Thanksgiving asks us to count our blessings. In that tally, we include not only our families and friends, but the relationships of trust and support that we have built with our clients. We appreciate the confidence you have placed in us, and we will continue to work hard to deserve that confidence. We hope that this holiday offers you the chance … [Read more...]
Bankruptcy and Inheritance
November 21, 2018 by Leave a Comment
The bankruptcy laws are in place to give individuals an opportunity to start over again, allowing you to either discharge debts permanently or restructure your obligations with creditors. You may wonder, though, what happens after the bankruptcy is over. Suppose you file for protection, eliminate certain debts and then receive notice some months … [Read more...]
Filing Multiple Bankruptcy Petitions
November 12, 2018 by Leave a Comment
What is the Impact on the Automatic Stay One of the most attractive features of the American bankruptcy laws is the automatic stay. Under this provision, once you file for protection, your creditors cannot harass you in any way in an attempt to collect payments on the debt. That includes phone calls, letters or legal action, other than through the … [Read more...]
Can You File for Bankruptcy Again?
November 1, 2018 by Leave a Comment
Your Right to File Multiple Bankruptcy Petitions It can happen to just about anyone—you have an unexpected medical emergency that's not fully covered by insurance or you lose your job and it takes a while to find a new one. That's one of the reasons we have the bankruptcy laws in place—so that you can get a fresh start. But is bankruptcy a … [Read more...]
What a Discharge in Bankruptcy Really Means
October 30, 2018 by Leave a Comment
When you seek protection under Chapter 7 of the bankruptcy laws, you can permanently "discharge" certain debts in exchange for the sale of some of your personal property. In fact, you may even be able to discharge some debt in a Chapter 13 reorganization. What is a discharge? What does it mean and what doesn't it mean? In essence, a discharge … [Read more...]
Reaffirming a Debt in a Bankruptcy Proceeding
October 29, 2018 by Leave a Comment
When you file for protection under Chapter 7 of the bankruptcy law, the court can seize non-exempt assets to sell and pay off your creditors. However, if you have personal property not covered by the exemptions, and you want to protect that property, you can choose to "reaffirm" the debt on that property. What Is Reaffirmation of a Debt? In its … [Read more...]
How to Respond When You Have Been Sued for a Fraudulent Transfer in Bankruptcy
October 24, 2018 by Leave a Comment
Some Tips When You Have Been Sued for Making a Fraudulent Transfer in Bankruptcy When you seek protection under the bankruptcy laws, you must comply with extremely stringent restrictions regarding the transfer of assets before and after your filing. If the bankruptcy trustee or the court has credible evidence that you improperly transferred … [Read more...]
Cancellation of Debt as Income
October 23, 2018 by Leave a Comment
Here's something that may surprise you if you're trying to get a creditor to forgive or discharge a debt that you owe them, particularly if it's a mortgage lender or a company that has extended you some form of credit—if the debt is discharged, you may be required to claim the amount forgiven as income on your next personal tax return! But wait a … [Read more...]
What Bankruptcy Cannot Do for You
September 30, 2018 by Leave a Comment
A Chapter 7 (liquidation) or Chapter 13 (reorganization) filing offers many benefits—relief from harassment by creditors, the opportunity to wipe out unsecured debt (if you qualify) and a chance to restructure your debt so that you can meet your financial obligations. But it's not a panacea—there are limits on the extent to which a personal … [Read more...]
