By Scott Riddle Posted in Chapter 13,Chapter 7There are a few Bankruptcy forums or Q&A sites on the internet that allow people to post general questions about Bankruptcy. Almost on a daily basis people post questions that indicate they are, or intend to, go without a lawyer and do the case themselves. Rarely does this work out well as statistics show that… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7Yes, a Judge can deny a reaffirmation agreement even if it is a voluntary agreement between lender and borrower. We discussed the basics of reaffirmation agreements in this post, and we also have posts about car reaffirmations and house reaffirmations. A reaffirmation agreement is, in theory, a voluntary agreement between you and a lender in… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7“Hate” may be a strong word, and it almost always is, so let’s change it to “dislike” or “disagree with” Dave Ramsey. If you do not know who Dave Ramsey is, you might not be interested in this post, but you can read his biography here. In short, he is a “financial planning guru” (my… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7For the past couple of years one of the benefits of being in the 11th Circuit states (Georgia, Florida and Alabama) is that you could strip an unsecured junior lien from a house. These states were the only states in which this was available and it was because a higher court approved it. This all… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7Houses can be great long term investments, or they can drag you into Bankruptcy. They are usually your biggest investment, and your largest debt burden. Some people have a great emotional attachment to their house, as is the home in which they raised a family. As Bankruptcy lawyers, we are frequently asked by clients or… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7No…not Debtors’ Prison (unless it is child support or some taxes). It is not all that unusual that someone who files a Bankruptcy case goes to jail later, or someone already in jail or prison wants to file a Bankruptcy case. For example, take the person who is in financial trouble and gets behind on… Continue Reading
By Scott Riddle Posted in Chapter 7,Creditor Law,Debt Collection & Foreclosure‘Tis the Season … of very attractive offers from credit cards for cash advances or balance transfers at 0% interest or a very low interest rate (“teaser rates”). I get them just about every day from credit cards I have and ones I don’t have. The most aggressive bank sends me about two offers a… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureThis question comes up fairly regularly. Is it a good idea, or totally useless, to tell your creditors that you are planning on filing for Bankruptcy, have hired a Bankruptcy lawyer, or you are going to file for Bankruptcy at some point. There is really no firm answer either way as it depends on the… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7As we discussed in this prior post, the United States Trustee’s office will randomly audit Chapter 7 and Chapter 13 cases (as many as one in every 250 cases), and will audit other cases because there is something in the Schedules that makes that case stand out from the “average” Chapter 7 or 13 cases. … Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7If you find that your Bankruptcy case is being reviewed by the United States Trustee it is not necessarily a bad sign but it is something you will want to discuss with your lawyer. It might seem especially scary if the first you hear about it is a notice of a Rule 2004 Examination or… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosureIf you have gone through the foreclosure process, maybe because you have decided to leave an expensive house and debt behind, and you are still living in the house, you are probably wondering how long you can stay in the house before you have to move. The answer is…it depends. Primarily, it depends on the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7The Bankruptcy Code has specific code sections that list the requirements to be eligible to file a Bankruptcy case. What is not included in the list of requirements is that the individual is a United States Citizen, or even in the country legally. Generally, if you have a residence or business in the United States,… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7We have written quite a bit about student loans in this blog (which you can access with the student loan tag), and we will continue to do so. It is one of the biggest financial problems we have in this country. Recent data shows that it is not only young people who are burdened with… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureOccasionally we see loan agreement or other contracts that have a provision in them that says the borrower will not file for Bankruptcy or that the Borrower has waived their right to file for Bankruptcy. If you sign a contract with these terms, the other party may believe you are barred from filing a Bankruptcy… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7The title of this post is probably a little inaccurate, because we all know financial problems naturally lead to stress. Maybe it should be avoid “most” or “some” of the stress. Whether one is starting a plan to pay off their debt, following a Dave Ramsey plan, or they have to consider a Bankruptcy case,… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7No, you will not lose your family pet in a Bankruptcy case. Technically, pets are “personal property” that should be listed in Schedule B. Of course, most of us with pets view them more as members of the family than something like an end table. My goldens and labs have had the run of my… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7If one person files a Bankruptcy case, either Chapter 7 or Chapter 13, and receives a discharge of some or all of their debt, is their non-filing spouse protected for any joint debts discharged in the case? The answer is, unfortunately, no. Only an individual who actually files their own Bankruptcy case gets the benefits… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7A common question we often get is whether when one spouse files for Bankruptcy, the other spouse has to file too. The answer is no, unless there are other reasons the spouse needs to file. In most facets of Bankruptcy debtors are treated as individuals with their own debts and assets, even in joint cases… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Occasionally, our clients are surprised with how much work that goes into filing a Bankruptcy case and with how much effort they need to put in to complete the initial filings. This is simply one of the unavoidable trade-offs for the benefits of a Bankruptcy filing. The Schedules that have to be filed in every… Continue Reading
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 13,Chapter 7If you are required to file tax returns, it is very important that you make sure all returns are filed before you file for Bankruptcy, if at all possible. Surely there are times when it is not possible to catch up on prior returns, such as when a foreclosure is coming up soon, but even… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosureVehicle title loans (or title pawns) are big business in Georgia and other states. A title loan is a loan transaction whereby the borrower hands over the actual title of their vehicle to the lender in exchange for a short term loan based on the value of the vehicle. For example, if the vehicle is… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosurePayday loans are popular in the United States. By some estimates, there are more payday loan outlets than McDonald’s (and there are more than 14,000 locations of McDonald’s.). First, let’s define a payday loan. It is a relatively small loan usually intended to get the borrower to their next paycheck. These loans are usually unsecured,… Continue Reading
