Category archive for ‘Protecting Your Property’ 
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 [...]
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 [...]
Will Federal or State Law Better Protect My Property?
by Moderator on 8/17/10 | 0 Comment(s)
Most can agree that as a matter of public policy, it is unfair to allow a creditor to take everything from a borrower in satisfaction of debt. As a result, all states as well as the federal government have enacted laws that set rules as to what creditors can and cannot take from borrowers in [...]
Are you leaving thousands of dollars on the table? Why you need to know about lien stripping in Chapter 13
by Tara Gaschler on 8/17/10 | 0 Comment(s)
What if I told you you could get rid of your 2nd mortgage? That’s right – never make another payment and have the lien on your house completely removed! You would probably think that is too good to be true – right? Wrong! It is possible to do exactly what I have outlined above utilizing [...]
Problems to avoid when considering bankruptcy – part 3
by Richard West on 8/15/10 | 0 Comment(s)
In the third and final part of this series, we continue to examine problems that one can avoid when preparing to file a bankruptcy case. 18. When preparing to meet with an attorney or, having retained an attorney and preparing your worksheets, don’t forget to list any debts that you may owe to family, friends [...]
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, [...]
Considering Filing Bankruptcy? Avoid these problems! Part 2
by Richard West on 7/21/10 | 0 Comment(s)
In part 2, we continue to examine ways to help ensure that you will be successful in avoiding problems in a bankruptcy that you may file. 8) Often I see people fail to list their business, LLC, S-Corp, etc. when they come in to see me for bankruptcy advice. If you own a business, or [...]
Bankruptcy and Taxes
by Richard Stokan on 7/19/10 | 0 Comment(s)
As a general rule, you cannot discharge back taxes in bankruptcy. Certain income taxes, however, can be discharged under limited circumstances. When filing for Chapter 7 bankruptcy protection, taxes can be discharged under the following circumstances: (1) the taxes are limited to taxes on income. Taxes levied for fraud, payroll taxes or sales taxes do [...]
Can I go to jail if my payday loan check bounces?
by Stephen Trezza on 7/06/10 | 0 Comment(s)
If you happen to be behind on your payday loans and your checks keep bouncing, you may be worried about facing criminal prosecutions. Some “payday” lenders have been known to call and threaten borrowers to “pay or go to jail.” As a result many “payday” loan borrowers are terrified by threats of criminal prosecution. But if [...]
