Archive for September, 2009

The Bankruptcy Process -What to Expect

29 September 2009 by Admin  |  Bankruptcy Process  |  1 Comment

Much of the fear or uneasiness associated with bankruptcy stems from not knowing or understanding what to expect and what the actual process will be.  With that in mind I thought I would go step by step through the bankruptcy process in your typical Chapter 7 and Chapter 13 bankruptcy cases. Click this link for a more detailed look at the bankruptcy process for chapter 7. The Process of Pre-Filing Much of the work in your bankruptcy is completed prior to your case actually being filed with the bankruptcy court.  Initially, it is vital that you meet with an attorney…

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Do I Have to Include Everything in My Bankruptcy?

24 September 2009 by Admin  |  General Bankruptcy  |  No Comments

A common question I receive from clients is whether they must include all of their debts or all of their assets in their bankruptcy.  The short answer is yes, you must include all debts and all assets.   Many would like to keep a credit card out of the bankruptcy because they have had it for an extended period of time or due to the fact that they don’t have a balance and have consistently paid the balance in full.  However, even though debts such as credit cards that have a zero balance are generally not included in the bankruptcy filing,…

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Lien Stripping, Cram-Down, and the Benefits of a Chapter 13 Bankruptcy

2 September 2009 by Admin  |  Chapter 13 Bankruptcy, Foreclosure Issues  |  1 Comment

Chapter 13 bankruptcy cases require a serious commitment.  While the Chapter 7 case is a relatively short (4-6 months) and straight forward process, a Chapter 13 cases commits the filer to a minimum of 36 months and possibly up to 60 months.  Further, the Chapter 13 requires repayment of a small portion of the unsecured debt.  Despite these perceived drawbacks, Chapter 13 of the bankruptcy code has powerful tools that get you back on track financially while allowing you to keep your property. Lien Stripping In meeting with people on a daily basis regarding financial problems, the number one issue facing…

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