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Author Archives: Jeff Aleman

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Bankruptcy Statistics Nationwide

Bankruptcy is more common than you may think. According to the Administrative Office of the United States Courts, in 2011 there were over 1.4 million bankruptcy filings nationwide. The vast majority of these — over 70 percent — were for liquidation under Chapter 7. Also surprisingly, individuals and other nonbusiness entities accounted for over 96… Read More »

Debt Relief for Military Personnel

The men and women of our armed forces and their families make huge sacrifices every day to protect our freedoms. And all the while, they still have to run their own financial lives, often from thousands of miles away. This can be especially problematic for service members who are named as defendants in civil actions… Read More »

Long-Term Effects of Bankruptcy

We spend a lot of time here reassuring clients that bankruptcy is not the end of their financial lives and that many individuals and businesses come out of bankruptcy with improved financial health. This is absolutely true and we stand by it. But it is also important for people to recognize the gravity of the… Read More »

How Bankruptcy Can Help You Negotiate with Creditors

When it is feasible, negotiating with creditors is an excellent alternative to bankruptcy that allows troubled borrowers to resolve debt while minimizing credit consequences. But negotiation requires leverage. If the amount or validity of a debt is not in dispute, a lender usually has no incentive to negotiate. The prospect of bankruptcy, however, can give… Read More »

How Long Does Bankruptcy Take?

How long the bankruptcy process takes can vary greatly from case to case and chapter to chapter. In some Chapter 7 cases, the petitioner can receive a discharge in as little as two months. Depending on what assets are present, the case may continue after the court issues a discharge as property is sold to… Read More »

Can I Shed My Mortgage?

The answer to this question depends entirely on your situation. You may be able to prevent foreclosure and get rid of your mortgage at the same time by investigating who exactly owns the mortgage and holds the promissory note for the loan. And you may be able to drop a second mortgage entirely if you… Read More »

Student Loans and Bankruptcy

Student debt in America recently crept above one trillion dollars, meaning that Americans now owe more on their student loans than they do on their credit cards. And the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) changed the rules so that no student loans — public or private — could be discharged… Read More »

Some Ways to Avoid Bankruptcy

Before deciding to declare bankruptcy, seriously consider some of the following alternatives. Trim your budget everywhere you can. Make a list of your regular expenses and go over it carefully. Can you pack a lunch instead of buying one at work?  Can you jog and work out at home so you don’t have to pay… Read More »

What Form of Bankruptcy is the Right Choice for Me?

The correct form of bankruptcy for you depends on the details of your situation. What sort of debt do you have? Bankruptcy law divides debts into two broad categories: secured and unsecured. Secured debts are debts backed by collateral to reduce the risk of lending. For example, a mortgage is a secured debt because your… Read More »

How to Prepare for a Meeting with Your Bankruptcy Attorney

If your financial situation has gotten to the point where you think bankruptcy might be the best option for you, the time has come to consult with an experienced bankruptcy attorney. But before you meet with your bankruptcy attorney for the first time, get prepared by doing the following: Know your assets. Write a list… Read More »