So, you slipped up and left a creditor out of your bankruptcy schedules. Can you add an omitted creditor after the fact? In the fateful words of a careful lawyer, it depends. Depends on when the amendment is made and what chapter you’ve filed. And the effect of adding a creditor varies. Let’s walk through […]
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 […]
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 […]
Getting Excused From Bankruptcy’s Means Test
You can get a pass on the means test without claiming your dog ate your homework. If your debt is not “primarily consumer debt”, you don’t have to pass the means test to file bankruptcy. So, you need to total up the consumer debt you have and compare it to the rest of your debts. […]
Six Tips For A Worry-Free Bankruptcy
Your bankruptcy case is filed. But what happens after filing bankruptcy ? After you’ve assembled all the paper, after you’ve answered endless lawyer questions, and after you’ve filed all the bankruptcy schedules in your case with the court. what do you need to do now? Actually, relatively little happens after you’ve filed your bankruptcy. The […]
Debts You Can’t Wipe Out In Bankruptcy
Three kinds of debt survive bankruptcy discharge, because they are unlike the other sixteen non dischargeable debts. Those three exceptions to discharge look, not at the kind of debt such as taxes, or support or student loans. Rather the exceptions look at how the debt arose. These exceptions prevent bad actors from escaping the consequences in bankruptcy. […]
The Strange Rules When A Creditor Is Left Off Bankruptcy Schedules
What happens if you miss putting a creditor on your bankruptcy schedules? In the bustle of preparing to file bankruptcy, a slip up is not uncommon. Notice is one of the fundamental rules of bankruptcy. Everyone to be affected by a bankruptcy case gets notice. That notice provides the creditor with an opportunity to participate […]
$7000 Off The Price Of The Car In Chapter 13
How would you like to reduce your car payment, by lots? In a recent case, Chapter 13 allowed my client to save $7000 off the loan balance based on an examination of the car finance contract. You couldn’t see the issue from the monthly statement. When I got the finance agreement itself, I found the […]
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