News Topic: Chapter 7 Bankruptcy

Written by Craig D. ... Read full article

I as a bankruptcy attorney cannot under the law advise you to borrow money, to take out a loan, to acquire any property on credit.  I am obligated to follow the bankruptcy code and am I prohibited from advising a client to take out credit or obtain a loan ... Read full article

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.  ... Read full article

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 ... Read full article

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, ... Read full article

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 ... Read full article

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 ... Read full article

Jefferson County, Alabama, has been on the brink of bankruptcy for months now.   The County Commission voted recently to hire two bankruptcy attorneys to handle a potential filing, and has projected that a Chapter 9 filing would cost the county about 1 ... Read full article

A fringe candidate for mayor of Tucson was arrested for bankruptcy fraud a few months ago.  The 81 year old Marshall Home after filing on March 16, 2011, in United States Bankruptcy Court in Tucson an Involuntary Petition in Bankruptcy, seeking to place ... Read full article

Jonathan Brent is happy to announce his membership in the National Bankruptcy Forum. ... Read full article

Bankruptcy Enjoys Federal Oversight Not everyone needs to or should file a bankruptcy case.  Bankruptcy is something that should be a last resort.  But when financial pressures become unbearable, bankruptcy is most likely the best option. First, bankruptcy ... Read full article

One of the most common questions that we get here in the office from clients or potential clients who are considering filing Chapter 13 bankruptcy regards changed circumstances while you are in Chapter 13 bankruptcy.  What will happen if our income goes ... Read full article

     A common post-petition question I receive from my Chapter 7 clients is what are their obligations and options if they decide to walk away from their homes after they receive their discharge.  These are clients who initially did not surrender their ... Read full article

Characteristics of a Good Bankruptcy Attorney If you’re faced with the unfortunate task of filing for bankruptcy, there’s nothing more important than having a highly qualified Arizona bankruptcy attorney by your side. Not only do reliable bankruptcy ... Read full article

The oldest of the baby boomers are just now reaching the age of retirement, and with that comes a series of new concerns.  The average cost of a nursing home today is somewhere around $7,000 a month, and that number is only on the rise.  For adults who ... Read full article

Chapter 7 vs. Chapter 13 Bankruptcy Through years of practice, I have lost track of how many times I am asked the question, “What is the difference between Chapter 13 bankruptcy and Chapter 7 bankruptcy, and what is the best option for me?”  Every time ... Read full article

How bankruptcies affect cosigners When filing for bankruptcy, it’s important to understand the consequences. Although most of the consequences will fall squarely on you, a bankruptcy could have negative ramifications on your cosigners. Even though it’s ... Read full article

At a recent meeting of our Chapter 13 Committee meeting, a group of Bay Area bankruptcy attorneys who meet monthly to discuss recent developments in consumer bankruptcy law, a lively discussion erupted among a group of 40-50 local practitioners over Bay ... Read full article