Informational Blogs
There are multiple answers to this question. The filing of a bankruptcy is an "affirmative defense" to a lawsuit against your for collection of a debt. So, can a creditor sue you after your file a bankruptcy? The Answer is Yes. Therefore, you have to take timely affirmative steps to defend yourself. You have to file a written Notice of…Read More
If you’ve ever watched any late-night TV, you’ve probably seen ads for companies that claim to “erase” bad credit from your credit report. Some even say they can rebuild your credit for you. Have you ever wondered if there was an easier way to rebuild your credit score after bankruptcy? The Federal Trade Commission warns against promises like these on…Read More
When you file bankruptcy, there are numerous categories of Exemptions that people can use to protect their assets. One of the categories concerns life insurance. If you have a term life insurance policy, you list it and it will be exempt. However, when it comes to life insurance policies with cash values, you need to be careful. There are dollar…Read More
Debt collection has a statute of limitations, or a period of time after which you cannot act on it. Debt that is uncollectable because a creditor has not gone to court to collect it is called time-barred debt. But when does a debt become too old for a creditor to collect? State law determines when a debt becomes time barred. In…Read More
If you have a domestic partner or if you’re living with your significant other and have incurred debt together, you may be wondering if you can file for bankruptcy together. After all, if you got into debt together, can’t you get out together, too? Bankruptcy law limits individual bankruptcy filings (as opposed to corporate filings) to an individual or a married…Read More
Short Answer: If a debt is incurred during the course of marriage, it is presumed to be for the benefit of the community. Same is true for income incurred during the course of marriage. The other spouse can "rebut" the presumption, if the spouses maintained separate assets and financial accounts. So, if you have a separate property business, separate bank accounts,…Read More
Bankruptcy isn’t the end. In fact, the Bankruptcy code was created to provide new beginnings, both for individuals and companies. Whatever you planned to do before you filed for Chapter 7 or 13 bankruptcy is still possible. You may just have to do things a little differently than you had planned prior to bankruptcy. Here are some tips for starting…Read More
One of the biggest myths about bankruptcy is that everyone will know if you file for bankruptcy. But, a bankruptcy filing is often a non-issue for anyone not financially affected by your filing. No one who is not involved in your finances needs to know, unless you want to tell them. Here’s a breakdown of who has a legal right…Read More
You are a do-it-yourselfer. You do your own taxes. Home Depot is your favorite store. So when it comes to bankruptcy, can you really do it yourself? Although businesses and individuals filing for Chapter 11 bankruptcy must have representation, it is possible to file Chapters 7 and 13 yourself. It is also possible for you to fly your own airplane…Read More
Prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, there was a one-two punch in bankruptcy court called the Chapter 20 bankruptcy. It’s not in the official bankruptcy code, but it goes like this: file Chapter 7 bankruptcy and get as much debt discharged as you can. Then, file Chapter 13 and get the rest bundled into…Read More