear. My usual recommendation is not to look at the [...]
Brett Weiss, Maryland Bankruptcy Attorney
According to the 2010 Fiscal Year statistics from the Administrative Office of the U.S. Courts, the number of bankruptcies filed between October 1, 2009 and September 30, 2010 increased from 1,402,816 to 1,596,355, an increase of 13.8%. Chapter 11 (business and large individual) filings decreased, from 14,745 to 14,191, a 3.8% drop. Business filings overall [...]
Say the words “Chapter 11″ to most consumer bankruptcy attorneys, and after an initial look of fear in their eyes, you will quickly receive the name of one of the few attorneys in your state that actually handles individual and small business Chapter 11 bankruptcy cases. Why is it so hard to find a lawyer [...]
You’ve seen the ads for “Debt Management Programs”–”Settle $10,000 in credit card debt for as little as $2,000!” But do they really work? Do they make sense? Or are they scams? Yes, they work. But only rarely do they make sense. And as for whether they are scams…it depends on your definition of a scam. [...]
One question we’re often asked is what the minimum debt amount is to allow someone to file for bankruptcy. The answer is very simple: there is *no* minimum debt amount to be eligible to file. This is true for Chapter 7, Chapter 11, Chapter 12 and Chapter 13. How did the rumor that you need [...]
When I give lectures on individual and small business Chapter 11 cases, I always advise new Chapter 11 attorneys to buy a thick towel for their desk. After I get a confused look from the audience, I explain: “It’s to protect your client’s jaw when it hits your desk after you tell them your fee!” [...]
