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 [...]
New Orleans Bankrutpcy Lawyer
A common question I get this time of year is whether the trustee will take the debtor’s tax refund if he files for bankruptcy. The answer depends upon many factors. The Trustee has a duty to administer non exempt assets if those assets are worthy of administration. For a tax refund to be worthy of administration the [...]
Every person who files a bankruptcy is required to attend a Meeting of Creditors. The meeting, also called a Section 341(a) meeting, is held by a Trustee. The Trustee is an individual, usually an attorney or a certfied public account, who is responsible for reviewing the debtor’s bankruptcy to see if there are any assets [...]
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) [...]
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:
