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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 [...]
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 [...]
How Quickly Will I Receive A Discharge Once My Chapter 7 Case Has Been Filed?
by Drew Broaddus on 8/23/10 | 0 Comment(s)
In most consumer bankruptcy cases, the discharge of debts is the primary reason for filing the case. Whether the bankruptcy is motivated by overwhelming credit card debt, medical bills that are simply too much or some other issue, most debtors anxiously await the discharge and the chance to start over that it provides. The timing [...]
How Many Times Can I File for Bankruptcy and Receive a Discharge?
by Drew Broaddus on 8/22/10 | 0 Comment(s)
While you can file bankruptcy as many times as you like, “wiping away” debts and getting a fresh start through the bankruptcy discharge is the primary goal of most debtors. The question therefore is not really “how many times can I file for bankruptcy?” as much as it is how often can I receive a [...]
Should My Corporation File for Chapter 7 Bankruptcy?
by Drew Broaddus on 8/22/10 | 0 Comment(s)
When an individual is considering filing for bankruptcy they often want to know whether their corporation should file as well. Chapter 7 bankruptcy typically will not help a corporation. This is because corporations cannot receive a “fresh start” or discharge of debts. The Bankruptcy Code provides that the “court shall grant the debtor a discharge, unless … the [...]
Reaffirmation Agreements: the Legal Impact
by Drew Broaddus on 8/21/10 | 0 Comment(s)
Understand Your Reaffirmation Agreement Before You Sign…… I have written several articles on the National Bankruptcy Forum regarding reaffirmation agreements in bankruptcy. However, the legal consequences of such agreements are often not fully understood. Before agreeing to reaffirm a debt after bankruptcy, it is always wise to consult your bankruptcy attorney. In short, a reaffirmation agreement is a new [...]
Bankruptcy Pleading Requirements In Light of Ashcroft
by Drew Broaddus on 8/21/10 | 0 Comment(s)
As discussed here, an adversary proceeding is essentially a civil complaint filed in the bankruptcy court. There are three parties in a bankruptcy court case who can file an adversary proceeding: a creditor, the Trustee, or the debtor. The filing of an adversary proceeding requires the Bankruptcy Judge to make a decision about the issues presented. When [...]
How Will My Credit Report Be Affected By Filing For Bankruptcy?
by Drew Broaddus on 8/21/10 | 0 Comment(s)
A bankruptcy can be reported on your credit report for ten (10) years after the filing of the case. If you file a bankruptcy and voluntarily dismiss it before the discharge, the credit reporting agency must report the dismissal as well as the bankruptcy filing on your credit report. Most individuals who have income become more credit worthy [...]
In Re: Werngerter and Proof of Claims in Bankruptcy
by Drew Broaddus on 8/20/10 | 0 Comment(s)
Recently at the National Bankruptcy Forum, I discussed In re: Wingerter. B-Line, LLC v. Wingerter, a recent Sixth Circuit Court of Appeals decision which addressed the issue of what creditors must do to file a valid proof of claim. In that case, B-Line, LLC purchased a creditor’s claim against Gerald Wingerter and filed a proof of claim, based [...]
