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 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 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 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 Creditor Law,Debt Collection & ForeclosureAlthough Debtors Prison was a reality in the United States a couple hundred years ago, and still exists in other countries, you cannot go to jail or prison, or even be lawfully arrested, merely for owing a debt. It does not matter whether it is a $100 debt to a friend or a $1 million… 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 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 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 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 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 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 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 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 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 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 & Foreclosure“Emergency” Bankruptcy cases or petitions, and “skeletal” petitions, are terms that are used fairly often in the Bankruptcy world and you may come across the terms in various websites (such as this one). The terms are related, but have different meanings. An “emergency” Bankruptcy case is, as the name implies, a Bankruptcy case that has… 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 Chapter 7Like all Bankruptcy lawyers, I am happy that just about every client or potential client that has walked through my door is completely honest with me and in their filings with the Bankruptcy Court. However, when discussing the Bankruptcy Schedules and list of assets, it is natural to occasionally get asked how Chapter 7 Trustees… 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
