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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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