Bankruptcy Blog Archives

I meet with many clients before they file bankruptcy. After I explain the basics of bankruptcy and discuss what would be best for them based on their situation, I ask if they have any questions. I often get the same response of “I don’t even know what to ask.” This is a common feeling and [...]

A Chapter 13 Bankruptcy requires the debtor to pay the trustee a set monthly amount for a period of 36-60 months. After the balance owed and term have been completed then the trustee will close and discharge case. Receiving a discharge in a Chapter 13 bankruptcy will give the debtor a sense of accomplishment and [...]

If you have a rental property with equity or own unimproved land then you have non-exempt property. While in Chapter 7 bankruptcy, the Trustee reviews the case to determined if there are any assets that can be sold to pay unsecured creditors monies owed. I some cases, the trustee will determine that you are required [...]

The main reason people file a chapter 13 bankruptcy is to stop a foreclosure sale on their home. The reason for the foreclosure is for one reason or another they have fallen four or more house payments behind. Once the mortgage company and you can not come up with with an affordable agreement for repayments [...]

Perhaps one of the most important and often overlooked aspects of Chapter 13 and Chapter 7 bankruptcy is documenting your financial life. This starts with keeping track of your income and expenses. Start saving your paystubs and putting together of your monthly, quarterly, semi-annual, and annual expenses. Not only will your Bankruptcy Attorney request this [...]

Most people have never filed bankruptcy before, and it seems very scary. There are so many questions and unknowns. Many people think it is wrong and unethical to file bankruptcy. They feel embarrassed and don’t want their friends and family to find out. These are all very valid concerns, but they can be addressed and [...]

A Chapter 7 Bankruptcy is Used to discharge unsecured debts. Unsecured debts are usually credit cards and medical bills. Some other examples would be a car that has been reposed, a broken apartment lease, cell phone contract that went bad, and any other similar debts. The chapter 7 will not help save your home or [...]

Many clients come to file Chapter 13 Bankruptcy with the impression that their student loans will be discharged however this in incorrect. Yes, a student or educational loan is unsecured but it a government based loan and cannot be discharged in a bankruptcy. You will not pay monthly student loan payments while in bankruptcy however [...]

We had a Debtor come in today that has oil leases that he earns income off of each month. It is consistent income that he receives. I explained to him that if he filed a Chapter 7 bankruptcy, that the trustee take possession of the oil leases, sell the leases, and take any proceeds from [...]

There is a common misunderstanding about the differences between a Debtor’s Bankruptcy Attorney and the Trustee for his case, especially when a Debtor files a Chapter 13 Bankruptcy Case. The difference seems much easier to understand in a Chapter 7 Bankruptcy. The main thing to understand is the Trustee and the Bankruptcy Attorney are two [...]