What If My Creditor Gets a Judgment Against Me Before I File Bankruptcy?
By Drew Broaddus on 9/02/10 | 0 Comment(s)
Many individuals contact us with concerns about credit card debts that have been turned over to collections. Often, the client is concerned about what will happen if the collections agency obtains a judgment on the debt before the client files for bankruptcy. The short answer is that if the underlying debt would have been dischargeable [...]
How Chapter 7 Bankruptcy Works
By Drew Broaddus on 9/02/10 | 0 Comment(s)
Be forewarned, the following journey through chapter 7 bankruptcy law is a bit technical, so if you are considering filing for chapter 7 bankruptcy, consult a bankruptcy attorney. Chapter 7 Bankruptcy: It All Begins A chapter 7 bankruptcy case begins with the debtor filing a petition with the bankruptcy court serving the area where the [...]
Does the Defense of Marriage Act Prevent Gay Couples From Filing Joint Bankruptcy Petitions?
By John O'Connor on 9/02/10 | 0 Comment(s)
In cases where a married couple has incurred joint debt, a bankruptcy filing by only one spouse will not negate the obligation of the non-filing spouse to pay back the couple’s debts. Even after one spouse has declared bankruptcy, creditors can still come after the other nonbankrupt spouse for joint debts. As a result, it [...]
Executory contracts and unexpired leases.
By Richard Stokan on 8/31/10 | 0 Comment(s)
The bankruptcy petition includes a section for executory contracts and unexpired leases. I have been asked by several debtors what is an executory contract and unexpired lease? The simple answer is that an executory contract is an agreement between two parties where neither party has fulfilled its obligations under the contract. An unexpired lease is [...]
Interview With Kentucky Bankruptcy Attorney John Rogers
By Moderator on 8/30/10 | 0 Comment(s)
Kentucky bankruptcy attorney John Rogers weighs in on the state of the economy in Kentucky, his law practice, common bankruptcy myths and what it will take to fix the housing crisis. How long have you been practicing in the area of bankruptcy? John: I have been practicing in this area of law extensively since about [...]
Sorry But That’s Not a Short Sale!
By John O'Connor on 8/30/10 | 0 Comment(s)
A few days ago I had a conversation with a realtor friend about the state of the housing market. Inevitably, the subject of short sales came up. My friend said that while overall sales continue to be slow, he has seen quite a few “short sales” recently. This peeked my interest and we got to [...]
State of our economy – what should you do now?
By Richard West on 8/29/10 | 0 Comment(s)
I just read an economic survey indicating that there probably never was an economic recovery and this is not an ordinary recession. The article indicated that despite the amount of time, taxpayer dollars, and governmental effort pumped into our economy, the results are just not there. The mortgage modification program is a complete disaster, despite [...]
Can I avoid Chapter 7 liquidation by putting my property in other people’s names before filing?
By Stephen Trezza on 8/27/10 | 0 Comment(s)
You may want to think twice about transferring property to family or friends before filing for bankruptcy. In some cases, transferring property before filing bankruptcy can result in a lawsuit objecting to your discharge. That’s right, the bankruptcy trustee can sue you to recover the property you’ve transferred. If you think you may be filing [...]
I Can’t Complete My Chapter 13 Plan, Can I Still Get Debt Relief?
By Drew Broaddus on 8/26/10 | 0 Comment(s)
As I have discussed previously at the National Bankruptcy Forum, a Chapter 13 Bankruptcy is also called a wage earner’s Plan. It enables people with jobs to develop a plan to repay all or part of their debts when they’re having trouble. Under chapter 13, debtors propose a repayment plan to make installments to creditors over [...]
Consumer Bankruptcy Law Board Certification-Is it Important ?
By John Rogers on 8/25/10 | 0 Comment(s)
I am often asked if it is important for attorneys to be Board Certified in Consumer Bankruptcy Law by the American Board of Certification. There is no requirement by any bankruptcy court that you be board certified to practice in that court. In fact, it is very likely that most attorneys that do practice bankruptcy law [...]
