Informational Blogs

I'll give you the short version up front and the explanation below. You can't do it in a Chapter 7. You can do it in a Chapter 13 if the value of the collateral (your house) is worth less than the amount you owe on the first mortgage. If there is any equity at all that could go toward payment…Read More

Bankruptcy is a federal law—that means bankruptcy operates the same in all 50 states. So why is it that we hear about states that are more or less favorable for filing bankruptcy? Everything regarding how all forms of bankruptcy operate is the same in all 50 states. The procedure is the same, the means test, counseling requirements, look back periods, and…Read More

There is a famous bankruptcy quote: A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial "fresh start" from burdensome debts. The Supreme Court made this point about the purpose of the bankruptcy law in a 1934 decision: It gives to the honest but unfortunate debtor…a new opportunity in life and a clear…Read More

There is so much misinformation out there about bankruptcy, from what it means, to how it will affect you, to when and how often you can file. Here are three things you need to know about bankruptcy if you are filing, planning to file, or researching your options for debt elimination. Bankruptcy is better for your credit score than staying…Read More

Credit card debt is unsecured debt. That means there is no lien connected between the money you borrowed and what you purchased. An example of a "secured" debt is when you take out a loan for a car or home. Because the credit card company does not have a lien on what you purchased (or the ability to repossess what…Read More

If you have unpaid debts, your creditors can sue you in court to obtain a judgment against you. A judgment is a court decision that is enforceable against you to garnish your wages, bank account and other assets. If a creditor takes the debt to court and the judge sides rules in favor of the creditor, either because you provided…Read More

There are many myths about bankruptcy—some have to do with what bankruptcy actually does, how it affects your ability to obtain new credit, what assets you get to keep, even what kind of people file for bankruptcy. Today we are looking at how often you can file bankruptcy in your lifetime. Have you ever heard someone say that you can…Read More

The first time you speak with a debt collector, they may try different tactics. They may try to befriend you, they may try to intimidate you. They may even lie to you, and that’s because their paycheck depends on one thing and one thing only: collecting money. Don’t fall for the lies of debt collectors. Know these five myths that…Read More

It's a simple question. However, the answers are sometimes complex.  My friends joke with me because when they ask me a "legal" question that appears on the surface seems "simple," my response typically starts of with "Well...that depends...." When it comes to bankruptcy, the answer to the question of what debts are discharged in the process starts off with "Well...that…Read More

The Bankruptcy Laws are designed to give people a fresh start. A condition of getting the fresh start is that you have to be honest and disclose all of your assets and all of your liabilities. As part of the process, the Court realizes that people need certain things (within reason) to continue on with their lives. Therefore, there are…Read More