Category: Bankruptcy Law Archive
What happens to my home if I file for bankruptcy?
Many worry about their living arrangements post-bankruptcy. What happens to my home if I file for bankruptcy? Will you be able to buy a home in the future if you’ve got a bankruptcy on your record? Will you be approved for long-term lease agreements even though you’ve filed for bankruptcy? Addressing ...
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HELOC and bankruptcy: Negotiating, Foreclosing or Settling?
If you have questions regarding how filing for bankruptcy will affect your home equity line of credit, meet with an attorney and have HELOC and bankruptcy explained to you before proceeding. When you file for bankruptcy, the trustee reviews your case. If the trustee has no issues with your petition, ...
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Should I Declare Business Bankruptcy or Just Try to Pay Off the Remaining Debt Personally?
Starting up a business is a risk. Sometimes business is good, and sometimes it’s slow. Then there are the times when there’s no profit at all. If you’ve been left with a business with debts close to or equal to its assets, you might be having difficulty deciding if bankruptcy ...
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Bankruptcy and Lease Agreements
It is important to understand the laws governing bankruptcy and lease agreements when considering filing from bankruptcy. When entering into a commercial lease some lessors will attempt to include clauses that are not supported by law. Specifically, lessors may include clauses prohibiting bankruptcy during the term of the lease agreement. ...
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Preparing for Bankruptcy: Voluntarily Closing Credit Accounts
If you feel you are considering preparing for bankruptcy, you should read testimonials submitted by other bankruptcy petitioners. You should also read material regarding the process of bankruptcy. You should know who the bankruptcy trustee is and what their job is in relation to your bankruptcy case. You should know all ...
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Bankruptcy and Divorce: When Your Ex Files Without Adhering to the Property Settlement Agreement
So you filed for divorce. During the divorce process, a Property Settlement Agreement (also known as the Marital Settlement Agreement) was created detailing out the division of assets and liabilities. In this agreement, it’s common for the family home to be designated to one of the two parties. When this ...
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Chapter 13: Can We Walk Away from the House, but Keep Our Two Vehicles?
Sometimes, even with the most thorough contemplations beforehand, we change our minds after a decision has been made. It can happen to anyone. Sometimes we change our minds about what to have for lunch and sometimes we change our minds about something pretty big and important – like which personal ...
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What Happens to Judgments You Hold When Filing for Bankruptcy?
There is always a lot of discussion regarding judgments and bankruptcy. But in most cases, the discussion is all about how to avoid getting a judgment against you for outstanding debt or how to handle a judgment if it’s already in place, etc. What we don’t talk about very much ...
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Bankruptcy Questions: Can a Creditor Ignore the Automatic Stay?
Everyone loves that filing for bankruptcy means that creditors are automatically restrained from taking any action to collect the debts owed to them by the petitioner. The automatic stay goes into effect at the very moment the bankruptcy petition is filed. The only exceptions to the automatic stay are commencement ...
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Do I Have to Turn Over My Tax Refund During Chapter 13 Bankruptcy?
When filing for Chapter 13, some filers receive a tax refund. As it is currently tax season, we get a lot of questions regarding a tax refund and bankruptcy. If you are in the midst of a Chapter 13 bankruptcy, do you need to turn over your tax refund? In ...
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