Chapter 7 Bankruptcy

20 Nov Chapter 7 Bankruptcy Lets You Cut Your Debt Losses and Move On.

[caption id="attachment_26396" align="alignright" width="216" caption="Cheaper to file bankruptcy"][/caption] Sometimes it makes more sense to let go of the past and start building a new future. Chapter 7 bankruptcy can be your solution. Does this debt arrangement conversation sound familiar? Client: I want to make arrangements to pay this debt. Me: Ok, how much can you offer to pay? Client: Nothing, I don’t have any money? Is it any wonder the bank will not work with you? Be realistic, creditors want cold hard cash, not talk, not arrangements. If you cannot make a payment, your arrangement, while well intentioned, is nothing more than an empty promise. It is time to check into reality.
Read More

16 Oct Should My Business File for Chapter 7?

I frequently meet with clients who own a business that has financial problems. It may not be able to pay its bills as they come due, there may be an eviction threatened, or a lawsuit. These clients have done some homework, and usually start out our meeting by saying that they want to retain me to file Chapter 7 bankruptcy for their corporation or LLC. They are also surprised when I tell them that for most businesses, Chapter 7 makes absolutely no sense. Why?
Read More

24 Sep Should You be Concerned About a “Poison Pen” Letter?

Your bankruptcy filing can stir deep emotions. More than a few times, I have received calls from individual (as opposed to corporate) creditors who, after receiving a bankruptcy notice, have called me to express their displeasure that my client is seeking to discharge a debt. Sometimes these folks will appear at your 341 hearing to protest and sometimes they will write a "poison pen" letter.
Read More