September 23, 2017

How Long Will Creditors Try to Collect on a Judgment?

In my ongoing series of blog posts about debt collection, garnishments, judgments, and how to rebound from financial setbacks I am asked lots of questions. One reader asked what happens when you've proven to the sheriff that all your property is exempt from the judgment. She said, "Do they hawk you for years waiting for your financial situation to improve? What happens if you win the lottery … [Read more...]

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...]

Bankruptcy and Exempt Property: Common Mistakes

I have been practicing bankruptcy law for over forty years. This year I saw two cases in bankruptcy court illustrating the danger of hiring a so-called bankruptcy attorney who didn't understand the fundamentals of exempt property. First, a primer on exempt property I typically refer to property that creditors cannot reach as exempt property. Although there are many exemptions created by other … [Read more...]

Marital Property and Bankruptcy: Allocating Exempt Property

Each state has different laws on what is recognized as exempt property, that is, property that is out of the reach of creditors (including bankruptcy trustees). Further, there are federal exemptions. I wrote about this extensively and you may find it helpful reading. Here's the kind of question that occasionally comes up when we counsel a married couple about bankruptcy. Q: The exempt … [Read more...]

Help Homeowners Facing Foreclosure: Part Two of Three

In my first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales. In this article I'll cover questions and answers on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset. Q: Can I legally prevent a foreclosure? First, there is very rarely any … [Read more...]