May 28, 2017

Keep Your Car After Bankruptcy

One of the most frequent questions I'm asked of prospective clients who are considering filing a bankruptcy case is whether they will have to resort to public transit. They have the misperception that their cars will automatically be taken in bankruptcy. Let's set the record straight on how to keep your car after bankruptcy. To do so, you must understand the role of "exempt property" in all … [Read more...]

Chapter 11 or 13 for Troubled Businesses ?

This month news of an oil and gas producer filing for Chapter 11 bankruptcy protection made news. The reason cited for the financial difficulty is the drop in oil prices, which have have slid some 50 percent since June. My Chapter 11 clients own small to mid-sized businesses, but they have the same problems as bigger companies who need to reorganize under the orderly process of a bankruptcy … [Read more...]

What Can I Do about a Judgment against Me in NC?

A creditor has obtained a judgment against you. That means that the judgment constitutes a lien on your real estate (land and buildings) in the North Carolina county in which the judgment was obtained and in any North Carolina county into which it has been transcribed. It also means that the judgment creditor can have the sheriff seize personal property—anything other than land or buildings, … [Read more...]

How Much Money Does it Cost to File for Bankruptcy Protection?

Yes, it costs money to file for bankruptcy protection. This post covers court costs and legal fees related to Chapter 7, Chapter 13 and Chapter 11 bankruptcy cases. Too often, I counsel folks who qualify for bankruptcy protection who’ve been spending their money trying to avoid filing. They spend it on so-called debt relief programs; they spend it trying to keep their home out of foreclosure, … [Read more...]

Should I Keep Some of My Debts Out of Bankruptcy?

When people consider filing for bankruptcy protection, they often want to know if they can keep some of their debts out of their bankruptcy estate. In legal terms, this is called "reaffirming a debt." Reaffirmation means that the reaffirmed debt is not discharged in bankruptcy.  In other words, the Debtor voluntarily agrees that the debt will not go away.  Beware reaffirming debts What … [Read more...]

Life After Bankruptcy: How to Rebuild Your Financial Life

Many people can't consider filing for bankruptcy protection until they know what happens after their debts are discharged. They frequently ask everyone (except a bankruptcy attorney) questions like these: "Will I ever qualify for credit again? "How long will it take to get a decent rate on a car loan?" "What's the fastest way to rebuild my credit? What's in the Guide to Life After … [Read more...]

Reorganizing a Business with Chapter 11 Bankruptcy

My typical Chapter 11 client is a small to mid-sized, closely held and viable business with cash flow problems. The business offers either goods or services that are in demand,but needs to be reorganized in an orderly manner instead of haphazardly responding to creditor demands. The source of the financial problems varies; common problems include the decline of the housing market, growth and … [Read more...]

Bankruptcy Without an Attorney

Unfortunately for those in financial hardship, filing for bankruptcy protection isn't free.  Too often, I counsel people who need bankruptcy protection who haven't saved the money for the court costs or attorney fees. And sometimes, I meet with new clients who may have been able to save a troubled business if they’d just gotten some legal advice earlier rather than later. This is usually because … [Read more...]

Bankruptcy and Employment: Can I Lose my Job for Filing Bankruptcy?

In advising people regarding financial difficulties, I am often asked about bankruptcy and the effect that it has on employment, licensing and the like. In other words, a client will ask if bankruptcy will hurt his or her ability to get a job or will his or her employer fire them because I filed bankruptcy?  As to licensing, a contractor may ask about the ability to obtain a contractor’s license … [Read more...]

What does it Cost to File for Bankruptcy Protection?

Yes, it costs money to file for bankruptcy protection. This post covers court costs and legal fees related to Chapter 7, Chapter 13 and Chapter 11 bankruptcy cases. Too often, I counsel folks who qualify for bankruptcy protection who’ve been spending their money trying to avoid filing. They spend it on so-called debt relief programs; they spend it trying to keep their home out of foreclosure, … [Read more...]