Considering Bankruptcy?Know Your Alternatives
With more than 6,000 bankruptcy filings every day, the courts don’t have any time to waste when dealing with a bankruptcy case. It makes sense, then, that they would have a low tolerance if someone doesn’t follow the rules. Courts do not hesitate to dismiss cases when someone is dishonest or does not cooperate fully…. Read More »
According to a report by Professor Ronald Mann of Columbia Law School for the National Bankruptcy Research Center, the number of Americans who filed for bankruptcy fell from 1.5 million in 2010 to 1.35 million in 2011, a 12% decrease. Chapter 7 filings dropped by 17% and Chapter 13 filings dropped by 25%. This decline… Read More »
The simple answer is no. Only one spouse has to file for personal bankruptcy. However, there are a number of qualifications to this rule. First, if you are considering filing bankruptcy alone in order to conceal the high salary of your spouse, stop right there. As a married bankruptcy petitioner, you will be required to… Read More »
Filing for bankruptcy is an extremely difficult decision and, for many people, a last resort. Many of our clients tell us they feel they won’t be able to bounce back after bankruptcy. That’s just not true. With good planning and resolve, you will be back on the road to fiscal fitness in no time. If… Read More »
When we talk about bankruptcy, we talk a lot about “discharge of debts,” but what exactly does that mean? When are the debts discharged? What debts are discharged? Can creditors object? Let’s discuss. Bankruptcy discharge is a court order that releases a debtor from the obligation to pay certain debts. The creditor is no longer… Read More »
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 »
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 »
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 »
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 »
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 »
