When you file a bankruptcy, you get to keep property that is considered exempt under the laws of your state. Wow! That’s great: get rid of debts and keep the house, car and whatever… Of course, it’s not quite that easy and the exemptions can vary from state to state. Those differences can be dramatic […]
Douglas Jacobs, Esq.
In my practice, I see it all the time: an elderly couple come to talk about their debts. Inundated by credit cards and living on a fixed income, they see no help in sight. But, their retirement can’t be garnished and the credit industry can’t get at it (in most cases). Social security is almost […]
A chapter 7 bankruptcy can be easy or difficult. Here are four steps to making it go quickly and smoothly: 1. Hire a competent knowledgeable bankruptcy attorney that you can talk with. Provide your attorney every piece of information and all of the documents she asks for. Remember that the attorney is on your side: […]
Filing Bankruptcy is all about timing. Sometimes, waiting to file makes good sense and will save the debtor a lot of headaches and some significant debt. Sometimes, however, the time to file is as soon as possible. Let’s look at six reasons to file now; and six reasons to wait: File now when: 1. Your […]
A debt is a lawful obligation, usually to pay money to someone. Secured Debts are those where the borrower has granted the lender a lien or security interest in some item of real or personal property to ensure that the lender is actually paid. Two simple and common examples are home loans – where the […]
The U.S. Constitution grants Congress the power to establish uniform laws on bankruptcy. Our bankruptcy law is a federal law administered by the U.S. courts. But, does that make it the same from state to state? It certainly does not. Although the main framework of the law applies across the country, the specifics of many […]