Debtors often ask me not to include a specific debt in their bankruptcy. In most cases the motivation behind these requests is that the debtors wish to keep a house or a car and they believe that if the debts that are secured by their property are listed in the schedules, they will lose the […]
DOMESTIC SUPPORT OBLIGATIONS GIVEN PRIORITY IN BANKRUPTCY
The Bankruptcy Code provides special protection for parties’ owed domestic support obligations, such as child support, alimony, and spousal maintenance. In its present form, the Bankruptcy Code provides that domestic support obligations cannot be discharged in a Chapter 7 case and receive priority status in Chapter 13 bankruptcy plan. This priority status guarantees that domestic […]
DON’T USE HOME EQUITY LOANS TO PAY OFF YOUR CREDIT CARDS!
DON’T USE HOME EQUITY LOANS TO PAY OFF YOUR CREDIT CARDS! I have to admit, that I am a little behind the times technologically. I still have basic cable at home and I don’t have a DVR. So while many Americans can simply fast forward through television commercials, I actually watch them. One common theme […]
FILING BANKRUPTCY MAY IMPROVE YOUR CREDIT RATING
Many people do not file bankruptcy because they fear that it will ruin their credit score. The reality is that by the time most people start thinking about filing bankruptcy, they already have a poor credit rating, and for those people, filing bankruptcy may in fact improve their credit rating. There are several reasons why […]
Foreclosures Top One Million in 2010
From the American Bankruptcy Institute’s Website: Home Foreclosures in 2010 Top 1 Million for First Time Banks seized more than a million U.S. homes in one year for the first time last year, despite a slowdown in the last few months as questions around foreclosure processing arose, Reuters reported today. Banks foreclosed on 69,847 properties […]