Informational Blogs
A meeting of creditors, or 341 meeting, is a central point in your bankruptcy case. It’s important to be prepared for this meeting in order for your case to proceed quickly and go smoothly. So what is a 341 meeting, who attends, and how can you be prepared for it? At the 341 Meeting of Creditors, your appointed bankruptcy trustee,…Read More
If you have ever had to deal with collections agencies, you know they’ll stop at nothing to get to you, even if means calling family members, friends, your employer, or making threats they can’t carry out. Most people in America rely on a car and the ability to drive it legally to get to work each day, so if a…Read More
When you say “bankruptcy court,” most people conjure up images from Law & Order or dark courtrooms, scowling judges and dour opposing counsel. However, when it comes to bankruptcy court, most people do not have to appear before a Judge. They meet with the Trustee assigned by the Bankruptcy Court instead. Usually, the only time you have to appear in…Read More
Bankruptcy is beneficial to people with a large amount of debt mainly because it provides immediate relief. Right after you file for bankruptcy, wage garnishment will stop, creditors will stop calling you, utility companies have to hold off shutting off your water, gas or electricity. Cars and homes cannot be repossessed. But what happens next? First, you’ll need to attend…Read More
You can very well understand that whatever you owe, is called debt. And, your inability to control the urge to have things that you can’t afford in full, keeps you forever entangled in its chains. But can we live a life free of debts? I mean, is it even possible? We definitely can’t imagine a life without credit cards, mortgage…Read More
The bankruptcy code is federal law. So for the most part, it is the same in all states. However, there are some difference when it comes to how Judges in particular Circuits interpret the Bankruptcy Code (thus creating some different views & approaches) and some States have different laws about what types of property can be exempted and retained in…Read More
For most people, there is no question where to file bankruptcy. You live, work and pay taxes in one state or town. However, if you own property or a business in more than one state, just recently moved or got divorced, you may not want to file bankruptcy in a new place where you don’t know anyone or have any…Read More
When you incur debt, there are generally two ways of doing it. Secured loans and unsecured loans. A lot of times people think that secured loans are to purchase a item. Most of the time that is true. However, you can also have a secured loan that grants a lien against something you already own and you can use the loan…Read More
When you file bankruptcy you have to list all of your assets and all of your debts. However, there are numerous "exemption" categories and corresponding equity dollar limits related to each category where your can protect assets from creditors and the bankruptcy court trustee. For most people, all of their assets fit into an exemption category and you get to…Read More
The starting point is that when you file a bankruptcy, you are required to list all of your assets and all of your debts. So, yes, you have to list a student loan obligation. However, the real question is: Can a student loan debt be discharged in a bankruptcy. The short answer is Yes in certain very very limited circumstances.…Read More