Leases are their own animal under the bankruptcy code. They are neither secured debt, nor unsecured debt. They get their very own schedule, schedule G. And the Bankruptcy Code provides that leases can be assumed or rejected. Rejection, as you might have guessed, means nope, not interested, take your leased property back, don’t [...]
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One of the hardest issues for a bankruptcy attorney to deal with is the issue of the Reaffirmation Agreement. When a person files a Chapter 7 bankruptcy he is given a rare opportunity: To start over fresh without his debts! This means that a debtor has the right to get rid of both his debts to unsecured creditors and secured [...]
What is cross collateralization and how can it affect your Bankruptcy? When a loan is cross-collateralized it means that you have made an unsecured creditor into a secured creditor. How does this happen? When you purchase a car, it is common for the documents you sign to give the lender a security interest in the [...]
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:
I’ve been thinking of some of the bizarre things I’ve seen creditors do lately. You’ll find a lot written about abusive creditors, mean creditors, heartless creditors, and law-breaking creditors here at Bankruptcy Law Network. But what about stupid, self-destructive creditors? It’s obviously bad to violate the Fair Debt Collection Practices Act or the Bankruptcy Code’s [...]
Do you need an attorney to file bankruptcy? No! Absolutely not! There is no requirement that you be represented by an attorney when you file a bankruptcy! In fact, I found a website today that tells you how to do one yourself! Tips Catalog! Should you use an attorney to file your bankruptcy? Yes! Absolutely! There [...]
