Tag: bankruptcy lawyer
Before Filing Bankruptcy: What to do, What to Avoid.
Before filing bankruptcy think about taking steps to make sure your case goes smoothly. If all goes well in a chapter 7 bankruptcy, unsecured debt, including typical credit card debt, goes away in just under 4 months. Can you keep your favorite credit card? Are one or two credit card […]
Surrendering a Car in Bankruptcy: The Best Option For You?
Surrendering a car in bankruptcy means you give up the car. But, the chapter 7 surrender also means the loan goes away. People often ask me if they can keep their car if they file bankruptcy. And if they have a modest car without a lot of “equity”, the answer […]
FICO Credit Score: New Scoring System Helps Some Borrowers
FICO credit scores mean everything to anyone applying for a loan. The company behind FICO plans a new way to calculate the score for some in 2019. Whether it’s a credit card, a car loan or a mortgage chances are the lender looks at your FICO score to figure out […]
Homestead Protection: Amounts Covered Vary by State
Think of “homestead” and you might envision a scenic home representing a historical residence or grand family estate. In the legal world, homestead law protects equity in a home from being taken by creditors. Equity, when it comes to property, means the increase in value of your home during the […]
Collections Supposed to Stop After Bankruptcy: Computer Did It Defense
Collections are supposed to stop after you file bankruptcy. Bankruptcy law imposes an automatic stay, effectively a federal court injunction ordering credit card companies, bill collectors, collection attorneys, banks and others to stop all collection activity. Even collection law suits filed to collect debts must stop under the automatic stay […]
Trusts and Bankruptcy: Does A Trust Protect Property in Bankruptcy?
Sometimes people put money in a trust, thinking it’s like a lockbox. Out of reach of liabilities including creditors in a bankruptcy filing. Is that true? Trust as a Lockbox? The ‘lockbox’ idea is somewhat common. But there are many different types of trusts. The individual terms of each define […]
Can I Ever Get Credit After Bankruptcy?
New loans and credit cards may present less of a challenge than you’d think after bankruptcy. But there’s a lot to think about before bankruptcy filers drag themselves down with new loans. Bankruptcy, in the right circumstances, cleans the slate for a new financial life. The U.S. Supreme Court explained it in […]
Bankruptcy Exemptions: Why You Need Them
Like an iron gate protecting an entrance, bankruptcy exemptions protect a debtor’s property against loss in bankruptcy. Theory of Bankruptcy Exemptions In the old days when a person filed bankruptcy, the story goes, their property was taken and sold or ‘liquidated’, the proceeds then divided among creditors. Any remaining debt was then […]
The point of filing a bankruptcy, most often, is to discharge debt. What debts are discharged and what debts are not? A bankruptcy discharge means that the legal obligation to pay a debt is wiped away. For all intents and purposes, the debt is gone. This applies in a Chapter […]