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Man Fakes His Own Death to Avoid Bankruptcy Court

By Kelley, Fulton & Kaplan |

Many people are under the misconception that if they file for bankruptcy, they will lose everything. We’ve previously written about how many kinds of bankruptcy allow you exemptions, so that you can keep property, or allow you to make small payments, and thus, keep most of your property. Still, some people decide they want… Read More »

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Divorce and Bankruptcy: Which Comes First?

By Kelley, Fulton & Kaplan |

If you are thinking of a divorce, you may also be thinking about a bankruptcy. Often, the two accompany each other. Sometimes finances were a problem during the marriage and lead to problems during the marriage. Other times, the divorce itself causes financial problems, what with two incomes combined now becoming one or one… Read More »

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Being Nice by Paying Creditors Can Lead to Problems

By Kelley, Fulton & Kaplan |

You have made up your mind to file for bankruptcy. You know that if your discharge is entered, that your debts will be discharged forever. But before that happens, you want to make a few extra payments to some of your creditors. After all, no court would have a problem with you paying a… Read More »

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What Is a Debtor-in-Possession?

By Kelley, Fulton & Kaplan |

A business contemplating bankruptcy usually has two options: Filing for Chapter 7 or Chapter 11. In a Chapter 7 case, the business is closed and its assets are liquidated by a court-appointed bankruptcy trustee. The trustee effectively assumes ownership of the assets and ensures any proceeds from their sale are distributed to the creditors… Read More »

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How Can an Emergency Bankruptcy Filing Help Me?

By Kelley, Fulton & Kaplan |

Bankruptcy provides an orderly process for an individual or business to discharge or restructure their debts. Bankruptcy is not quick. It requires filing a number of forms and dealing with multiple parties, including the bankruptcy judge, the bankruptcy trustee, and of course creditors. There are some cases where a debtor needs to expedite matters… Read More »

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Challenges Associated With Co-Owned Property and Bankruptcies

By Kelley, Fulton & Kaplan |

When a debtor files for bankruptcy under Chapter 7 or Chapter 13, the law automatically creates what is known as a bankruptcy estate. This estate includes all of the debtor’s property that is not otherwise exempt from bankruptcy under federal or state law. In this context, the debtor’s property, and thus the bankruptcy estate,… Read More »

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Higher Income Earners and Bankruptcy

By Kelley, Fulton & Kaplan |

There is sometimes a misconception that bankruptcy is only available to people with little or no income, such as individuals who are unemployed. This is simply not true. Anyone whose debts exceed their ability to repay can seek bankruptcy protection. This includes many people who are considered “higher income earners.” And while your income… Read More »

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Saving the Family Farm Through Chapter 12 Bankruptcy

By Kelley, Fulton & Kaplan |

If you operate a family-owned farm that is saddled with significant debts, federal law provides a lifeboat in the form of Chapter 12 bankruptcy. While not as well-known as other types of bankruptcy, including Chapter 11 and Chapter 13, a Chapter 12 filing can help family farms stay in business while working towards repaying… Read More »

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Secured Creditor and Bankruptcy Claim Buyer Representation

By Kelley, Fulton & Kaplan |

When someone who owes you money files for bankruptcy, you now have what is known as a “creditor claim” against that individual. Creditor claims are classified as either secured or unsecured. A secured claim means that the creditor has a lien against a specific piece of property owned by the debtor, such as their… Read More »

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Reaffirmation Agreements: When You Don’t Want to Discharge a Debt

By Kelley, Fulton & Kaplan |

The point of bankruptcy is to discharge debt and give the debtor a fresh start. Most debtors who file bankruptcy want to eliminate debt, start over, and perhaps use whatever income they have to pay their normal living expenses, instead of paying debt. But what happens when a debtor wants to pay off a… Read More »

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