A bankruptcy lawyer is a beneficiaries of a tough economy, but their clients, many of whom know little about the process and have scant time to research it, are usually at a loss when it comes to seeking the help of an expert. With creditors closing in and desperation mounting, many people foolishly select a [...]
The Pitfalls of Filing for Chapter 7 Bankruptcy without an Attorney Many people file for Chapter 7 bankruptcy without an attorney. Some represent themselves in bankruptcy because they cannot afford the attorney fees. Others have simple cases, and don’t feel the need to hire an attorney. While filing a successful Chapter 7 bankruptcy on your [...]
Background A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is [...]
Bankruptcy Attorney: How Chapter 13 Works Bankruptcy Attorney: A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. Unless the court orders otherwise, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current [...]
Everything You Need to Know About a Chapter 7 Bankruptcy Reaffirming Debts Chapter 7 Bankruptcy | You can also be approached about “reaffirmation” of debts. This is an agreement between you and the creditor that you’ll pay off your debt and keep the property, such as a car. Time Limits Apply to Reaffirm Bankruptcy reforms changed [...]
Everything You Need to Know About a Chapter 7 Bankruptcy Chapter 7 bankruptcy is a process that gives a you a financial fresh start, reeing you from overwhelming debt burdens. Chapter 7, also called “liquidation” or “straight bankruptcy,” is what many people connect with a bankruptcy case. As a debtor, your assets are sold, creditors receive payment, and [...]
LARRY KING You can bounce back from bankruptcy. In the early- to mid-1970s, newspaper editor and radio personality Larry King had amassed $352,000 in debt after publicly being accused of grand larceny by a former business partner. He filed for bankruptcy in 1978, which, coincidentally, was the very same year he was offered his eponymous [...]