By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7The initial consultation with a good bankruptcy lawyer is a very informative and valuable experience for many reasons. It is an opportunity to “interview” the lawyer to see if you believe the lawyer is qualified and whether he or she will be easy to work with. It is also an opportunity to spend an hour… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7In consumer Bankruptcy cases, especially Chapter 7 cases, completing the Schedules is one of the most important tasks. The Schedules identify (among other things) all your creditors, your property (and values of the property), your exemptions, income and expenses. In Chapter 13 cases, they will show the disposable income that will be paid to the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7,Debt Collection & ForeclosureAlthough many people enter Bankruptcy with a desire to save their home from foreclosure, others are anxious to rid themselves of the property and the debt associated with it. This could be their primary residence or other homes or real estate they own. A problem that occasionally comes up is that the person in Bankruptcy… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Throughout this blog, and most other Bankruptcy blogs and sites, we use the term “Bankruptcy Estate” (or just “Estate”), but what exactly is this “Estate?” In basic term, the Estate is created when a Bankruptcy petition is filed, and it includes all the property of the debtor that an be “administered” by the Trustee as… Continue Reading
By Scott Riddle Posted in Chapter 11,Chapter 13,Chapter 7If you own a small business that is organized as a corporation or limited liability company you probably understand that you are generally not personally responsible for the business debts unless you agree to be responsible (for example, personal guarantees). However, one exception to the rule is personal liability for payroll taxes that should… Continue Reading
By Scott Riddle Posted in Chapter 11,Chapter 13,Chapter 7This time of year many people are checking the mail box (or bank accounts if they choose direct deposit) for their tax refunds. Many people are counting on the “extra” money to catch up on a bill or get some repairs done to the car. For people who have filed for Bankruptcy, or are thinking… Continue Reading
By Scott Riddle Posted in Chapter 11,Chapter 13,Chapter 7As this post is written, many people have either recently filed their tax returns or are getting ready to file by the April 15 deadline. While most of us are not happy happy happy this time of year, for some people it is a reminder of their lingering tax debt from prior years. A common… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Even if you have a lawyer in your Bankruptcy case, you may be curious about what pleadings and documents are actually filed in your case. Your lawyer will most likely send you copies of just about everything filed in the case, whether it is by your lawyer or another party in the case, and you… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11Lawyers who handle Chapter 11 Bankruptcy cases for small to medium size businesses, or individuals, usually address these questions in the initial conversation with potential clients. “How much is a Chapter 11 case?” “Why is it so expensive?” “I just want to stop the foreclosure/lawsuit/collection, then we can dismiss.” “Can’t I pay a little over… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7A Rule 2004 Examination (often just called a “2004 Exam”) is the procedure used by parties in a Bankruptcy case to get documents or information from another party. The name comes from Rule 2004 of the Federal Rules of Bankruptcy Procedure, which governs the process. The rule is very broad and essentially allows any party… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7The Bankruptcy discharge is what it is all about. It is why people file for Bankruptcy, even though they also benefit from the automatic stay, lien stripping and other advantages in Bankruptcy. Even if some debts are excepted from the discharge, the Bankruptcy discharge typically frees up enough money to that the individual or couple… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7As discussed in more detail in this post, you there are two counseling requirements in individual Bankruptcy cases – one before filing the case, and one before getting a discharge. The overwhelming majority of people do the counseling sessions online. How do you find an approved Bankruptcy counseling agency and compare prices? One simple way… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7An “Adversary Proceeding” is a separate lawsuit filed within a Bankruptcy case and, like most other lawsuits, it is initiated by one party filing a “Complaint” against another party. The Adversary Proceeding has a separate case number and the pleadings in the proceeding are maintained separately from the main Bankruptcy case. Also like most other… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Choosing a Bankruptcy lawyer is probably the most important decision a person can make during the process, other than the decision to file Bankruptcy. If you are considering filing, or believe it may be necessary in the near future, it is important that you speak with a lawyer or two well in advance of the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7If you think Bankruptcy is a possibility, hopefully you have spent some time identifying one or two good lawyers in your area. The next step is to schedule an initial consultation to review your situation in more detail. These consultations are a two-way street. The lawyer is providing valuable information to you, and you have… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7The “Automatic Stay” in a Bankruptcy case is the law that stops creditors (and other parties) from trying to collect debts from a debtor, trying to get the debtor’s property or trying to create or enforce a lien on the debtor’s property. It is found in Section 362(a) of the Bankruptcy Code and essentially freezes… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7If you are reading about or researching Bankruptcy, you have no doubt run across the terms “Petition” and “Schedules.” What are they? Good question! The Bankruptcy Petition is the document that gets you in the door of the Courthouse and officially creates your Bankruptcy case. The minute the Petition is filed, the automatic stay is… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7A “Discharge” in a Bankruptcy case is a permanent release from personal liability for certain debts. A discharge comes in the form of a Court order, and is permanently enjoins a creditor from trying to collect a discharged debt. In most personal Bankruptcy cases, the discharge of debt is the most important goal in the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7If you are considering filing a Bankruptcy case, it is important to know that two counseling sessions are required in the case, one of which must be completed in the 180 day period before filing the case. With few exceptions, this is an absolute requirement and a case will be dismissed if this requirement is… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7There are several types of Bankruptcy available for individuals, businesses and even governmental entities facing financial problems. Each type is identified by a Chapter number, based on its chapter in the Bankruptcy Code. This website primarily discusses individual (or consumer) Bankruptcy cases, which are primarily Chapter 7 and Chapter 13, and small business cases that… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Much like the question of whether there is a Constitutional right to file for Bankruptcy, the question of whether the Bible mentions or supports a Bankruptcy filing is one that comes up more in lawyers’ marketing materials than in actual discussions with clients. The analysis is just as often inaccurate, if not misleading. However, unlike… Continue Reading
