Category archive for ‘Life After Bankruptcy’ 
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 [...]
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 [...]
What is a “reaffirmation agreement”?
by Stephen Trezza on 8/06/10 | 0 Comment(s)
A reaffirmation agreement is a type of relief agreement that allows you to keep your property even after discharge of your debt after bankruptcy. However, under a reaffirmation agreement you still agree to be liable for the debt owed on the property you wish to keep. You can think of it as a new contract, [...]
Rebuild Your Credit
by Jacob on 7/31/10 | 0 Comment(s)
So you just filed for bankruptcy, what should you do next? Now is the perfect time to take action and start laying the groundwork for a healthy financial future. One of the first questions you will need to ask yourself is whether you want to get back in the credit game. Now there are a [...]
Student Loans, Co-signers and Undue Hardship
by Richard Stokan on 7/09/10 | Comments Off Comment(s)
As a general rule, student loans are “non-dischargeable” debt, which means the debt will remain after a Chapter 7 or Chapter 13 bankruptcy. This applies to both the original debtor and any co-signor. If you cosign on a student loan, filing for bankruptcy protection will not eliminate the debt. As with any debt involving a [...]
Why You Should Never Give Up ! (A lesson from Harry Potter)
by John Rogers on 6/15/10 | 0 Comment(s)
When meeting with folks on a daily basis that face major struggles in their personal and financial life, I am always amazed by the courage and tenacity they show in facing up to these problems and not giving up. I never forget the will and effort it takes just for clients just to make the appointment [...]
100% of bankruptcy debtors have relieved debt stress.
by John C. Colwell on 6/15/10 | 0 Comment(s)
The AP recently conducted a poll, and published an article regarding American’s stress and debt, and this got me to thinking about the relief of stress that accompanies a bankruptcy filing. Debt-induced stress continues for many Americans I don’t know of the methodology of the poll itself, but it seems self evident, and not much [...]
Credit Cards After Bankruptcy
by Richard Stokan on 5/24/10 | 0 Comment(s)
A common question is whether or not a debtor can keep a credit card after filing for bankruptcy protection and do I have to list the cards I want to keep. If you owe a balance at the time the bankruptcy petition is filed, you must list the debt. This applies regardless of the amount [...]
State vs. Federal Exemptions: What is the Best Way to Protect My House If I File Bankruptcy?
by Drew Broaddus on 5/14/10 | 0 Comment(s)
In 11 U.S.C. § 522(b), Congress provided that a state may choose the exemption scheme available to any debtor filing for bankruptcy relief within its borders. For example, debtors filing bankruptcy petitions in Ohio and Tennessee are not eligible to claim the federal exemptions enumerated in § 522(d) because the state law applicable to those [...]
Can I Keep My Bankruptcy A Secret?
by Moderator on 5/08/10 | 0 Comment(s)
If you file bankruptcy, can it be kept a “secret” between you and your attorney? Well, no a bankruptcy filing is a matter of public record. It’s not technically a secret. Having said that, unless you’re a celebrity, your bankruptcy case won’t make the newspaper. The fact is that if you wish to keep it [...]
