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We receive dozens of phone calls each month from people who have a lot of credit card debt and are able to make at least their minimum monthly payments. Still, they feel that they will never pay these debts off. They're right, sort of. It is well documented that paying only the minimum monthly payments on even a small credit card balance can take decades to pay off and cost thousands of ...
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Can an employer (current or prospective) discriminate against you if you've filed for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy? This is a question we get quite often. It is the shared concern of people currently employed and considering filing bankruptcy, and the currently unemployed person considering filing for bankruptcy, but who has the very obvious hope of becoming employed in ...
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If you're researching Chapter 7 bankruptcy or Chapter 13 bankruptcy for any reason, you've probably come across the term "Means Test," but you may not fully understand what this term means or its place in bankruptcy. The Means Test came to be a part of the Bankruptcy Code by way of the 2005 revisions/over-hall of the Bankruptcy Code known as the Bankruptcy Abuse Prevention and ...
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It is the golden rule of bankruptcy; and as bankruptcy attorneys, it is our mantra. Whether you're doing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, the law requires that you list not only all of your debts, but also all of your assets...wherever they may be found. Disclose, Disclose, Disclose. You see...bankruptcy is for honest people who want to pay their bills, but are unable to; it ...
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So you've gotten your Chapter 13 bankruptcy confirmed by the court. If you have a car and a car loan, and you're like most Chapter 13s, then your car loan has probably been included in the Chapter 13 plan. You've been making your required monthly plan payments, and all is going well. Then, one day, you're involved in a car accident, and your car is totaled; a complete loss for ...
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Many people have heard the term "Automatic Stay," but may not know what it really is. The Automatic Stay is one of the most fundamental principals in a Chapter 7 and Chapter 13 bankruptcy, and it is the reason we use the term "filed for bankruptcy protection" to describe someone who has filed for bankruptcy. It is the power of the bankruptcy laws, pursuant to Section 362 of the ...
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Good news. It's a buyer's market when it comes to hiring a bankruptcy lawyer for either a Chapter 7 or Chapter 13 bankruptcy. There are a lot of us out there. With the increase in competition for clients, fees are relatively low. Still, you want to hire someone based on more than the fee you are quoted. Obviously, you should consider a lawyer's experience. However, there are other ...
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As most people are already aware, student loans are generally not dischargeable in either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy (for more information about the dischargeability of student loans in bankruptcy, please see our prior article entitled STUDENT LOANS, BANKRUPTCY, AND THE "HARDSHIP DISCHARGE" ). But what about unpaid tuition bills? Generally, the answer on whether an ...
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As you may already be aware, every person who files a Chapter 7 bankruptcy or a Chapter 13 bankruptcy must attend a meeting that we loosely refer to as "your court date." It's actually not court, but we call it that because most people relate to the concept of court easier. What it actually is is the "341 Meeting of Creditors." This meeting is required pursuant to Section ...
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More and more, we meet with prospective clients who, prior to contacting us, have taken loans from, or cashed-out, their 401k, IRA, Pension, or other retirement account simply to make ends meet and keep up with their bills. This is certainly an understandable step that an honest person, intent on paying back their debts, would take in order to avoid having to file for bankruptcy. The problem with ...
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Let's face it; no one wants to file a Chapter 7 or Chapter 13 bankruptcy. And it is this fact that the debt settlement and debt consolidation companies prey upon. We see it and get asked about it time and again. We meet with a potential client who informs us that they have been making payments to a debt settlement company for months, and the only thing that has been "eliminated" is ...
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Recently, we seem to be getting quite a few calls from prospective clients inquiring about the "hardship discharge" of student loans in a Chapter 7 bankruptcy authorized by Section 523(a)(8) of the US Bankruptcy Code at 11 U.S.C. It is worth noting that, prior to 1978, any and all student loans, government of private, could be discharged in a Chapter 7 bankruptcy. It wasn't until a ...
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As bankruptcy attorneys, we receive a few common questions about the effects a bankruptcy filing will have on a person's credit and credit score, as well as "life after bankruptcy." Bankruptcy is obviously not a "gold star" on your credit report, so these common questions are very relevant, and worth addressing. Let's start with the most common question we receive from ...
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Given the current economic conditions, and significant decreases of home values across the country, we receive many telephone calls and inquiries from people who are struggling with their mortgage(s) in one way or another. Almost universally, people seem to be "upside-down" in their home, which is a common expression used to describe the situation where someone owes more on their ...
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A lot of our clients have told us that "someone they know" has told them they can't file a bankruptcy if they own a house or car. Also, they have been told that they will lose their house and car if they file for bankruptcy. So, let's set the record straight. In most cases, people are able to keep their home when they file for bankruptcy. In a Chapter 7 Bankruptcy, you must be ...
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