Monthly Archives: September 2021
The Mortgage Modification Program May Help You Keep Your Home
There are a number of ways that bankruptcy can help you in foreclosure. Bankruptcy can buy you more time to make a modification work, stop a foreclosure sale or, in the case of a Chapter 13, allow you to pay back what you owe on the loan in smaller, more manageable payments, so that… Read More »
Pros And Cons Of Filing A Chapter 7 Bankruptcy For A Business
There is little doubt that for many people in debt, Chapter 7 bankruptcy can be a life preserver. The opportunity to free yourself of debts, without losing many (or any) significant assets, and to do so in a relatively short amount of time, is unparalleled. But when it comes to filing for Chapter 7… Read More »
Can Trusts Protect Assets When You File For Bankruptcy?
People are always trying to come up with creative ways to protect assets from being taken in bankruptcy. In most cases, a debtor won’t lose any assets—most will fall under an exemption. But in some cases, there are non-exempt assets, and debtors often try to do creative things to keep the property from being… Read More »
How Does Bankruptcy Fraud Happen?
Most people go into bankruptcy with the best intentions, and with no intention at all to commit bankruptcy fraud. But fraud—or at least allegations of fraud—do happen in bankruptcy cases. To avoid problems or allegations of fraud, it may be helpful to identify situations where a court (or creditors) can begin to think there… Read More »
A Simple Example May Show You Why Bankruptcy Is A Better Option
You may be wondering why you should file for bankruptcy. After all, that minimum payment on your credit card debt seems manageable. You can afford to pay it. Isn’t it better to just pay the minimum payment, and not file for bankruptcy? Sometimes, it may be—bankruptcy isn’t right for everyone, and the choice to… Read More »
Why A Trustee May Want To Close A Sole Proprietorship
Let’s say that you have a sole proprietorship, and you are thinking of filing for bankruptcy. Will the trustee take your business and close it? It may seem silly to imagine a trustee would want to do that. After all, you need the business to make a living, and since it’s a sole proprietorship,… Read More »
Can A Senior Creditor Voluntarily Give Assets To A Lower Creditor In Chapter 11 Bankruptcy?
In a Chapter 11 case each creditor is classified into tiers, or classes. Some creditors, such as a secured creditor like a mortgage, will have the highest priority. Some classes have priority, but not the highest priority, such as expenses of the bankruptcy estate or expenses that are incurred for the process of the… Read More »
