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Condo and subdivision fees: Are Association fees dischargeable or not?

09/27/11

In short the debtor is responsible for assessments as long as the debtor is the owner of the property. In a chapter 13, the debtor who wants to keep his property wants to add the pre-petition assessment fees into his plan if they are delinquent. The assessment is normally secured by the property. State law [...]

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Chapter 13 Bankruptcy Basics

09/26/11

As a bankruptcy attorney in Dallas, I get a lot of questions about the difference between Chapter 7 and Chapter 13 bankruptcy. Many people ask me about the changes in the bankruptcy laws and how they will affect their debt relief options. Although some people may not qualify for Chapter 7 bankruptcy, Chapter 13 can [...]

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Life After Bankruptcy

09/26/11

The good news is there is life after bankruptcy!  Although filing a bankruptcy, either Chapter 7 or Chapter 13, will have a negative initial impact on your credit score, filing a bankruptcy case does not mean that you will never be extended credit again.  You will be able to re-establish and re-build your credit after [...]

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Will I Lose My Job Because I Filed for Bankruptcy?

09/26/11

Will I Lose My Job if I File for Bankruptcy? It is prohibited under the bankruptcy code for a person to be fired because they have filed bankruptcy.  Now, I have never in my years had a client complain that they were let go because the employer subsequently found out about the bankruptcy.  Even if [...]

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8 Eye-Opening Secrets That Reduce the Pain of Bankruptcy

09/26/11

SECRET #1: Most people keep all their property. Illinois law allows you to keep your home, cars, furniture, appliances, employer sponsored retirement and other things you need to get a fresh start. While there are limits to the values of what you can keep, typically you are not required to give up anything. In general, [...]

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Debts You Can & Cannot Erase with Bankruptcy

09/26/11

Here’s how different debts are treated in bankruptcy: Debts Dischargeable in Chapter 7: Personal loans – such as money borrowed from friends Credit cards Repossession deficiencies Auto accident claims Health care bills Judgments Debts from a Business Leases Guaranties Negligence claims Tax penalties over 3 years old Non priority taxes Possibly Dischargeable in Chapter 7: [...]

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11 Tragic Misconceptions About Bankruptcy

09/26/11

MISCONCEPTION #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills, but sometimes things happen that make it impossible. These things include an unexpected lawsuit, judgment or income tax bill – a fine that was considered excessive or in dispute – and more. Bankruptcy is a legal right that is provided [...]

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20 Costly Mistakes to Avoid When Thinking About Filing for Bankruptcy

09/26/11

MISTAKE #1: Taking out a second mortgage against your home, often called a home equity loan. You can’t borrow your way out of debt. Many people hope to avoid Illinois bankruptcy by getting a home equity loan to pay off medical bills, credit card debt, and other obligations. And, not surprisingly, banks and other lenders [...]

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In re: Iftikhar, No. 10-54579 SLJ (Bankr. ND Calif., March 15, 2011). Companion Blog

09/24/11

In Chapter 13 bankruptcy, you may be able to ask the court to lower the amount that you owe on a mortgage.  Actually, it is slightly more complicated than that, but it boils down to the same thing. If you have a mortgage that you owe more on than your home is worth, the court [...]

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Important Changes To Bankruptcy Laws

09/23/11

As a bankruptcy attorney in Dallas, Tx, I am always asked about how bankruptcy laws have changed and whether the laws will affect their homes and family. In my opinion,filing for bankruptcy has always been a tedious process and many people find it overwhelming. Part of the reason for this is that people just don’t [...]

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