Bankruptcy Blog Archives

If you are considering filing bankruptcy and are involved in a lawsuit as either the plaintiff or the defendant, then it is important that you understand how the bankruptcy will impact the lawsuit. First, let us consider the case where you are the plaintiff in a lawsuit where you expect to receive a cash settlement.  [...]

If you are considering filing bankruptcy, the amount of money you must pay on your debt depends in part on the type of bankruptcy you are filing, such as Chapter 7 bankruptcy for liquidation or Chapter 13 bankruptcy for reorganization.  However, what you have to pay also depends in large part on the type of [...]

This paper is first in a series on the basics of filing bankruptcy. Most of the information provided in this paper were taken from bankruptcy court government websites, and it is not intended to replace Title 11 of the United States Bankruptcy Code or the advice of a competent bankruptcy lawyer. This information is being [...]

The Exemption Process When you file a Chapter 7 bankruptcy, you must fill out a schedule listing the exemptions you are claiming. Bankruptcy exemptions involve assets you own that receive immunity from the bankruptcy process through state or federal law, but you must list them for the bankruptcy court trustee to review. If your asset [...]

There are a variety of reasons a debtor might want to reopen a bankruptcy after discharge, and likewise, there are reasons a creditor may want to reopen a bankruptcy after discharge too. Federal Law on Reopening Discharged Bankruptcies Section 350 of the Bankruptcy Code permits a bankruptcy judge to reopen a bankruptcy that has been [...]

How do I handle Payday loans ? With the increase in the amount of debt that many Americans are carrying related to credit cards, mortgages, and other liabilities, the number of places offering payday loans has skyrocketed.  Payday loans, also known as cash advance loans, are short-term loans—usually for one to three weeks—that are designed [...]

You should only consider filing bankruptcy after exhausting all of your other options like debt consolidation and credit counseling to repay your debts. But if you are facing a severe financial crisis, filing bankruptcy may allow you to either discharge certain qualifying unsecured debts through Chapter 7 Bankruptcy or restructure your debt payments by filing [...]

This personal bankruptcy question was posted on the internet in 2011 in a bankruptcy discussion: “Going to see an attorney on Monday. Meanwhile, there is not enough money to sustain everything and get into a rental home. Is it a bad thing to use the credit cards right now for gas, food, etc.? Would that [...]

Many of you first time filers have been asking questions about bankruptcy and one of the most common questions asked is, “What can a Bankruptcy Court Clerk’s Office do to help you?” The best way to understand what a Bankruptcy Court Clerk’s Office can do is to first understand what it cannot do. No one [...]

There is an ironical freeway exit sign making its way through the internet that says Bankruptcy Next Exit. The sign warns us of the financial difficulties which may be happening down the highway of life. Bankruptcy can happen to any one of us regardless of our station in life. Although bankruptcies are declining in the [...]