Garnishment, Bankruptcy & Foreclosure

The purpose of the bankruptcy laws is to provide people a break and an incentive to work, earn income, pay taxes and buy new stuff. That keeps the economy going and gives individuals a financial incentive to keep going. If you are bogged down in debt or judgment creditors are taking 25% of your gross income, people don't have much…Read More

In June 2014, the U.S. Supreme Court handed down a landmark decision regarding bankruptcy law, which excludes inherited IRAs from bankruptcy protection. Part of the confusion stemmed from the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which made it more difficult to file for total bankruptcy. However, the 2005 Bankruptcy Act did offer protection from creditors for retirement funds in…Read More

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

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