Tag archive for ‘Can I keep my property if I file bankruptcy?’
Debt Buyer Practices
by Jay Jump on 3/11/10 | 0 Comment(s)
Initially, let me explain what a debt buyer is.
A debt buyer is a company or individual who purchases note paper. When you purchase a home, or a car, you sign a promissory note. This promissory note is what entitles the creditor to collect money from you for payment on the loan. Read more>>
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 1 Comment(s)
You can villify me later. For now, I need you to read and get some perspective. Pay attention because we’re going to move fast.
You need to file for bankruptcy.
Let me say it again for those of you who are still shaking your head.
YOU NEED to file for bankruptcy!
There, I gave you a little emphasis to 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>>
My Creditors Are Violating the Automatic Stay
by Jeff Herrick on 2/10/10 | 0 Comment(s)
When you file for bankruptcy, an automatic stay is issued by the Bankruptcy Court. An automatic stay is a measure put in place by the bankruptcy court to halt all actions by creditors to collect and/or obtain satisfaction of the outstanding debt even by repossession of the property. Unfortunately, some creditors do not abide by 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>>
Bankruptcy Attorneys Must Pay Attention to Local Procedures When Handling Reaffirmation Agreements
by Drew Broaddus on 12/31/09 | 0 Comment(s)
Richard Stokan from our office recently wrote an interesting post here about the practical aspects of negotiating reaffirmation agreements. In short, a reaffirmation agreement is a new contract signed between the debtor and a lender that reaffirms the debtor’s personal liability for a debt (typically an automobile or home). This agreement essentially states that the 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>>
Bankruptcy Forms: The Statement of Intention
by Richard Stokan on 12/07/09 | 0 Comment(s)
When filing for bankruptcy, a debtor is required to file a Statement of Intention specifying whether the debtor intends to retain or surrender property. For example, the debtor will specify whether a home or car will be kept after bankruptcy or surrendered back to the lender.
A copy of the statement must be served on all Read more>>
