Are you aware of its benefits and drawbacks?  Automatic stay is considered to be one of the essential benefits of filing bankruptcy. This automatic stay is granted by the bankruptcy court and it protects the filers from further creditor harassment. The filers who are constantly harassed by the creditors to retrieve the owed amount can … Continue reading The Power Of Automatic Stay In Bankruptcy →

Filing bankruptcy is not at all an easy task. There is so much more to be considered that, it becomes hard for you to file one, without having the details on the same. Furthermore, you will have to consider the process which you may have to follow, in order to file bankruptcy. Now, if you … Continue reading Stuff you need to consider before filing Chapter 7 bankruptcy →

Another week, another bankruptcy filing for pizza-parlor owner and real estate investor James McGown, who is quickly becoming a bankruptcy baron. On Tuesday, Mr. McGown submitted a Chapter 11 bankruptcy petition for his eight-year-old real estate firm Gowanus Inn Inc., citing assets between $1 million to $10 million and liabilities of the same amount. Neither … Continue reading NYC Bankruptcy Baron Strikes Again →

In our society today, revisions to the bankruptcy laws and changes in consumer attitude toward bankruptcy have fostered a climate in which individuals and businesses many times regard bankruptcy as a more plausible remedy for financial problems than disciplined financial management. A revised Bankruptcy Code, enacted in 1978, took effect on October 1, 1979. The … Continue reading Types of Bankruptcy →

MINNEAPOLIS — The banks need another bailout and countless homeowners cannot handle their mortgage payments, but one group is paying its bills: the dead. Dozens of specially trained agents work on the third floor of DCM Services here, calling up the dear departed’s next of kin and kindly asking if they want to settle the … Continue reading This Won’t Stop A Collector During Bankruptcy →

Is Bankruptcy a Good Idea for You? There are many factors that should be taken into account when considering filing for bankruptcy. 1. Figure out what bankruptcy options you have. There are types of bankruptcy most commonly used by individual filers in the United States: Chapter 7 bankruptcy is a bankruptcy proceeding that can wipe out … Continue reading Is Bankruptcy a Good Idea for You? →

To some, having to declare bankruptcy seems to constitute the ultimate failure. For others, it is a brand-new start and an opportunity to manage their financial life responsibly in the future. Bankruptcy is not something to be entered into lightly, and it has major impacts on your credit score and on your ability to obtain … Continue reading How to Survive Bankruptcy →

Student loan debt could turn into another crisis for the economy, according to the president of the National Association of Consumer Bankruptcy Attorneys. William Brewer is putting a pessimistic spin on his group’s survey of 860 bankruptcy lawyers. “This could very well be the next debt bomb for the U.S. economy,” Brewer said in a … Continue reading Looming Student Loan ‘Debt Bomb’ →

I know that this has been said on this blog numerous times about listening to what others, particularly non-attorneys, say about bankruptcy. Just because your friend got to keep his car free and clear of the creditor’s lien does not mean that youwill. Often, there is a substantial amount of misunderstanding and just plain wrong … Continue reading Your Friends’ Explanations of Bankruptcy →

If you wish to file for bankruptcy, it is highly advisable that you hire a competent bankruptcy attorney instead of filing for bankruptcy by yourself. But as in any profession, there are good bankruptcy attorneys and there are bad ones. A good bankruptcy attorney is a dream to work with but a bad one…well, let’s … Continue reading What A Bad Bankruptcy Lawyer Looks Like →