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 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 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
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureMost consumer websites such as this one focus on Chapter 7 cases and Chapter 13 cases, with the occasional reference to individual Chapter 11 cases. The types of Bankruptcy are identified by the specific chapter in the U.S. Bankruptcy Code. What is a Chapter 20 case, since there is no Chapter 20 in the Bankruptcy… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Creditor LawWhen completing Bankruptcy Schedules, we are asked to identify three categories of creditors: 1) Secured Creditors (Schedule D), 2) Unsecured Creditors (Schedule F) and 3) Priority Creditors (Schedule E). When creditors file a Proof of Claim, they have to state which category into which their claim falls. Here is a brief description of each of… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Creditor LawIf you are a party in a personal Bankruptcy case, you have probably come across references to a “Proof of Claim” form (sometimes simply referred to as a “claim”). Officially, it is known as Form B10, and you can view and complete the form on the U.S. Courts website. This form, completed by the creditor,… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7Bankruptcy itself is normally an emotional time for most people, and it can get more emotional when they have visions of someone coming in their house and taking their personal property. As we discussed in this post, that is simply not reality and the great majority of people filing for Bankruptcy do not lose any… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7,Debt Collection & ForeclosureA deficiency claim is a claim by a lender for the balance owed on a loan after a foreclosure or repossession and liquidation of the collateral. For example, if the balance owed on a home loan is $200,000, and a lender forecloses and sells the house for $150,000, the lender has a claim for the… 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 13,Chapter 7Although there are many reasons that individuals may have to file a Bankruptcy case, including medical debt, foreclosure, wage garnishment, and other reasons, the one question important to all of them is will they lose any of their property in the case and what will they get to keep. Often people have visions of moving… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7If you read blogs like this one, or other Bankruptcy resources, you will no doubt run across references to “no asset” Chapter 7 cases. Although the term “no asset” is not a defined term in Bankruptcy law it actually has a very specific, and very important, meaning in Chapter 7 cases. It means that the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7In recent posts, we have discussed the basics of reaffirmation agreements, whether or not you should reaffirm your home loan, and why you should not get legal advice from lender representatives who told you it was a mistake to not reaffirm in your Chapter 7 cases and they will not refinance because of this. This… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7We have discussed the Means Test in detail in this post. “Passing” the Means Test is the key to qualifying for Chapter 7 Bankruptcy, which is a much better option than Chapter 13 for many people. It allows people to get in and out of Bankruptcy in a few months, with no 3-5 year payment… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7We have covered the basics of Reaffirmation Agreements and whether you should reaffirm your home loan, and now we’ll tackle whether reaffirming your car loan is a good idea. While Bankruptcy lawyers rarely recommend reaffirming a home loan (in fact, we almost always oppose it), the analysis is a little different for vehicles. It is… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7One of the most common issues that comes up in Bankruptcy cases, primarily Chapter 7 cases, is “reaffirmation.” It is also sometimes one of the most confusing issues. Simply stated, a Reaffirmation Agreement is an agreement between a debtor in a Bankruptcy case and one of their creditors whereby the debtor agrees to repay a… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7For homeowners in Chapter 7 Bankruptcy cases, the decision of whether or not to reaffirm their home loan is one of the most important decisions that can be made in the case. Please remember this: You do not have to reaffirm your loan(s) to keep your house! We discussed the basics of Reaffirmation Agreements in… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7After filing for Bankruptcy, people naturally wonder “Where do I go for court?” Like all lawyers, we will give our clients the location of the courthouse, the location of your first meeting of creditors if it is held in a different location, and we even have a document with directions and tips on parking, security… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7In this previous post, we discussed where you can file a Bankruptcy case if you are planning on moving or have recently moved. The second very important question is what state’s exemptions will apply after a move. These exemptions vary widely from state to state. In order to discourage people from moving to a new… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7People who find themselves in financial problems often face a move as well. This may be for better work opportunities or to move closer to family. If a Bankruptcy filing is also a possibility, the question becomes where to file the case (the “venue”), and whether it is better to file before or after a… Continue Reading
