In broad terms, there are two types of Chapter 7 bankruptcy case: “asset” and “no asset”. Most Chapter 7 filers have no asset cases. What that means is their assets, i.e. personal belongings and real estate, are exempt (protected) under the bankruptcy rules. Practically speaking, in a no asset case there isn’t anything for the…Read more
Can I File Bankruptcy If My Business Fails?
I often get calls from people who want to know if I can help them file bankruptcy for their business. After trying their best, for one reason or another their business plan just didn’t work out. Maybe they didn’t have enough capital. Maybe their household couldn’t survive on one income while the business got up…Read more
Will The Bankruptcy Court Deny My Chapter 7 Discharge?
I often get asked when I meet with someone who is thinking about filing bankruptcy, whether or not there is any chance that their bankruptcy would be denied. They are unfamiliar with the bankruptcy process and worried that something might interfere with their ability to get the fresh financial start that they desperately need. Before…Read more
How Do I Get Rid Of A Judgment Lien After My Bankruptcy Has Been Closed?
At least a few times a month, I’ll get calls from people that go something like this: They filed bankruptcy several years ago. They’re now trying to sell or refinance their home. The title company has discovered a judgment lien that has to be eliminated before the refinancing or sale. Once the homeowner discovers the…Read more
When Is Reaffirming A Car Loan In Bankruptcy A Bad Idea?
One of the greatest concerns that my clients have about the bankruptcy process is whether or not they’ll be able to keep their car. For most people, the answer is yes. In fact, in the hundreds of cases that I have handled, I have yet to have a client who had to involuntarily surrender their…Read more
Can I Get A Car Loan After Bankruptcy?
When potential clients come into my office for a free consultation, they are usually concerned about two things: whether bankruptcy will get rid of their debts and how long will it take to re-establish their credit. Bankruptcy will get rid of most debts, except: child support and alimony obligations, certain back taxes, student loans, loans obtained by…Read more
How Do I Dispute An Error On My Credit Report?
Not everyone who comes to me for help wants to file bankruptcy. Their problem isn’t that they’re dealing with overwhelming debt, but they are having trouble buying a car or a home because of errors on their credit report. Oftentimes, there are still debts showing as owing even after they have filed bankruptcy, or someone has…Read more
What Should I Do If Someone Tries To Collect A Debt I Don’t Recognize?
Although there are strict rules when it comes to collecting a debt, you can’t always rely on debt collectors to follow them. Unfortunately, there are debt collectors out there who will take advantage of your confusion and anxiety about dealing with them and are more than happy to accept your payment for a debt that…Read more
Can I Get Rid Of A Second Mortgage In Chapter 7 Bankruptcy?
The Supreme Court recently held that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien under §506(d) when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under §502 of the…Read more
Four Steps To Improving Your Credit Score After Bankruptcy
Contrary to what many people think, bankruptcy can sometimes be the best way to improve your credit score if it has been brought down by an inability to pay your debts. If you decide to file bankruptcy, there are some steps you can take to improve your credit score. By following these steps, I have…Read more
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