An enforceable reaffirmation agreement keeps you personally liable for the agreed debt despite the discharge in that Chapter 7 bankruptcy case. If you later default, the creditor may use remedies allowed by the agreement and applicable law, including repossession and a claim for a legally recoverable unpaid balance. Whether the debt could be discharged in a later bankruptcy requires a…Read More

Short Answer: You must list all your assets and creditors. An omitted debt does not automatically survive bankruptcy. In a no-asset Chapter 7 case with no deadline for filing claims, Ninth Circuit law recognizes that an otherwise dischargeable debt can be discharged even if it was not listed. The result can differ in asset cases or other chapters, and depends…Read More

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? Credit Repair Claims The Federal Trade Commission warns against promises…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. List your term life insurance policy in your bankruptcy papers and claim any available exemption. Listing a policy does not automatically make it exempt. The applicable exemption rules distinguish the insurance contract from any cash…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? Joint Bankruptcy and Marital Status Bankruptcy law limits individual bankruptcy filings (as opposed to corporate filings) to…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