Bankruptcy often enables people to discharge much of their debt once the process is completed. Both Chapter 7 and Chapter 13 allow for the cancellation of many remaining debts, although the processes used are different. Chapter 7 uses the liquidation of nonexempt assets to repay creditors, and once the filing is complete, the individual will…

Parents will almost always admit that they love to spoil their children. Whether this be in the form of letting them attempt every sport or activity known to mankind in order to help them find their niche or spending hundreds of dollars on clothes and toys. Spending money, and a lot of it, is a…

If you have experienced a time in which you forgot to pay a credit card bill or another payment on a loan, etc. you know what it is like to have creditors that want their payments contact you. Many situations could be considered harassment, because there are certain rules and regulations in which creditors must…

Bankruptcy can send chills down anyone’s spine, that is, if you don’t properly understand what it actually means. In the event of a person or business being unable to pay off their debt, a person will often resort to bankruptcy as a means of salvation from their financial troubles. Unfortunately, there are also many myths…

In 2005 the bankruptcy law was revamped to its current form. Periodically, the rules that govern bankruptcy are reviewed and tweaked. On December 1, 2011, some of those tweaks took effect. In chapter 7 and chapter 13 cases, creditors will feel the greatest effect with the new changes. Creditors filing proofs of claim in bankruptcy…

Bankruptcy protection usually begins and ends with the Automatic Stay. Basically when a person files for bankruptcy the automatic stay is the protection that automatically kicks in and prevents creditors from seizing property, collecting against judgments, garnishing wages, foreclosing on your house, etc. It is like an invisible force field that protects you from your…

Help My Tenant Filed Bankruptcy! We have recently received multiple calls from clients who tried to evict a tenant on their own and were told by the court that they could not proceed because the tenant had filed for bankruptcy protection or were told directly by the tenant that a bankruptcy was imminent. When a…

Effective December 1st, 2011 the Federal Rules of Bankruptcy Procedure have been amended. Some of tehse amendments will yet need exploring as to the implications they may have on the debtor filing bankruptcy. Some are more important for creditors and offer the debtors more protection. The most notable rule amendments in my opinion for the…

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