Category Archives: Bankruptcy
Filing for Bankruptcy can Immediately Relieve Creditor Collections
Among the many benefits that come with filing for bankruptcy is stopping creditor collections. Once you file your Chapter 7 or Chapter 13 bankruptcy petition a special court injunction—known as the automatic stay — halts creditors from coercing you to pay on your debt. With few exceptions, most any creditor that you name on your […]
What You Can Expect at the Bankruptcy Creditor’s Meeting
Not long after you file your Chapter 7 or Chapter 13 bankruptcy petition, the court will appoint a trustee who will oversee the management of your case. In addition to reviewing your petition and various schedules you file, the trustee gathers information about your financial state. This includes presiding over a section 341 hearing — […]
If I Filed Bankruptcy Before, When Can I File Again?
In this roller coaster economy it isn’t hard to imagine a situation where someone may need to file for bankruptcy more than once. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) provides for multiple bankruptcy filings under certain conditions. While the BAPCPA does not establish a specific length of time to wait between […]
If You Intend on Filing Bankruptcy, Pay Attention to Your Account Balance
Filing for bankruptcy protection is a life-altering event. Like any other major change in life, planning ahead may help you experience a smooth process and ensure that you don’t end up in worse shape than you are now. One concern for people who are considering filing bankruptcy is how much of your property you may […]
Honesty and Integrity is the Best Policy to Avoid Bankruptcy Fraud
It is not uncommon for people, who are drowning in debt and endeavoring to make ends meet, to look toward bankruptcy for a financial fresh start. Dishonest debtors can taint the process by committing bankruptcy fraud. Debtors, who intentionally hide assets or property from the bankruptcy trustee or who fail to provide accurate information to […]
Am I Guaranteed a Discharge at the End of My Bankruptcy Case?
Hard financial times put some people in a position where it is difficult to keep up with their bills. Whether your debt has accumulated over a period of time or as a result of a serious emergency situation, filing bankruptcy can provide much needed relief by wiping out debt. Both Chapter 7 and Chapter 13 […]
Debtor Education and Credit Counseling
Bankruptcy can be a good option for people who have difficulty meeting their financial obligations. Whether you choose to file under Chapter 7 liquidation or Chapter 13 reorganization the bankruptcy court requires that you participate in pre-bankruptcy credit counseling and pre-discharge debtor education. The counselors in both sessions should review your entire financial situation in […]
2013 Bankruptcy Code Inflation Adjustments
This April 1, while Americans enjoyed light-hearted April Fools’ Day fun, an important change in bankruptcy law went into effect. Bankruptcy laws contain certain fixed amounts for exemptions and debt limits. Every three years, these amounts are adjusted for inflation. In 2013, the bankruptcy inflation adjustment increases by 6.3% the dollar value of exemptions allowed […]
Foreclosure Woes? You Do Have Options
Over a period of 11 years, hundreds of homeowners facing foreclosure were the victims of a foreclosure remediation scam, which eventually forced many into involuntary bankruptcy proceedings. Andrew Bartok’s company, Revelations a/k/a “Foreclosure Club of America”, promised homeowners that, in exchange for fees paid to his company, they would be able to stay in their […]
Keep An Eye on Your Bankruptcy Risk Score
Vince Laboon needed a loan to make home improvements. Shortly after he applied for a $15,000 home equity line of credit, Laboon got a letter from the bank with his “bankruptcy score.” The letter did not provide an explanation and Laboon was nervous. Most people are familiar with credit scores, but may not know about […]
