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Bankruptcy When You Are Judgment-Proof

02/17/12

A person is judgment proof when under the laws of their state, a judgment creditor (lawsuit plaintiff) has no practical ability to force payment of the judgment. In North Carolina, which does not have generally available wage garnishment statutes, a judgment debtor is effectively judgment proof if all of his or her property can be [...]

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Married to Bankruptcy in Montana

02/15/12

You’ve done your best to keep your head above water, managed your debt to the best of your ability and finally come to the realization that it is time to declare bankruptcy and get a new start for you and your family. One of the first decisions that married couples need to make when planning [...]

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E.D.N.Y. Approves Debtor’s Chapter 20 Lien Strip

02/11/12

Lien Stripping in Chapter 13 Bankruptcy For our readers playing along at home, the basic rule with mortgage modification in bankruptcy is as follows: first mortgages on a debtors primary residence cannot be modified by filing for bankruptcy, however, second, third and other junior liens can be modified or “stripped” by filing for Chapter 13 [...]

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Debt Collectors Stoop to New Low: Credit Cards in Exchange for Expired Debt

02/11/12

Debt Collectors Offering Credit Cards With a Catch… Just when you thought debt collectors couldn’t get any lower, that they couldn’t be any more obnoxious or unethical, they started offering credit cards in exchange for paying expired debt. Yes, you read that right. The Wall Street Journal recently ran a story outing the relatively new tactic [...]

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Montana Small Business Bankruptcy: Who is Responsible for the Debt?

02/09/12

I get this question regularly (weekly) from  a lot from Montana small business owners who are considering small business or personal bankruptcy. The answer is: it depends. For many Montana small business owners the line between personal and business finances is often blurry. Montana business owners are especially hard working folks who put their blood, [...]

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Alternatives to Mortgage Foreclosure in Montana

02/09/12

“A full-fledged recovery in the housing sector will likely elude the U.S. in 2012.” — Frank Nothaft, chief economist for mortgage-finance company Freddie Mac A rising number of foreclosures and a stagnant economy add up to another difficult year for Montana homeowners. If you are one of the thousands of Montana homeowners in danger of [...]

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Tax Refunds

02/09/12

As taxes are filed and refunds start coming in by mail and direct deposit, attorneys and consumers seeking bankruptcy protection need to lend a careful eye toward refund protection.  Many people have already spent the refund check in their mind with necessities such as car repair and receive a huge shock when the trustee demands [...]

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The Benefits of Using a Bankruptcy Attorney

02/08/12

Even though you may be somewhat familiar with the term bankruptcy, the actual filing of this procedure is governed by federal laws, as well as some state regulations. Therefore, in most cases, it is advised that you use an attorney if you are considering this process. By using an attorney, you will have access to [...]

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I’m Not Current on May Car Payments, Do I Have Options in Chapter 13?

02/06/12

When you are considering bankruptcy, you have often been behind on payments for months.  You have run up credit card debt, and missed payments on your car and mortgage.  And now, perhaps your lender is threatening to repossess your car.  What are your options in Chapter 13 bankruptcy? In Chapter 13, unlike Chapter 7, you [...]

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Can Prospective Employers Deny You Employment Because You Filed for Bankruptcy?

02/06/12

Previously, I discussed the bankruptcy rule that employers cannot fire or otherwise discriminate against employees because they filed for bankruptcy.  However, I also mentioned the difficulty in sometimes proving the causation element between the filing and the discrimination, and the fact that a bankruptcy will still come up on credit checks and other types of [...]

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