Given the current economic uncertainties and the end of many pandemic related programs preventing foreclosure, many people are again facing the threat of foreclosure of their homes. Chapter 13 bankruptcy can be a powerful tool to help people retain their property. In most cases I find Chapter 13 to be a far better option than the typical mortgage modification offered by mortgage lenders. Those mortgage modifications, even if approved, can lead to people paying interest on interest and eating upRead more
A History of Discharging Student Loans in Bankruptcy
From 1978 to 1990 all student loans owed for five years or more were dischargeable in bankruptcy. Student loans owed for less than five years were dischargeable if “undue hardship” could be showed. In 1990 the waiting period was increased to seven years. Before 1990 the restrictions on dischargeability of student loans did not apply to Chapter 13 bankruptcy. Starting in 1991 federal student loan borrowers in default became subject to administrative wage garnishment where no judgment from a courtRead more
Hire a Bankruptcy Attorney. Don’t Go It Alone.
Hiring an attorney to file bankruptcy is crucial because of the complex nature of bankruptcy laws and procedures. While it’s technically possible to file bankruptcy without legal representation, having an experienced attorney can significantly improve the chances of a favorable outcome. Bankruptcy law and procedures are intricate and can vary from state to state and district to district. An attorney experienced in bankruptcy law possesses the knowledge and ability to navigate these complexities. They can help you understand the differentRead more
Personal Property Exemptions in Chapter 7 Bankruptcy
Personal property exemptions play a crucial role in Chapter 7 bankruptcy by allowing debtors to protect certain assets from being liquidated or taken by a bankruptcy trustee to pay off creditors. Chapter 7 bankruptcy is designed to help individuals discharge most of their unsecured debts (such as credit card debt, personal loans or medical bills). Definition of Exemptions: Personal property exemptions are legal provisions that specify certain types and amounts of property that a debtor is allowed to keep, evenRead more
Romance Scams Lead to Bankruptcy
Romance scams, a heartless manipulation of trust and affection, can inflict profound emotional and financial damage upon their victims. As the web of deceit unravels, victims often find themselves grappling with dire financial consequences, pushing them towards the disheartening prospect of filing for bankruptcy. Many bankruptcy attorneys around the country are reporting more and more instances of victims of these scams needing to file bankruptcy. In the throes of a romance scam, victims are often ensnared by a skilled conRead more
Co-Signing Loans Can Lead To Bankruptcy
Co-signing a loan for someone can be a well-intentioned gesture, often done to help a friend or family member obtain credit when they might not qualify on their own. But this seemingly generous act carries substantial risks that can potentially lead to financial consequences, including the necessity of filing bankruptcy. The primary risk of co-signing a loan is that you become equally responsible for the debt alongside the borrower. This means that if the borrower fails to make timely paymentsRead more
Beware of Property Transfers and Payments to Family Before Filing Bankruptcy
A frequent problem for debtors in bankruptcy are the transfers of property and loan payments to family members before filing. In bankruptcy, fraudulent transfer refers to the transfer of assets by debtors with the intention of defrauding creditors. These transfers before someone files bankruptcy can create serious problems and may include transferring assets for less than fair market value to a friend or family member. By trying to get rid of assets, debtors may think they are shielding them fromRead more
How Compound Interest Leads to Bankruptcy
Compound interest is the process of earning interest not only on the amount of money you deposit but also on the accumulated interest. In other words, you earn interest on both the original amount deposited and the interest generated on that deposit. But compound interest can also be applied to debt. When it comes to savings or investments, compound interest works in our favor, allowing our money to grow faster over time. But with debt, compound interest works against us,Read more
U.S. Assistant Attorney General Remarks on Bankruptcy Discharge of Federal Student Loans
At a recent conference of the National Association of Consumer Bankruptcy Attorneys (NACBA) (I’ve been a proud member of NACBA for many years), Assistant United States Attorney General Vanita Gupta spoke about the Biden Administration’s efforts to promote justice and fairness in the bankruptcy process. Some of the remarks are provided below: It’s a privilege to be here at NACBA’s annual convention. NACBA does important work ensuring that debtors receive high-quality legal representation and advocating for systemic improvements to theRead more
Using Technology In My Bankruptcy Practice
When the Covid-19 pandemic hit with full force in the spring of 2020 I made the decision to stop having in-person meetings for consultations and bankruptcy schedule reviews and signings. To protect my health and the health of my staff and my clients I, like millions of other people around the world, started using technology more widely in my bankruptcy practice. I signed up for Zoom, purchased better webcams, expanded our electronic document procedures, created an electronic payment system andRead more
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