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 7After the filing of a Chapter 7 case, creditors generally have the opportunity to file a claim for money they believe is owed to them. This is generally done through an official “Proof of Claim” form. In “no asset” cases, there is generally no claim form mailed out to creditors since there will be no… 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 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 Chapter 13,Chapter 7,Creditor Law,Debt Collection & ForeclosureWe have all heard that we should check all three major credit reports at least once a year and some experts recommend checking it two or three times a year. There are several good reasons for this. One, your credit reports and credit scores directly impact your ability to obtain credit and the terms of… 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 7One of the requirements of filing a Bankruptcy case is completing the Schedules honestly and completely. It is perfectly fine to unintentionally leave something out as long as the Schedules are amended. One of the most common items left off Schedule B (personal property) is claims or lawsuits that the person filing for Bankruptcy has… 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,Creditor Law,Debt Collection & ForeclosureWhether you are in good financial shape, facing financial problems, or recovering from Bankruptcy, you need to periodically check your credit report with the three major credit bureaus (Equifax, Experian and TransUnion). By law, you can get copies of your credit reports every year. The easiest way to get the three reports is to go… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7A Health Savings Account is a bank account set up by individuals that allows them to save money for medical expenses (including high deductibles). They were created in 2003, and allow people to make tax deductible contributions to the HSA and then spend the money on certain health related expenses. They have become popular since… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 7Lawyers who have been in the Bankruptcy field for any length of time have come across people who either want to try to hide assets in their Bankruptcy case, or who have been caught doing so. We occasionally are asked by potential clients how to shield or hide assets from the Trustee or creditors (a… 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 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 7In a recent Chapter 7 case, there was a question of what happens when a secured creditor (in this case the secured home lender) does not file a Proof of Claim in the case, or otherwise participate in any way in the case. In fact, in this particular case, the debtor (inaccurately) scheduled the lender’s… 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 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 13,Chapter 7One of the more common concepts in Bankruptcy Court, and most other courts, is that if a party does not respond or object to the relief requested by another party, the relief is deemed unopposed. Most commonly, that comes up when a defendant does not timely file an answer to a complaint and a default… 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
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Just about everyone facing financial problems and a possible Bankruptcy filing are concerned with what they get to keep. Many, unfortunately, have visions of someone showing up with a truck and hauling off their furniture, clothing, dishes and other personal items. Thankfully, this could not be further from the truth. In fact, the great majority… 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
