May 22, 2019

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...]

Reaffirmation in Bankruptcy: What, How, When and Why

The goal in any bankruptcy case is to discharge debts. Discharge is the technical legal term that means the debts no longer exist. Literally, they are gone and can never come back. An exception to discharge can come in the form of the reaffirmation of a particular debt. Reaffirmation means that the debt is excepted from the discharge and is not affected by the bankruptcy discharge. Reaffirmation … [Read more...]

After Bankruptcy: Debts Die, Liens Live

There is a saying among bankruptcy attorneys:  “debts die, liens live.”  People can discharge most debts in a bankruptcy case, meaning that they are released from their personal liability for discharged debts. Creditors cannot take any action to collect a discharged debt from a debtor. But what happens to liens or mortgages on property owned by the debtor?  There are a few common scenarios to … [Read more...]