Every client filing bankruptcy asks that question: how long will bankruptcy take? Probably, the real question is “when will this be over?” Like so many questions in the law, the answer is “it depends.” From filing bankruptcy to discharge In a Chapter 7, filing to discharge is about four months; in Chapter 13 it’s three […]
List It Or Lose It: Why It’s Critical To Tell All
It is vital to include everything in your bankruptcy list of assets. Transparency is the essential ingredient in bankruptcy. The name of the game is disclosure. In exchange for that full disclosure in your bankruptcy papers of assets , debts, and financial history, you get a discharge. Do it right, everyone with notice of your […]
Does Debt Discharged In Bankruptcy Stay Gone Forever?
Can my old debt come back after my bankruptcy? Worried clients ask me this all the time, fearful that the relief they get from their creditors in bankruptcy is only temporary. The short answer is no. The automatic stay that stops collectors when you file bankruptcy is replaced, at the end of the case, with […]
Automatic Stay Has Exceptions: It Doesn’t Stop Everything
The automatic stay is the signature feature of American bankruptcy, but the stay has important exceptions. Just by filing a bankruptcy case, a federal court injunction instantly prohibits your creditors from actions to collect a debt from you or your assets. But, there’s a whole list of actions that aren’t included in the stay. We […]
The Real Rules To Sell Stuff Before Bankruptcy
Thinking about filing bankruptcy? Need cash? Folk wisdom supplies many “rules” about the period leading up to actually filing bankruptcy: Don’t sell anything Don’t pay anyone Don’t make any money This kind of thinking will have you frozen in time and space like this insect in amber. Only, this folk “wisdom” is all wrong. Here’s […]
What To Disclose In Bankruptcy Papers
If the headline drew you in, like the Geico gecko, you can complain you’ve been duped. There’s no decision involved: in bankruptcy papers, you disclose everything. Period. Disclosure is the price of the bankruptcy discharge. Shortchange the system by leaving out inconvenient facts and you risk both the omitted asset and the discharge. Understand the […]
How To Pay For Bankruptcy When You’re Flat Broke
One of the cosmic ironies of our legal system is that it costs money to file bankruptcy. Bankruptcy gets you out of debt only if you have the money to file. The costs of bankruptcy include the filing fee collected by the court; the required credit counseling; and, if you’re smart, an experienced lawyer to […]
Bankruptcy Judge: The Phantom In Your Case
Will the judge approve my bankruptcy case? Do I have to explain to the judge why I’m in bankruptcy? What if the judge makes a plan I can’t pay? When you’re considering bankruptcy, you start to think about your upcoming encounter with a federal bankruptcy judge. Black robes. Sober face. Gobs of power over your […]
Your Bankruptcy Discharge Doesn’t End Your Case
Isn’t my case over? I got my discharge. Why’s the bankruptcy trustee still hounding me?, my client asks. People who’ve filed bankruptcy are focused on the discharge as their goal. With their discharge in hand, they think it’s all over. They lose sight of the fact that the administration of a bankruptcy estate by the trustee runs on a parallel track […]
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