Board Certified Specialist in Bankruptcy
Individuals in need of Chapter 13 bankruptcy protection often begin searching for a law firm on the internet, a confusing endeavor at best thanks to the troubled economy because the demand for bankruptcy lawyers has increased faster than the supply of knowledgeable and experienced practitioners. How do we know this? Because we so often find ourselves unwinding the messes that … [Read more...]
Most of our clients would like to pay all their creditors in full. Even if it takes a long time. The problem is that creditors aren't willing to wait as long as necessary to receive payment in full. This is where Chapter 13 bankruptcy comes in. Those who file for Chapter 13 protection will end up paying all or part of their debts in a court-approved and -monitored process. Consider the … [Read more...]
This opinion piece by economist Paul Krugman about mortgage company shenanigans garnered 463 comments before the NYT closed the comment section. If you are trying to get your mortgage refinance or modified, you'll find plenty of company among the disgruntled commenters but not much in the way of advice. You need a bankruptcy attorney for that. Dr. Krugman endorses the Oscar-winning film … [Read more...]
We always warn our bankruptcy clients that their credit cards will be cancelled when their creditors receive notice of the bankruptcy filing. This includes cards on which there is a zero balance and cards that have always been paid on time. Sometimes our bankruptcy clients wish to “keep a credit card” out of their bankruptcy – in order to have access to emergency funds, for business … [Read more...]
I saw an interesting article about a Pennsylvania judge who forces the mortgage companies trying to foreclose on homes in his jurisdiction to first try and work out a modification with the homeowner. Mortgage companies cannot proceed until they have proven a good faith effort to the court. Even that's not enough to help most people save their homes. 20% of borrowers (or more) with permanent … [Read more...]
Although the Home Affordable Modification Program (HAMP) has been widely reported as under-serving those in need, and hat has been our clients' experience here, if you are considering filing for bankruptcy protection or have already done so, and you have also applied for HAMP, this guide explains policies and procedures related to borrower outreach and communication. Chapter 13 bankruptcy must … [Read more...]
There are scores of inaccurate beliefs about what happens to someone after they've received bankruptcy protection. What people read on the Internet, hear from friends and family, see in advertisements from “tax repair” services, “credit repair” services, “debt consolidation” services and the like is often (at best) misleading or misinformed, and (at worst) downright criminal. Here … [Read more...]
This requires a two-part answer. First, filing fees must be considered. Filing fees are charged by the bankruptcy court and are due upon filing; these fees help fund the bankruptcy court system. The filing fee for a Chapter 7 bankruptcy is $299.00; for Chapter 13, $274.00; and for Chapter 11, $1039.00. Second, if you wish to hire an attorney to file and handle your bankruptcy case, then you must … [Read more...]
I frequently tell new bankruptcy clients -- often college-educated, middle- to upper-middle class people who never dreamed they'd be in this position -- that bankruptcy is the new divorce. Long ago, divorce was extremely rare and resulted in a social stigma. No one marries planning to divorce; we make the best decision we can, with the information we have, and plan for a long and happy … [Read more...]
In this economy, most attorneys -- no matter what their practice area -- have established relationships with clients who are now either in financial difficulty, or are affected by someone else's financial difficulties. Divorce attorneys, personal injury attorneys, real estate attorneys, employment law attorneys, and construction law attorneys are just a few of the types of lawyers who frequently … [Read more...]