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 […]
Douglas Jacobs, Esq.
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 […]
Last month, on October 17th, the bankruptcy law turned 8. In 2005, the government passed the Bankruptcy Abuse and Consumer Protection Act: BAPCPA. It became the bankruptcy law on October 17, 2005. So, on October 17, 2013 that law was eight (8) years old. Why do we care? The new law carefully defines how long […]
There are two types of bankruptcy that can be used for a business: liquidations and reorganizations. A liquidation bankruptcy is one which eliminates debt; often at the cost of liquidating (selling or transferring) your assets to creditors. A reorganization bankruptcy can stretch out payments to creditors, reduce or eliminate some debts, and “reorganize” or rearrange your […]
You’ve heard us recite here many reasons to file bankruptcy. Here are five reasons NOT to file bankruptcy. 1. Filing for bankruptcy weakens the credit card industry. Right now, about the only US industry that is consistently showing an annual profit is the credit card companies. Just look at the amount you pay each year […]