One of the most important aspects of bankruptcy law is the “automatic stay” that’s created the moment a case is filed. Automatic Stay This “stay” means that all efforts by a creditor to collect a debt or to enforce rights against a debtor’s property have to stop immediately. So these must end foreclosures garnishments tax offsets license revocations arbitration evictions any other proceeding to collect Sometimes a secured creditor is able to later get “relief” from the stay but unsecuredRead more
What Property Is Included In Bankruptcy?
It’s common for a bankruptcy client to wonder what property is part of the bankruptcy and whether they’re in danger of losing it. The simple answer is that ALL property owned at the time of filing is included in the bankruptcy but rarely does a debtor in Iowa ever lose any of it. Bankruptcy Filing When someone files bankruptcy, an “estate” is created that includes all of a debtor’s legal and equitable interest in any property held on the dateRead more
Discharging Income Taxes
Many people think taxes can’t be discharged in bankruptcy but that is not the case. Some taxes can be discharged but it’s important to know how old the taxes are and what kind they are to determine whether bankruptcy can be used to eliminate tax debt. Here is a shorthand way to determine whether taxes can be discharged There are four questions to ask and the correct answer is in parentheses following the question. 1. Are these income taxes? (Yes.)Read more
You’re Not Alone When It Comes To Bankruptcy
Our bankruptcy clients often comment to us, “I never thought this would happen to me.” Well, just who does bankruptcy happen to? The stigma of bankruptcy has caused many false concerns and unnecessary speculation. As we all know, life can take unexpected turns. Job loss, divorce, sickness, and failed business ventures occur at the most inopportune times and can send our finances into a tailspin. It’s important (now more than ever) to realize that bankruptcy isn’t exclusive to the poorestRead more
Too Proud to File Bankruptcy? Think Again.
Most people in debt are, at least initially, resistant to filing bankruptcy. Filing chapter 7 or chapter 13 is sometimes viewed as taking the easy way out, or looked at as a good way to ruin credit scores, or as a moral failing to be avoided. These feelings, combined with the inability to pay debts, result in a great deal of stress. The fact is that people do have pride, and no one wants to file bankruptcy if it canRead more
Damages from creditors could put money in your pocket!
Some of our clients have the cost of their bankruptcy case paid for with damages they receive from their creditors. There are several situations within bankruptcy filing that may result in compensation for you. Compensation from creditors may include: Stay violation: creditors attempting to collect a debt after the bankruptcy is filed Discharge violation: creditors attempting to collect a debt after the bankruptcy is complete Debt Collection Violations: creditors harassing, threatening, falsely representing themselves, contacting 3rd parties regarding your debtsRead more
Bank Setoffs
Before filing a bankruptcy we often advise clients to move bank accounts to another lender where they don’t owe any debts. When a borrower defaults on a debt to a lender, that lender can offset the defaulted debt against any funds they’re holding in an account. There are restrictions on a lender’s right to setoff funds however. One of the most important is that the FCBA prohibits a credit card issuer from offsetting funds in an account to satisfy aRead more
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