By Scott Riddle Posted in Bankruptcy BasicsYes. I could probably end with that simple, straightforward answer but, really, the answer is always the same. One of the very common questions that comes up fairly regularly on online forums is some form of this question. Often it seems like the person is concerned they forgot something, or may be in trouble in… Continue Reading
By Scott Riddle Posted in Creditor Law,Debt Collection & ForeclosureYou have been informed by a creditor that your debt has been “charged off,” or your credit report shows that a debt has been charged off. You believe that this is the end of the matter, but all of a sudden you find out you have been sued for the debt by a debt collector. … Continue Reading
By Scott Riddle Posted in Creditor Law,Debt Collection & ForeclosureIf you have been sued by a creditor or a collection agency on a debt that you owe, one way to resolve it is a settlement. Settlements are generally good for both parties, or at least less painful for both parties. The creditor gets some of the money it is owed, and you hopefully are… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Most of the discussion in this Blog, and most other Bankruptcy websites, involve the primary benefit and goal of Bankruptcy – the discharge of debt. Many other posts are dedicated to avoiding foreclosure so you can catch up on your payments and keep your house, and this is still primarily an issue of dealing with… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Virtually all courts, from local city courts to the Supreme Court of the United States, charge filing fees for filing a case, filing appeals, and sometimes filing motions and other documents. These are fees that help the courts keep running, and are in addition to the fees you pay to your lawyer. Bankruptcy Courts are… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Debt Collection & ForeclosureIn Georgia, the first Tuesday of every month is “Foreclosure Day.” It is the one day a month when home lenders are able to foreclose on homes and other real estate, assuming they have met the other requirements of foreclosure such as notice to the borrowers. Not surprisingly, the busiest day for Bankruptcy filings in… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13The internet is a great thing, so thanks to Al Gore for inventing it. If I need to fix something around the house and run into trouble, chances are there are Youtube videos that will solve the problem. If you are considering Bankruptcy, you might start with google searches to get more information (and hopefully… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7A couple of events made the news in the last week or so that are relevant to Bankruptcy or financial matters. In this prior post, we discussed the mostly made-up story about the man who was supposedly arrested just because he was late on his student loans. Another story that did not get as much… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureHome loan modifications have been a really big deal the last few years. The reality, however, is that the number of actual successful modifications is far less than originally “promised” by politicians, lenders and others involved in the process. Tales of lost documents, months-long delays, and then denials abound. Given that, is it necessary or… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Maybe you have seen the words “debt relief agency” on a lawyer’s website or other marketing materials. The phrase “debt relief” has been used for many years as a substitute for the word “bankruptcy,” most likely because it sounds a little less ominous. Many years ago, a lawyer in the Atlanta area, and one of… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Creditor Law,Debt Collection & ForeclosureDo you have a friend or relative who just throws money away by spending every penny or running up credit cards and debt on unnecessary things? All of know people who do that to some extent. What if a relative is personal friends with a Nigerian Prince and sends him money on occasion? What if… Continue Reading
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 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 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 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 13,Chapter 7Since we are Bankruptcy lawyers, with many years of experience, we see firsthand the dangers and hazards of trying to file a case without a lawyer. On a daily basis, people on legal forums like AVVO and Lawguru post questions about getting out of trouble they have gotten themselves into by not hiring a good… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureMany Bankruptcy cases in Georgia, and other states, are filed to stop a foreclosure of the family home. They are not filed only because of the foreclosure, but the realization that the family home is about to be lost is usually the final straw after a period of financial problems. It is certainly understandable that… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7The purpose of this Blog is to provide basic, easy to read, and hopefully easy to understand, information about Bankruptcy for individuals and small businesses. If you reached this page because you are facing financial problems and exploring Bankruptcy, we hope we can help you a little. You may have a specific question, and maybe… Continue Reading
By Scott Riddle Posted in Chapter 7I frequently get calls from individuals who own small or mid-size businesses that are experiencing financial difficulties and need to close their doors. They often assume that they should file a bankruptcy petition on behalf of the business if it is a separate business entity. Often, filing the petition for the business does no good,… 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 13,Chapter 7In this prior post, we discussed Exemptions in Bankruptcy and why very few people actually lose property to the Bankruptcy Trustee (mainly in Chapter 7 cases). The primary reasons that people filing for Bankruptcy do not lose property is because they either do not have property that could be sold for a significant amount, or… Continue Reading
