The Impact of Promising to Make Your Car Payments In a Chapter 7 bankruptcy petition, you'll generally be allowed to permanently unload certain types of debt in exchange for transferring some of your property to the bankruptcy court, which will typically be sold to satisfy your creditors. In the alternative, if you don't want to lose property in a … [Read more...]
The Simplest Chapter 7 Bankruptcy Filing
July 17, 2019 by Leave a Comment
A Successful Bankruptcy Petition Can Be Relatively Painless When you think about a bankruptcy, it's pretty common to envision complex financial calculations and lots of paperwork. While many personal bankruptcy filings are complex, and any bankruptcy petition should be made with the assistance of an experienced bankruptcy attorney, there are … [Read more...]
How You Can Lose the Protection of the Automatic Stay
June 27, 2019 by Leave a Comment
The Ways You Can Jeopardize Your Protection under the Bankruptcy Laws When you file for personal or business bankruptcy, an automatic stay goes into effect immediately, prohibiting your creditors from calling you, writing you or attempting to collect debts from you in any other manner than through the bankruptcy proceeding. The automatic stay … [Read more...]
What Are the Implications of Bankruptcy on a Co-signer?
June 19, 2019 by Leave a Comment
To What Degree Will a Loan Guarantor Be Liable for Debts in Bankruptcy It's not uncommon, when you have less than perfect credit, or no credit history, to find a friend or family member who will co-sign on a debt. But what happens if your financial situation gets worse and you find it necessary to file for bankruptcy protection? How will the … [Read more...]
Discharging Debts or Damages from Business Litigation
June 13, 2019 by Leave a Comment
Can You Permanently Rid Yourself of Debts Incurred in Commercial Lawsuits? In a Chapter 7 bankruptcy petition, available to individuals and businesses, you can permanently wipe out certain obligations in exchange to transferring "non-exempt" assets to the bankruptcy court to partially satisfy creditors. What happens if you are a small business … [Read more...]
Credit Card Debt—Avoiding the Presumption of Fraud in Bankruptcy
June 4, 2019 by Leave a Comment
One of the common causes of consumer bankruptcy is unmanageable credit card debt. Because credit card debt is typically an unsecured obligation, you can generally discharge credit card arrearages in Chapter 7 without returning items purchased. However, if a creditor (credit card company) can show that you engaged in fraud when using the credit … [Read more...]
Your Bankruptcy Options When You Have Student Loan Arrearages
May 30, 2019 by Leave a Comment
Can You Get Student Loan Payments under Control through Bankruptcy? You borrowed a lot of money to get through college, with the hope that you'd have a well-paying job that allowed you to quickly repay those loans, only to find it difficult to either find a job or get one that pays you what you need. Unfortunately, you're not alone. Studies show … [Read more...]
Your Bankruptcy Options When Continuing a Business
May 17, 2019 by Leave a Comment
What's Best for You—Chapter 11 or Chapter 7? If you own a business that's struggling, but you know it's just a matter of time before things turn around, you can still use the bankruptcy process to your benefit. When you file a bankruptcy petition, you will immediately get the benefit of the automatic stay, which prohibits your creditors from … [Read more...]
Your Bankruptcy Options When Closing Down a Business
May 10, 2019 by Leave a Comment
Should You Seek Protection under Chapter 11 or Chapter 7 If you own or operate your own business, but you're struggling to make a go of it, you need to honestly assess your chances of long term success. The bankruptcy laws can help you wind down a business, allowing you to put most of the losses behind you. What's the best way to use bankruptcy … [Read more...]
Can You Dispose of Assets before You File a Bankruptcy Petition?
April 29, 2019 by Leave a Comment
Steps to Minimize Potential Legal Problems When you are facing financial challenges, a common strategy is often to sell assets you don't need, so that you can pay off creditors or meet your basis needs. If you subsequently file for bankruptcy protection, though, you may face questions from the bankruptcy court regarding the disposition of those … [Read more...]
