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Category Archives: Bankruptcy Attorneys

What Happens to Cosigners When You File for Bankruptcy?

When your credit is not good enough to qualify for a loan, the lender may require a co-signer.  This practice is common with young people who have not established credit but want to buy a car or a home, and their parents help them out by co-signing. Unfortunately, you cannot usually foresee tough economic times,… Read More »

The Fractional Interest Bankruptcy Foreclosure Scam

To understand a fractional interest bankruptcy foreclosure scam, you must know what fractional interest is.  Fractional interest in real estate property often occurs through probate actions.  For example, say parents leave their house to two children, John and Michael.  As long as they do not predecease the parents, the sons inherit the property.  If John… 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 »

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 »

Some Background History about U.S. Bankruptcy

During the early years when our forefathers founded the United States, many people had immigrated to escape the harsh bankruptcy laws in their native countries.  England, for example, was well-known for its debtors’ prisons and the numerous debtors who died in prison. Under the First Article of the U.S. Constitution, Congress received the right to… Read More »

Bankruptcy, Levies, and Liens

When struggling with financial problems, you run into many legal and financial terms that can be confusing.  Some of these terms relate to actions that creditors can take against you.  And in many cases, bankruptcy offers a reprieve against such actions and the chance to become solvent again. What is a lien? A “lien” is… Read More »

How is Chapter 11 Different for Small Businesses?

Unlike Chapter 11 bankruptcy cases that involve medium to large businesses, the U.S. Trustee is more involved in overseeing the case with a small business Chapter 11.  Early on, the debtor must attend an initial interview where the trustee evaluates the small business’s viability, the debtor’s business plan, and the debtor’s responsibility to file certain… Read More »

Advantages the Debtor in Possession Role Offers in Chapter 11

In Chapter 11 bankruptcy, a corporation, partnership, or sole proprietorship can reorganize the business, continue operations, and work to pay off debts.  The debtor stays in possession of the business and acts as the fiduciary, called a debtor in possession. Maintaining control over the business provides advantages for debtors because they have more decision-making power… Read More »