Tag: Chapter 7
Collection Lawsuits and Bankruptcy
Collection lawsuits annoy those who receive court papers. People don’t want to get in debt. The time, energy and cost of answering court papers can boggle the mind. When one of your creditors sues you in small claims court or any other court you must appear and you must file […]
Suggestion of Bankruptcy
A Suggestion of Bankruptcy is a document filed in court giving notice that one of the parties in a pending case has filed bankruptcy. If the party is a defendant the filing stops the case by virtue of the automatic stay of bankruptcy. However the document can also be filed […]
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 […]
Debt Collectors and Bankruptcy Violations
Debt collectors must stop after a bankruptcy filing or they commit one of several bankruptcy violations. It doesn’t matter whether it’s a chapter 7, chapter 13 or other chapter. The filing of a bankruptcy creates what is called an automatic stay. Collection stops because the U.S. Bankruptcy Code imposes the automatic stay with […]
BANKRUPTCY: Is ADHD A Defense Against Not Disclosing All Assets?
Bankruptcy filing requires truthful, complete disclosure of all assets, income and debt. But, the bankruptcy petition, schedules and other forms go on for pages, presenting many questions and issues. One debtor claimed the medical condition of ADHD (Attention Deficit Hyperactivity Disorder) prevented him from comprehending everything. He claimed his failure to include […]
New Year’s Resolutions: Legal and Financial Matters
Resolutions: Lose weight. Exercise. Eat Healthy. Great. But, here are some smart New Year’s resolutions to upgrade your legal and financial status: 1. Balance & review all accounts monthly or more often. Rampant identity theft and big box store security breaches make this one of your top resolutions. Some people […]
BANKRUPTCY: INCLUDE ALL ASSETS INCOME AND DEBT
People sometimes talk about “putting things into” a bankruptcy, or “not putting something into” their bankruptcy. In reality, bankruptcy law requires full complete truthful disclosure of all assets, income and debt. Often, various issues can be addressed in a beneficial manner as long as there is full disclosure. But, when […]
Charge Off: What is it? Do I Still Have to Pay Charged Off Debt?
A “Charge off” is an accounting device used by creditors. Generally, if a debt has not been paid for 180 days or more, the original creditor will write off your debt, removing it from their books. It does not mean that the debt no longer exists or that you no […]
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 […]
