Automatic Stay

January 19, 2016

The day you file your bankruptcy, the Court imposes what is referred to as the Automatic Stay. The Automatic stay is like a shield of protection from creditor collection action.

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Bankruptcy Signing Appointment

January 18, 2016

Once your attorney and paralegal have prepared your bankruptcy case with the information you have provided, you will need to attend the signing appointment to review and sign the pleadings. This appointment can be lengthy. It is important that you carefully review the pleadings, you will be attesting that all of the information is accurate and complete. If you think of any information that you may have overlooked, like additional income coming into your household or a missed creditor, now is a good time to share that information with your paralegal and attorney, before the case is filed. If you have questions during the signing appointment, make sure to ask so that you understand what you are signing.

Image result for signing pleadings

 

Once the pleadings are accurate and signed by you and your attorney, your bankruptcy case is filed with the Court. Your case is assigned a case number and a trustee. This is when your creditors are sent notice of your bankruptcy filing and must discontinue collection action and all contact.

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Completing the Credit Counseling Course

January 15, 2016

The only thing left to do before the signing appointment is to get online and complete your credit counseling, click here. This is very important and needs to be completed BEFORE you come to the signing appointment. Credit Counseling is required by the bankruptcy code, and your case cannot be filed without it. This requirement can be done online for $25.00 or over the phone $35.00.

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First Steps

January 13, 2016

Once you have consulted with one of our attorneys and determined that a bankruptcy is the right course of action, a few steps remain before your case is filed.

First, you must review the list of documents required for your complete bankruptcy filing, click here.. These documents are critical for preparing your bankruptcy case, and others may simply be required by the trustee for review. They are all important and necessary for a successful completion and discharge of your debts. Gathering these documents may seem daunting but it must be done and we are here to help, so don’t hesitate to call. We can help by obtaining your credit report and recorded deeds mortgages for you.

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Bankruptcy Interview

January 12, 2016

The risk free no obligation consultation should take approximately an hour. We ask that you fill out our intake form before you meet with the attorney. One of our experienced attorneys and a paralegal will meet with you in one of the conference rooms to go over your specific situation.

When interviewed by our attorneys, you are asked important questions. To keep your best interest in mind, sometimes these questions are asked in more than one way.  Answers to these questions may require more than a yes or no.  It is important to answer these questions truthfully so any issues can be dealt with and we can better advise you prior to the filing of a bankruptcy proceeding.  You will be expected to answer questions under oath to a Trustee after your case is filed. 

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Bankruptcy Definitions

January 8, 2015

When you file a bankruptcy proceeding, you run into words you may or may not have seen before. To assist you during your case and throughout future blogs from our office, we have compiled a list of common words and definitions for your reference.

Automatic Stay

When you file a bankruptcy, an automatic stay is issued. The stay is an injunction that stops all actions by creditors, with certain exceptions, to collect debts from someone who has declared bankruptcy. The law provides that the stay begins at the moment the bankruptcy case is filed.

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Stop Student Loan Garnishment

Student loans often lead people to explore Bankruptcy options. The average class of 2015 graduate with student-loan debt will have loans of approximately $35,000. Even when this amount is adjusted for inflation, it is still more than twice the amount students took on as debt two decades earlier.  This issue extends to secondary education. Approximately 71% of bachelor’s degree recipients will graduate with a student loan, compared with less than half two decades ago and about 64% 10 years ago.

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Preventing an Eviction

December 17, 2015

If you are behind on your rent, and are facing potential eviction, you may have options that will keep you in your home.  The most obvious is to catch up the past-due rent before the landlord secures a judgment to evict.  If this is not feasible in your circumstance, it may be possible to prevent the eviction by filing for protection under the Bankruptcy Code. 

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Settling in the Red

December 10, 2015

 

Many litigation issues arise because of a debtor’s inability to pay his bills. Any short cut made by the debtor to keep his or her head above water can lead to litigation.  Counsel should be aware of the debtor’s financial status before considering settlement.  Only proactive planning by counsel can protect the settlement payments from bankruptcy. Settlement proceeds may be considered property of the bankruptcy estate and any transfer of that property is considered a preference, which is avoidable by the trustee.

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We represent businesses and owners anticipating or experiencing financial distress.

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