Recently, I was talking with a colleague who was wondering if there was anything that could be done on a particular case. His potential client had a significant amount of debt. But, there was also an asset that had significant value. If the debtor filed a chapter 7, the chapter 7 trustee would sell that […]
The Basics Of Bankruptcy
If you’re thinking about bankruptcy as a way to end your bill problems, it’s important to understand what you’re getting yourself into. These articles on the basics of bankruptcy can help you get your feet wet so you can be better prepared to work with your lawyer.
Most people, both lawyers and non-lawyers, believe that filing bankruptcy does not result in a discharge of a student loan. That, for the most part, is true under the 2005 Bankruptcy Act amendments. The code, as amended, does not provide for the discharge of a student loan in a bankruptcy. UNLESS…the debtor brings a […]
What happens when you surrender a home in bankruptcy? Must you move the second a bankruptcy is filed? Do they give you time to move or will your possessions be thrown out on the front lawn for the neighbors to view?
Most of the posts on this blog, and in fact on most bankruptcy blogs, focus on the consumer as the bankruptcy debtor. That makes sense–most bankruptcy cases involve a consumer debtor and a number of institutional creditors, like banks and credit card companies. And those banks and credit card companies have in-house lawyers, and white-shoe law […]
What’s in it for YOU? MONEY to help you relocate! Negotiated amounts will vary depending on the lenders’ policies. What’s in it for the NEW OWNER (Bank or Mortgage Co)? A WRITTEN AGREEMENT that stipulates the following—- Vacate by a certain date. Occupied property is less likely to be vandalized. You keep the property up= […]
I practice in the Washington, DC area. Lots of my clients work for federal agencies and contractors who require security clearances as a condition of their employment. The first question they ask when them come to see me is whether a bankruptcy filing will cause them problems with their security clearance. The short answer I […]