Will it be Chapter 7 v. 13? The choice of bankruptcy chapter is complex, involving many interconnected factors. Here we’re going to compare just the treatment of different kinds of assets in Chapter 7 versus Chapter 13. See here for a look at other factors that drive your choice. Start with exemptions Exemptions are the […]
7 Essentials For Better Results From Filing Bankruptcy
Plan before filing bankruptcy and you get better, more certain relief. Even if you’re not quite sure that you’re ready to take the bankruptcy plunge, scout the bankruptcy territory. Take some time to learn the rules and explore ways to maximize the relief available in bankruptcy. If you don’t plan ahead and just rush into […]
Your Tax Refund Is Exposed In Bankruptcy, Unless…
The prospect of a tax refund makes most of us light up even when we haven’t even calculated what the refund might be. But if you’re thinking of filing bankruptcy before you actually see Uncle Sam’s check, take a minute to plan. Your right to that refund is property of your bankruptcy estate even if […]
Hold Or Fold? How To Decide If Filing Bankruptcy Is Right For You
You’ve got to know when to hold ’em, know when to fold ’em; know when to walk away, know when to run… So goes the gambler’s advice to the young card player in the hit Kenny Rogers song. Hum along as we think about how we play our cards when we’re in debt: the hardest call is […]
Is It Too Late For Bankruptcy?
Worried that it’s too late to file bankruptcy? You’ve put off considering bankruptcy, hoping to tough it out, or hoping for a miracle. But at some point, time runs out: you’ve been served with a lawsuit; judgment has been entered against you; or even, a garnishment appears on your paycheck. Is it too late to […]
Stupid Moves Before Seeing A Bankruptcy Lawyer
Don’t tidy up your financial affairs before consulting a bankruptcy lawyer. Your current mess may present opportunities to plan your bankruptcy for a better outcome. You may waste money or lose bankruptcy options when you make last minute changes to your situation without understanding how that situation plays out in bankruptcy. You’ll have the widest set […]
What Everyone Knows About Bankruptcy: Not
Lots of people profess to know all about bankruptcy. Whether they have good information or not. But other professionals should know better than to advise people about the workings of bankruptcy. And if they don’t know better, they should be made to pay, in some exquisitely painful way, for the harm they inflict. The rack […]
Six Rotten Excuses Not To File Bankruptcy
I am not a bankruptcy attorney. I never have been. I am a mortgage law attorney. But in the current financial climate, I see clients in my office daily who desperately need to file bankruptcy…And they won’t. The reasons they give, and the parade of horrors they’ve built up in their minds about bankruptcy, are heart-felt, […]
Better To Live With Debts Than File Bankruptcy?
Locked up in debt? Should you file bankruptcy? Or, is it better to live with your debt and keep making minimum payments? Does life get better or worse if you file bankruptcy? That question sums up most people’s fears about shedding their debt through bankruptcy. What will life be like, after bankruptcy? Good questions. And I […]
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