Category archive for ‘Uncategorized’ 
What if I forgot to list a creditor?
by Richard Stokan on 8/17/10 | 0 Comment(s)
It is common for debtors with numerous creditors to forget to list a creditor on a bankruptcy petition. This could happen with an old account that has remained open but unused for several years or a forgotten joint account from a former spouse. Just because a debt was not listed on the petition does not [...]
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, [...]
Conversion to Chapter 13 to Avoid Dismissal on Presumption of Abuse
by Richard Stokan on 8/03/10 | 0 Comment(s)
I recently discussed involuntary dismissals of Chapter 7 petitions under 11 U.S.C. § 707(b) where the Court determines that a presumption of abuse exists. If faced with an inevitable dismissal under 11 U.S.C.§ 707(b), a debtor can convert to a Chapter 13 bankruptcy. See 11 U.S.C.§ 706. This requires the debtor to file a petition [...]
What is “redemption” and how does that help me keep my property in Bankruptcy?
by Stephen Trezza on 7/28/10 | 0 Comment(s)
In Bankruptcy, redemption is a type of relief, only available for consumer debt, which allows a debtor to pay a creditor’s secured debt. What this means is that your creditor may relieve the lien on your personal property if you pay a lump sum equal to the current market value of the collateral. For example, [...]
British Petroleum Oil Spill Will Force Many Into Bankruptcy
by Bill Cherbonnier Jr. on 7/20/10 | 0 Comment(s)
For a while there was a good deal of talk in the media about whether the BP would have to file bankruptcy to save itself from financial ruin. As time goes on, it becomes clearer that the question should have been, “How many middle-class oil field production and supply workers, tour boat operators, and fishermen [...]
I think that my Debt Collector is Harassing me. What can I do?
by Stephen Trezza on 7/13/10 | 0 Comment(s)
In case you have filed for bankruptcy under any chapter, you are protected by the “automatic stay” provision which stops creditors from forms of collection action, including the continuation of a court case against you. Think of the “automatic stay” as a firewall that is supposed to stop debt collectors from trying to collect debt [...]
Considering Filing Bankruptcy? Avoid these problems! (Part 1)
by Richard West on 7/08/10 | 0 Comment(s)
Filing Bankruptcy, or thinking about it? Stop! Catch your breath. Get professional advice, from an attorney who is experienced in bankruptcy BEFORE you make any significant debt or property decisions. Many things that people normally do have unexpected consequences in a bankruptcy setting. Before you even call an attorney for an appointment, it is probably [...]
Are You an Appraisal Away From a Mortgage Modification?
by Moderator on 7/05/10 | 0 Comment(s)
PROBLEM: MORTGAGES AREN’T BEING MODIFIED Oh, how much easier life would be for homeowners if all that was needed for a mortgage modification was an appraisal. In today’s troubled housing market it does seem equitable, doesn’t it? Demonstrate to your lender that you owe far more than your home is worth, and of course, that [...]
I’ve heard that a repo agent can’t “breach the peace” during a repossession. What does that mean?
by Stephen Trezza on 6/29/10 | 0 Comment(s)
If you have defaulted on a payment of a vehicle, the original seller may repossess the car that you have not finished paying for. The vehicle is what’s known as “collateral” and the people you owe money to have the legal right to either have a court action against you or repossess the “collateral” by [...]
Can I discharge my student loans if I file for Bankruptcy?
by Stephen Trezza on 6/25/10 | 0 Comment(s)
In general, student loans cannot be discharged if you file for bankruptcy unless you can show that paying for your student loans debt creates an “undue hardship” on you or your family. To discharge your student loans entirety is not an easy feat to accomplish however. To prove that you would have an “undue hardship” [...]
