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 [...]
unsecured debt
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 [...]
Often people come to see me who have been working with a debt settlement company but are unable to manage the payments to the debt settlement company or get discouraged with the whole process. How can bankruptcy be better? To be clear, a debt settlement company is an entity that will take your money in [...]
“Bankruptcy: What is Chapter 13 Bankruptcy?” provides a general overview of a Chapter 13 bankruptcy. But exactly how does Chapter 13 bankruptcy work?  Will I be able to keep my house? My car? These are questions that I hear often from clients who are considering their bankruptcy options. This article discusses the purpose for which Chapter 13 [...]
Chapter 13 bankruptcy is especially well tailored to middle and upper middle class Americans who are having financial difficulty. In a Chapter 13 creditors get paid back at least some of what they are owed, and debtors participate in an affordable payment arrangement administered by a Chapter 13 Trustee. Chapter 13 is usually a win-win [...]
I recently read an article on simple things you can do to avoid bankruptcy. This article is probably one of the best examples of why you need to consult an experienced bankruptcy attorney before deciding whether or not to file for bankruptcy. Here are just two of the suggestions: SUGGESTION NO. 1: SELL YOUR BELONGINGS Well, [...]
