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Author Archives: Jeff Aleman


Reasons to Save Your Bankruptcy Paperwork

Not too long ago, sub-prime loans and other fraudulent lending practices lead to the housing market scandal, causing many homeowners to face foreclosures and file bankruptcy.  The downfall of Countrywide Home Loans Inc. opened the door to compensation for many homeowners who were victims of their unfair practices.  Countrywide clients who saved their bankruptcy and… Read More »

Does Filing Bankruptcy Relieve Any Tax Debt?

How filing bankruptcy affects tax debts varies greatly from case to case and depends on individual circumstances, the type of bankruptcy filed, and court decisions. However, in all bankruptcies, one factor never changes.  The only tax debt that bankruptcy may provide relief for is income tax debt. If the IRS has not filed a lien… Read More »

What is a Subordination Agreement and How Does It Apply to Bankruptcy?

Like other specialized fields, bankruptcy contains many terms and financial concepts that can be confusing or unfamiliar.  Subordination agreement is often one of these terms. To subordinate something means to place it lower in rank or importance.  In bankruptcy, creditors are subject to subordination, meaning some creditors take priority for payment over others. A subordination… Read More »

What Rights Do Creditors Have in Your Bankruptcy?

Like most legal proceedings, you can view a bankruptcy as an adversarial process where two sides have opposite goals and vie against each other.  In bankruptcy, creditors have the goal of receiving as much debt payment as possible, and debtors hope to discharge as much debt as possible. While most bankruptcies remain administrative in nature,… Read More »

Short Sale vs. Bankruptcy

A short sale is an agreement with a mortgage lender to accept the proceeds from a house sale as final payment, despite the fact that the proceeds will fall short of the house’s mortgage balance.  Through short sales, owners lose their homes but have no debt.  Similarly, bankruptcy trustees can sell homes and use the… Read More »

Rights and Protections after Bankruptcy

Feeling hunted and hounded by creditors is definitely something debtors want to put behind them—even after bankruptcy is over.  During bankruptcy, an automatic stay prevents credit collection activities.  Similarly, a discharge relieves debtors from further debt liability and also prohibits creditor collection attempts after bankruptcy.  However, what can debtors do if a creditor continues to… Read More »

How Recent Credit Card Use Relates to Filing Bankruptcy

Many people struggling with debt may end up resorting to credit card use because there is no other way to afford food and clothing.  Yet their credit card interest keeps mounting up and they plunge deeper and deeper into credit card debt. The Bankruptcy Code puts restrictions on credit card use prior to filing bankruptcy… Read More »

When Can the Court Revoke a Bankruptcy Discharge?

While debtors may feel like they are home free once they receive a discharge in bankruptcy, under certain circumstances the court can revoke discharges.  The legal concept behind revocation is to see that justice is served, and when the court suspects that a debtor obtained a discharge dishonestly, that discharge is simply not set in… Read More »

What Is the Bankruptcy Code?

The United States Constitution gives Congress the authority to create laws governing bankruptcy throughout all states in the United States.  In 1978, Congress passed the Bankruptcy Reform Act, which is contained in Title 11 of the United States Code and known today as the Bankruptcy Code. The Bankruptcy Code has undergone various amendments, with the… Read More »

How Does the State Where You Live Affect Asset Exemption in Bankruptcy?

When filing bankruptcy, debtors list exempt assets in their schedules and Statement of Financial Affairs.  Exempt assets are not subject to liquidation to pay unsecured creditors during a Chapter 7 bankruptcy.  However, which assets are exempt during bankruptcy largely depend on state law, because state property laws determine asset exemption―unless the debtor lives in a… Read More »