Tag: Bankruptcy
DEBT COLLECTORS & ORIGINAL DEBT
Attorney Myers: I’m being sued in small claims court over a debt from a company I never heard of. I know that I have some past bills. I went through a divorce, an illness and a layoff. The name of the company that brought this claim in court against me […]
Bankruptcy Schedules Focus on Key Categories of Filer’s Finances
Bankruptcy schedules, filed with the bankruptcy petition, each focus on one aspect of the filer’s personal finances. There are 10 schedules, each designated with a letter, from A through J. Schedule A – Real Estate Schedule A requires listing of all real estate owned on the date of filing. This […]
BANKRUPTCY: Means Test – Chapter 7
The means test under Bankruptcy Chapter 7 determines whether people are even eligible to file bankruptcy under Chapter 7. Failing the test requires filing a chapter 13, filing no bankruptcy or taking a closer look. First Step To Chapter 7 Means Test The first step is simple math. Add all […]
PERSONAL INJURY: Do-It-Yourself Follies
Do-it-yourself in court and you may be in for a shock. Even a fool wouldn’t perform their own dental work with a handy man’s drill. Yet, every day, people represent themselves in court, often with disastrous results. Especially in personal injury claims. Here’s an actual case: “Buyers”, we’ll call them, […]
Too Broke To Go Bankrupt
I didn’t make up the title. Those words headline a CNN Money Magazine article on May 7, 2012. Quoted sources explain how the cost of filing bankruptcy steadily increased after passage of bankruptcy “reform” by the U.S. Congress in 2005. The so-called “Bankruptcy Abuse Prevention and Consumer Protection Act”, or […]
Discharge of Student Loans in Bankruptcy: Exception to Rule
Discharging student loans in bankruptcy occurs only as an exception to the rule. Chapter 7 bankruptcy discharges garden variety unsecured debt, largely credit cards. But, student loans are different. To discharge student loans there must be proof that payment imposes an undue hardship as defined in bankruptcy law. Many courts […]
Bankruptcy: Moral? Ethical?
Guilt. Feelings of doing something against core beliefs. These and other reservations sometimes come up in thinking about filing bankruptcy. Is it ethical? Is it moral? Let’s start here: bankruptcy concepts are firmly embedded in the Bible: “At the end of every seven years you shall grant a release. And this […]
Bankruptcy: Student Loan Debt Crisis
Student Loan debt in the United States, now at $1 Trillion Dollars, is called “the next debt bomb” for the U.S. Economy. Total U.S. student loan debt now exceeds the volume of credit card and auto loan debt combined according to the Associated Press. The head of the National Association […]
Bankruptcy Basics: Chapter 7, Chapter 13
There are two basic types of consumer bankruptcy, Chapter 7 and Chapter 13. Chapter 7 cancels or “discharges” many types of debt. Most credit card, medical, and other unsecured debts are discharged, as are most court judgments and loans. Many filers find all of their debts discharged. Debts not discharged […]
First Meeting With Attorney: Bankruptcy – What To Take
First meeting with attorney: prior to giving advice a bankruptcy attorney needs facts. The more facts provided, the better the quality of the advice. So, here are some basics: Gather Documents Tuck all bills in a folder. Many people don’t even like looking at bills. That’s OK. Put them in […]
