Author Archives 
Where to File a Chapter 7 Bankruptcy
by Richard Stokan on 3/08/10 | 0 Comment(s)
A bankruptcy case must be filed in the federal district where the debtor has maintained his residence or principal place of business “for the one hundred and eighty days immediately preceding such commencement, or for a longer portion of such one-hundred-and-eighty-day period.” 28 USC 1408. In laymen’s terms, the case must be filed in the bankruptcy Read more>>
Listing and Valuing Household Items
by Richard Stokan on 3/01/10 | 0 Comment(s)
Bankruptcy courts vary as to the specificity required for the description of household furnishings. Most courts are satisfied with a brief description of the types of household goods rather than an itemized list of every item. For example, a debtor can list table settings for eight instead of itemizing each plate, saucer etc… Similar groupings Read more>>
Jointly Owned Property May Be Subject To Forced Sale In Bankruptcy
by Richard Stokan on 2/15/10 | 1 Comment(s)
It is not unusual for debtors, specifically married debtors who file for bankruptcy protection separately, to co-own property. If you co-own property and intend to file for bankruptcy, you need to be aware that the trustee has the authority to force a sale of the entire asset including the co-owner(s) interest. See 11 USC 363(h). Read more>>
Random Bankruptcy Audits
by Richard Stokan on 2/08/10 | 1 Comment(s)
Since 2006, debtors filing for bankruptcy protection have been subject to random audits. As part of the reforms of the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), Congress required random audits to verify the accuracy and completeness of debtors’ bankruptcy filings. 28 USC 586(f). The targets are randomly selected and average approximately Read more>>
Bankruptcy and Co-signers
by Richard Stokan on 2/03/10 | 0 Comment(s)
Before filing for consumer bankruptcy protection a debtor should consider the type of debt that will be affected. If any debt is secured by a co-signer, filing for bankruptcy could place the co-signer in the position of being compelled to cover the debt.
Regardless of whether a debtor is seeking a Chapter 7 discharge or Chapter Read more>>
Dangers of Unperfected Liens
by Richard Stokan on 1/18/10 | 0 Comment(s)
Liens against real property that have not been recorded or were not timely recorded, can be avoided by a Chapter 7 trustee and present a dilemma for a debtor. See 11 USC 544 and 11 USC 547(e)(2)(B). Once a case is filed, the trustee can assert power over the property of the estate. This means, Read more>>
Is a Chapter 13 Bankruptcy the Right Choice?
by Richard Stokan on 1/05/10 | 1 Comment(s)
Deciding to file for bankruptcy protection can be a difficult decision. Although a Chapter 7 bankruptcy offers a debtor a faster discharge, filing a Chapter 13 case may be in a debtor’s best interest.
Probably the most common reason to file a Chapter 13 bankruptcy is because the debtor does not qualify for a Chapter 7 bankruptcy under Read more>>
Renegotiate Before Reaffirming A Debt in Bankruptcy
by Richard Stokan on 12/28/09 | 2 Comment(s)
Often, consumers who wish to keep automobiles through a bankruptcy proceeding are required to reaffirm the debt. Remember that a bankruptcy wipes out your personal obligations to pay debt. In order to keep a financed car, many states require reaffirmation. A debtor must be certain he or she can afford to make the required payments Read more>>
Security Deposits and Bankruptcy
by Richard Stokan on 12/21/09 | 0 Comment(s)
Security Deposits in Bankruptcy
When filing for bankruptcy protection, all assets must be listed on the petition including landlord security deposits. 11 USC 541. Although the security deposit is not in the possession of the debtor, the deposit legally belongs to the renter and must be returned unless the landlord is allowed by state law to Read more>>
What is a bankruptcy discharge and how often am I eligible to receive one?
by Richard Stokan on 12/14/09 | 2 Comment(s)
A discharge in bankruptcy “wipes the slate clean” by legally relieving the debtor off all obligation to pay certain debts. Remember that if you wish to retain property like a car or home, payments must be made after bankruptcy. The bankruptcy discharge is most effective at eliminating credit card debt, medical bills and old tax obligations. Read more>>
