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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Ride-Through Remains Available for Mortgages

December 4, 2015

Upon completion of a Chapter 7 bankruptcy proceeding a debtor receives a discharge of his/her debts. However, there is an exception to this rule.

A reaffirmation agreement is a post petition agreement between the individual Chapter 7 debtor and a creditor in which the debtor agrees to pay a pre-petition debt to the creditor in order to retain the property subject to the creditor’s security interest. By entering into a reaffirmation agreement, the debtor now gives up the right to have the debt discharged through bankruptcy. Therefore, counsel for debtors must carefully consider whether a reaffirmation agreement is appropriate in each situation and advise clients accordingly.

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Chapter 12 Bankruptcy

Chapter 12 bankruptcy allows "family farmers" or "family fishermen" with "regular annual income" to file for a specific kind of bankruptcy protection. Chapter 12 bankruptcy allows farmers faced with financial difficulties to propose a plan to repay their debts.  Chapter 12 plans may propose to pay all debt, but often propose to pay a portion of the debt over a period of time.  Under Chapter 12, farmers pay obligations through installments over a typical time period of three to five years with payments that include all of the  disposable income.

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Rebuilding Your Credit after Bankruptcy – Keep It Simple

November 19, 2015

Many clients come to see us concerned about fixing their credit, or with fears that bankruptcy will destroy their ability to get a car loan, a mortgage, rent an apartment, or insurance.  When it comes to credit repair, there is no secret formula to make all your previous debts disappear, and suddenly show a nice, clean credit report.  That being said, there are some important considerations in how to improve your credit score, and some significant pitfalls to avoid.

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Closing the Door to the Perfect Home - Bankruptcy

November 16, 2015

 

What does a purchaser do when he or she is about to close on the perfect house, but the seller files for bankruptcy? The options for the purchaser are limited, largely because of 11 USC 365. 11 USC 365 provides that a debtor-in-possession or a trustee may assume or reject any executory contract. “Rejection denies the right of the contracting creditor to require the bankrupt estate to specifically perform the . . . executory portions of the contract. Rejection also limits the creditor’s claim to damages for breach of contract.” Leasing Serv Corp v First Tenn Bank Nat'l Ass'n, 826 F2d 434, 436 (6th Cir., 1987). In other words, a purchaser may have a claim for damages – costs of finding another perfect house. However, a purchaser cannot request specific performance of the contract.

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We represent businesses and owners anticipating or experiencing financial distress.

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We counsel clients so that their resources and assets are marshaled for corporate and individual protection.

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