What happens to a co-debtor when a debtor files for bankruptcy depends upon the type of case that is filed. Many clients come to my office relieved to find out that a bankruptcy stays proceedings against them, but they worry about whether there is a stay of proceedings for the co-debtor. The client is justified in worrying about the [...]
Kevin Gipson, New Orleans Bankruptcy Attorney
The new median family income numbers used for determining whether a debtor can file a Chapter 7 bankruptcy went into effect today, November 1, 2010. The numbers are provided by the U.S. Census Bureau. The means test was one of the major changes that occurred as part of Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) [...]
You can’t turn on a radio or watch TV without hearing or seeing commercials for debt settlement companies that suggest that they are a better choice than bankruptcy. Many, including myself, believe that these companies are scams. There have been several articles on the Bankrptcy Law Network site that discuss the problems with debt collection companies, [...]
Before the Home Affordable Modification Program (HAMP) came into existence if a client’s house was in foreclosure you had two basic options: Either file a Chapter 7 bankruptcy and give the house back to the creditor, or file a Chapter 13 and pay the arrearages though a Chapter 13 Plan. Very rarely would a creditor [...]
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:
It is not necessary to have a job to file a Chapter 7 bankruptcy. In fact, the filing of Chapter 7 is probably one of the few instances in your life where it helps to not be employed. When a Chapter 7 is filed, the debtor must show that they do not have enough income [...]
