“Don’t count your chickens before they hatch”. It’s a time-tested bit of folk wisdom. But applying that kind of thinking to legal claims when you’re filling out bankruptcy schedules is foolish. Worse, it can get you booted out of court. Count your “chickens” Bankruptcy starts with a list of what you own and what you […]
What Your Signature On Your Bankruptcy Papers Really Says
Wish I had a buck for every time a client has told me, “Yes, I signed it, but I didn’t read it”. This is usually delivered as though the signature had no meaning if it wasn’t coupled with actual reading. Unfortunately, it isn’t so. Not true in commerce in general, and certainly not true when you […]
What You Left Out Of Your Bankruptcy Schedules
One of the first questions a bankruptcy trustee will ask you at the hearing in your bankruptcy case is: did you read the schedules before you signed them? The obvious, and expected, answer is YES. And if your answer is “yes”, then the trustee can conclude that you stand behind the information that the schedules […]
How Long Does Bankruptcy Take?
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 […]
What Happens To Your Bank Account in Chapter 13
Those considering filing a Chapter 13 bankruptcy worry about “what happens to my bank account?” Will the trustee take all the money? How do I pay my living expenses after I file? The short answer is: nothing changes. The account remains yours and available for all the expenses of day to day living. Because, in […]
Bankruptcy Can Rewrite The Divorce Property Division
The assets were divided in the divorce. The divorce was over. The house would go to Him, and he would pay Her $75,000 on stated terms. It was the end of a miserable stretch in their lives. Only it wasn’t. Before anyone recorded the judgment of dissolution (that’s Californian for “divorce”) laying out the division […]
What Happens To Liens In Bankruptcy?
Liens in bankruptcy have an uncertain fate. While most liens survive a bankruptcy discharge, some liens get wiped out. Think of mortgages, tax liens, and judgment liens. Each of them is a lien, but some get different treatment in bankruptcy. Some liens can even be reduced or eliminated . Lien basics A lien gives the […]
The Biggest Lie About Bankruptcy
The claim that you lose everything in bankruptcy is, flat out, the biggest lie about bankruptcy. Read anything about Chapter 7 and you get, “Your possessions are sold in Chapter 7 bankruptcy.“ It’s a liquidation proceeding and your stuff will be sold to pay creditors, the lie goes on. No wonder people are scared off […]
Bankruptcy Schedules Are More Than Just Paperwork
Bankruptcy paperwork can make you feel like you are drowning in paper. There’s your paper; there’s the paper your lawyer needs. And there’s the paper the court insists on. Why bankruptcy schedules worth the work It’s easy to try to skate. To cut corners. To shut down. But that paper is critical. Nearly every question, […]
Going To Court In Your Bankruptcy Case
Every bankruptcy debtor must go to court in their bankruptcy case. It’s usually the first and only time that your personal appearance is required. What’s the point of going to court The first meeting of creditors has two basic purposes: to have the debtor validate the information in the bankruptcy papers under oath, and to […]
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