Bankruptcy Basics Archives

Bankruptcy Basics

Why You Might Need To Do A Quitclaim Deed Or Deed in Lieu of Foreclosure Even After Filing Bankruptcy

November 9, 2011

Whether or not someone who files bankruptcy also needs to do a quitclaim deed or deed in lieu of foreclosure is a question that many bankruptcy attorneys and clients are asking themselves these days. A few years ago, most banks and mortgage companies (we will call them banks for this blog) foreclosed on a property – house or land – within three to four months of the bankruptcy filing. At the foreclosure sale, the bank would pay the property taxes on the house as well as any homeowner association liens on the property. For many people, that is now considered the “good ole’ days”.

Bankruptcy Basics

Why Have I Stopped Getting Statements or Bills After Filing Bankruptcy?

November 7, 2011

When you have filed your bankruptcy petition and receive a case number, an automatic stay is enacted to protect you under the bankruptcy code from creditor contact, lawsuits, repossessions, foreclosures, etc. In turn, this limits the contact a creditor may have with you. If a creditor violates the automatic stay then they can be sanctioned … Read more

Bankruptcy Basics

Are Workers’ Compensation Benefits Protected in Bankruptcy?

October 10, 2011

In many cases when a client walks in our office to seek bankruptcy advice it is because they are at the end of their rope and under severe financial distress. Often times, many clients have already lost or are at risk of losing nearly everything they have. When someone has been injured at work … Read more

Bankruptcy Basics

Can A Creditor Freeze My Bank Accounts If I File Bankruptcy?

September 7, 2011

Once you default on a payment to a creditor, they then have their legal rights to pursue means of collection from you. When you have something secured, such as a house or a car, if you ignore their repeated attempts of collection, the creditor can simply come and take back what was theirs in the … Read more

Bankruptcy Basics

Can I Still Tithe or Give to the Church If I File Bankruptcy?

September 5, 2011

There is no doubt about it, bankruptcy will (at least for the short term) have an effect on your everyday life where finances are concerned – from your living situation, the way your bills are paid, how you can get credit and so on and so forth; but does it also effect being able to … Read more

Bankruptcy Basics

Can You Wipe Out A Small Business Administration (SBA) Loan in Bankruptcy?

August 24, 2011

The short answer is, yes, a Small Business Administration (SBA) loan is considered a dischargeable debt. New entrepreneurs or small business owners who are looking to revamp their business sometimes need an additional guarantor on a loan, due to certain factors, such as not having enough collateral. A guarantor takes responsibility for the debt and … Read more

Bankruptcy Basics

Is the Information on My Bankruptcy Petition Private?

August 22, 2011

For many, filing bankruptcy can be a very stressful, emotional and embarrassing time in your life. Ask any bankruptcy attorney, and they will tell you this is a question they are asked quite often. Most people would prefer to not tell the world of their financial problems and keep the information in their bankruptcy private. … Read more

Bankruptcy Basics

Why Does the Means Test Look at My Gross Income Instead of Net Income?

August 17, 2011

This is a question frequently asked by clients. You do not have access to your gross income, since a great deal of it goes to pay federal and state taxes, health insurance, life insurance, long and short-term disability, 401(k), etc. The net income or your take-home pay is what you have available to pay your … Read more

Bankruptcy Basics

What Happens If I Die During My Bankruptcy?

August 1, 2011

Bankruptcy Basics

How is a Property Tax Lien Handled in Bankruptcy?

July 29, 2011

Category: Bankruptcy Basics

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