When I meet with a client, usually one of the first topics they want to discuss is how much is bankruptcy going to cost them and how are they going to pay their attorney’s fees. Understandably this is a concern, because if money wasn’t tight they wouldn’t be seeking the help of a bankruptcy attorney. […]
BAD CREDIT SCORES CAN PROLONG UNEMPLOYMENT
Many employers are now checking credit scores of applicants prior to making offers of employment. For many unemployed Americans, this practice is unfair. Consider people who have great credit and payment histories until they lose their jobs. But once their income stops they fall behind on their payments, causing negative marks on their credit report […]
BANKRUPTCY: WHAT IS A 341 MEETING?
A 341 meeting, also known as a creditor’s meeting, is presided over by the United States Trustee, and allows creditors and the trustee an opportunity to question debtors about the schedules and statements filed in their bankruptcy case. This meeting is required under 11 U.S.C. § 341 of the Bankruptcy Code, hence the name. Creditors […]
Beware the Creditor Offering to Settle Your Debt!
I talk to people everyday that tell me that a creditor has offered to settle their debt for less than what they owe. unfortunately these creditors rarely tell the whole truth about how much settling their debt will actually cost. When a creditor cancels a portion of a debt, they report the amount of the […]
CHAPTER 7 BANKRUPTCY: REDEEMING SECURED PROPERTY
One of the benefits of filing Chapter 13 bankruptcy is that you can sometimes cram down secured debt on vehicles. This means that you can force a creditor to accept repayment of a loan by paying the value of the vehicle rather than the entire claim. Chapter 7 bankruptcy has a similar tool available to […]