Category Archives: Bankruptcy
What is feasibility in a chapter 13 and why is it important?
18 June 2010 In order to accurately understand the concept of feasibility, it is important to start with a discussion of the basics of filing a chapter 13 bankruptcy. In chapter 13, the debtor needs to present a plan for approval by the bankruptcy court. It is a personal reorganization plan so to speak. Generally, […]
What is good faith and why is it important in a chapter 13 bankruptcy?
17 June 2010 The term “good faith” is not defined in the bankruptcy code. Nonetheless, the code expressly requires that your chapter 13 petition be filed in “good faith” and that your chapter 13 plan be proposed in “good faith” (your petition is different than your plan); and your case may be dismissed if a […]
Should I file a chapter 13 plan by myself?
26 February 2010 No. The first reason is because a chapter 13 is a complex legal and financial arrangement. Generally, it is more complicated than a chapter 7. In fact, most lawyers would consider themselves unqualified to assist a client in filing a chapter 7, and even more a chapter 13, and they would be […]
How do I find an ethical and reputable attorney?
11 February 2010 People usually hire an attorney without inquiring of others whether the attorney has a good reputation and simply assume that the attorney they end up speaking to is ethical. It is hard to learn of a bad egg partly because other lawyers are reluctant to state a negative opinion in fear of […]
Can I eliminate my student loans in bankruptcy?
28 January 2010 Probably not. Most unsecured garden variety loans can be wiped out, or “discharged” in a bankruptcy. This means that the bankruptcy court enters an injunction on the collection of the debt from your person. In other words, your personal responsibility for the loan is eliminated. (Creditors still may have their rights to […]
My car was repossessed? Can I get it back if I file for bankruptcy?
Saturday 19 December 2009 It depends on whether the repossession company or creditor still has the car and hasn’t sold it. If the creditor still has the auto, it will most likely be deemed that it is still property of the bankruptcy estate (that means it is property subject to the bankruptcy court’s jurisdiction) and […]
What is so good about an LLC?
Wednesday 16 December 2009 Typically one thinks of being able to shield personal assets from creditors that arise from their business activity (“inside liability”) as the main reason to create a business entity. Once the decision to create a business entity is made, the type of entity, corporation (Inc.), professional corporation (P.C.), limited partnership (L.P.), […]
Can my (private) employer fire me for filing for bankruptcy?
Friday, 11 December 2009 The answer is No. It is plainly stated in the bankruptcy code that: 11 U.S.C. 525 . . . (b)No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title, a debtor or bankrupt under […]
Can I keep one of my credit card accounts even if I file for bankruptcy?
4 January 2010 It depends on whether the account has a balance when you file your bankruptcy petition, and, if there is no balance, how a creditor may react to the bankruptcy filing. If your account has a balance, the answer is no. The reason is that the chapter 7 bankruptcy petition, which is signed […]
What is the Co-debtor (or Co-signer) stay?
13 January 2010 Often debts (loans) have more than one person obligated to repay the creditor (on the hook). These can be loans where the debt is jointly owed by two joint account holders. There are also debts where one person is the primary account holder and receives the money, and another voluntarily becomes obligated […]