Contact bankruptcy attorneys now for your FREE debt consultation 855.536.9231

Tag Archives: bankruptcy lawyer

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 »

What Are Adversary Proceedings in Bankruptcy?

Most people who file bankruptcy only experience the administrative aspect of bankruptcy.  They have no exposure to bankruptcy’s adversarial or litigation-side.  Yet, creditors can oppose or challenge certain aspects of your bankruptcy case, which opens the door to litigation. Bankruptcy is a unique area of law that uses different terms than many other legal areas. … Read More »

The Rise and Fall of Bankruptcy Statistics

Sometimes a volatile economy makes it difficult to know what to expect in terms of bankruptcy filings.  The past two years saw extremely different trends. According to the United States Courts in 2010: Bankruptcy filings grew 14 percent to 1,596,355 Chapter 7 filings grew by 16 percent Chapter 13 filings grew by nine percent Chapter… Read More »

Timing Your Bankruptcy Filing

The saying timing is everything has merit for many situations in life and also holds true for filing bankruptcy.  It is important not to wait too long until your world comes crashing down on you before resorting to bankruptcy.  However, filing too soon may also deprive you of many advantages.  Discussing your finances with a… Read More »

What Is Wage Garnishment and How Can Bankruptcy Help?

If you owe money, it may come as a surprise to find out that a creditor can garnish your wages, leaving you to take home a smaller paycheck.  When debt mounts up and creditors become serious about collection efforts, they sometimes resort to garnishment. Wage garnishment is a court order that allows a creditor to… Read More »

Avoiding Credit Repair Scams

As increasing numbers of people struggle with debt and file bankruptcy, many credit repair services have cropped up.  However, it is important to understand that some credit repair agencies do not serve the individual’s best interests and there are pitfalls you should avoid. A number of federal agencies became concerned about how credit repair agencies… Read More »

What about Pre-Bankruptcy Credit Counseling?

Since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005, debtors opting for bankruptcy face a new prerequisite—180 days prior to filing bankruptcy, they must complete a credit counseling session as an eligibility requirement. What does credit counseling involve? During credit counseling, you participate in a counseling session where the counselor… Read More »

What is the Role of the Trustee?

During the bankruptcy process, you’ll be working very closely with your bankruptcy lawyer. However, another person you’ll meet is your bankruptcy trustee. The main duty of the trustee is to represent all of your creditors collectively and to administer your estate. Early in your case, the trustee will hold a meeting of creditors, during which… Read More »

What Happens To My Credit And Me After Bankruptcy?

Even though hiring a bankruptcy lawyer and filing for bankruptcy can help you save your house, your car, and other personal property, many people worry about its affects after filing. “How long will this follow me around?” “Is my credit ruined forever?” “Will I ever be able to buy a house or a car again?”… Read More »