Category: Bankruptcy Basics

If you are self-employed or own your own business, you should prepare monthly financial statements to understand how your business is performing.  Realistically, financial statements are often the last thing a small business owner worries about.  He or she is usually more concerned about how to make the next sale or generate the next contract.  … Read more

Well, you can, but it’s probably not the best idea.  Family members and friends for the fact of the matter are considered “inside” creditors, as labeled in the bankruptcy code 11 U.S.C § 101 (31)(A)(i).   Because this is a loan from your family or friend and was never recorded, they are not looked at the … Read more

When you file bankruptcy, an “automatic stay” goes into effect against all of your creditors. The automatic stay, Section 362(a) of the U.S. Bankruptcy Code, among other things, prohibits creditors from contacting you to collect a pre-petition debt. In short, no more harassing phone calls from your creditors! This is one of many advantages the … Read more

When filing bankruptcy you have the option to continue to pay for your car lease payment or you can opt out of your car lease payment.  In a bankruptcy you can legally be released from many of your contractual obligations, this includes things like cell phone contracts, apartment leases, and even a car lease.  In a … Read more

. The law does not require a person to hire an attorney to file bankruptcy.  The bankruptcy can be filed “pro se” where you represent yourself.  However, an individual is taking a risk by not hiring an experienced attorney to navigate the court system and to ensure the paperwork is prepared correctly. It is extremely … Read more

Typically speaking, your money in your bank accounts will be safe if you decide to file bankruptcy. However, there are a few important things to consider. By hiring a lawyer to prepare your petition for bankruptcy, it is our job to protect your assets.  Bank accounts are one of our top priorities since it is … Read more