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Important Bankruptcy Terms
If you’re thinking about filing for bankruptcy, you might sometimes think your attorneys or trustees are speaking a different language. Familiarize yourself with some of the more common bankruptcy terms. Remember – knowledge is power! Arrears: When you’re behind on making payments. If your monthly mortgage payment is $1,000 and you’re three months behind, you’re […]
June 12, 2012 Posted in Uncategorized Leave a comment
Personal Organization and Bankruptcy
Some people are naturally organized. Some aren’t. If you are a naturally disorganized person, however, it would be to your benefit to work on some organizational skills if you are considering filing for bankruptcy. Keeping things organized helps both you and your attorney keep track of all the paperwork and items involved in […]
June 7, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7, Financial Distress Tagged bankruptcy attorney, bankruptcy lawyer, chapter 13, chapter 7 bankruptcy Leave a comment
How to Stop Wage Garnishment
Wage garnishment can be a very distressing event. Wage garnishment means that a creditor has gone to court and gotten a judgment against you, and you haven’t paid. The creditor can then go back to court and get an order of garnishment. When the order goes into effect, money comes directly out of your paycheck […]
May 21, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7, Credit, Debt Tagged chapter 13, chapter 7 bankruptcy, creditor, dischargeable debts, payments, wage garnishment Leave a comment
Reasons a Bankruptcy Case Would Be Dismissed
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. […]
May 17, 2012 Posted in Bankruptcy, Chapter 13 Tagged bankruptcy attorney, bankruptcy filings, case, court, dimissed, federal bankruptcy code Leave a comment
Personal Bankruptcies Dropped During 2011
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 […]
May 14, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7, Debt Tagged bankruptcy filings, chapter 13, chapter 7, debt, personal bankruptcy Leave a comment
Does My Spouse Have to File Bankruptcy Too?
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 […]
May 10, 2012 Posted in Bankruptcy, Chapter 13, Debt Tagged bankruptcy lawyer, chapter 13, debt, file for bankruptcy, spouse Leave a comment
Seven Famous People Who Went Bankrupt
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 […]
May 7, 2012 Posted in Bankruptcy Tagged bankruptcy attorney, famous people, filing for bankruptcy, financial recovery, personal bankruptcy Leave a comment
Bankruptcy and Discharge of Debts
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 […]
May 3, 2012 Posted in Bankruptcy, Chapter 13, Chapter 7, Debt Tagged bankruptcy filing, bankruptcy lawyer, chapter 13, chapter 7 bankruptcy, debt discharge, Pennsylvania Leave a comment
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 […]
April 30, 2012 Posted in Bankruptcy, Chapter 7, Credit, Debt Tagged assets, bankruptcy attorney, chapter 7, creditor, filing for bankruptcy, Pennsylvania, property ownership Leave a comment
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 […]
April 26, 2012 Posted in Bankruptcy Tagged asset, bankruptcy, filing for bankruptcy, pennsylvania attorney Leave a comment
