Bankruptcy Petition Preparers. Should you hire one? Let’s face it. Folks with financial problems aren’t exactly flush with cash. So it’s tempting to cut corners in purchasing legal advice and to opt for the services of a bankruptcy petition preparer. But as with most things, you get what you pay for. Preparers really can’t–at [...]
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Explaining the differences between Chapter 7 and Chapter 13 bankruptcy can be difficult. There are the obvious ones: Chapter 7 doesn’t involve payments to creditors, and Chapter 13 does. And you can cure your mortgage arrears in Chapter 13 but not in Chapter 7. And there are many others. But what about the differences in [...]
You may run an incorporated, or, unincorporated, small business. A corporation that wants to keep operating has to file for Chapter 11 to get bankruptcy relief. Individuals may file also; you do not have to be a corporation to file for Chapter 11. You may own and rent a bunch of houses, operate a store, [...]
Bankruptcy is in the Bible. In fact, there are plenty of blog posts here on Bankruptcy Law Network about what the Bible says about debt. Kurt O’Keefe’s “Is Filing Bankruptcy a Sin?” is just one of many posts. Most of these posts discuss the Bible and the morality of bankruptcy or apply particular Biblical principles [...]
Reaffirming is the only way to remain liable on a debt that is otherwise dischargeable in a Chapter 7 bankruptcy. At least in Michigan, signing a reaffirmation agreement is never a good idea, unless the bank is changing the terms to your advantage. If you keep up the taxes and insurance, and make the payments, [...]
Every bankruptcy attorney knows that the process can put tremendous strain on family relationships. But a recent South Carolina case demonstrates that bankruptcy coupled with an unreasonable chapter 13 plan can also bring a family together, although probably not in the way the husband and wife debtors had in mind. In the case of In [...]
