Monthly Archives: April 2012
What to Expect at the 341 Bankruptcy Meeting
When filing for bankruptcy, many clients express anxiety at the thought of the Meeting of Creditors (also called the 341 meeting, after Section 341(a) of the Bankruptcy Code). Knowledge is power, and the Meeting of Creditors isn’t as scary as it sounds. Here is an idea of what to expect, and hopefully cut down on… Read More »
Preparing for Bankruptcy: Protecting my Assets
Bankruptcy is a huge life event. You should prepare for it just as you would any other milestone, even though this probably isn’t as happy as a wedding or a birthday. You should put thought into it and be ready for what is about to come your way. An experienced bankruptcy attorney can walk you… Read More »
What is “Reaffirming” Secured Debt?
With a Chapter 7 bankruptcy, you need to disclose whether you intend to keep or give back certain things, like your house or your car. If you want to keep something and continue paying on it, though, your lender can still choose to take it back unless you “reaffirm” the debt. Following are the pros… Read More »
Bankruptcy Myths
We know that the decision to file for bankruptcy is a difficult one. You should have all the facts. Despite all the information out there about bankruptcy, many myths persist. Today we want to bust some of those myths. Myth: My credit will be destroyed for 10 years after filing for bankruptcy. First things first,… Read More »
When Should I Disclose My Bankruptcy?
Bankruptcy is one of life’s more distressing and emotional events. Once it’s over, you will likely want to put it all behind you and never really think about it again. Unfortunately, at least for a while, you are going to have to sometimes disclose your bankruptcy. You certainly don’t have to tell everyone you meet… Read More »
How Long Does Bankruptcy Take?
Once you have made the difficult decision to file for bankruptcy, your next question is probably, “How long will this take?” You are likely extremely anxious to know when you will be on your way to rebuilding your finances. Every case is different, but there are general guidelines on how long it might take for… Read More »
Banks Paying Homeowners to Avoid Foreclosures
Banks, anxious to move troubled mortgages off their books, have started offering cash incentives to homeowners to sell their properties for less than what they owe – typically called a “short sale.” In the past, banks have balked or dragged their feet at short sales. However, lately, they have decided that short sales are more… Read More »
Will I Lose My Retirement if I File for Bankruptcy?
One of the questions Harold Shepley & Associates receives is, “Will I lose my retirement accounts if I file for bankruptcy?” You’ll be glad to hear that the answer to this question is “No.” When filing for Chapter 7 or Chapter 13 bankruptcy, you can keep your pension and retirement plan, with a few exceptions… Read More »
Top Ten Largest Bankruptcies in History
If you are going through a bankruptcy or even just considering it, you might feel very alone. However, you’re not. More than a million Americans file for personal bankruptcy every year. Big companies and even cities and governments file for bankruptcy all the time. Here’s a list of the ten biggest company bankruptcies in… Read More »
