As readers know, our office has a significant bankruptcy practice (more bankruptcy information is available there). I addition to the issues Mr. Schlissel addressed yesterday, below are some more frequently asked questions and Mr. Schlissel’s answers. For help with Bankruptcy, or any other matter, you can always contact our office . Q: How does … [Read more...]
Common Questions and Answers With Bankruptcy Attorney Elliot Schlissel
As readers know, our office has a significant bankruptcy practice (more bankruptcy information is available there). Below are some frequently asked questions and Mr. Schlissel's answers. For help with Bankruptcy, or any other matter, you can always contact our office. Q: Have you seen a lot of new bankruptcy filings due to the economy? A: Yes, … [Read more...]
Waiting Period for Receiving Another Bankruptcy Discharge
If you have already completed your Chapter 13 payment plan or Chapter 7 bankruptcy proceeding, and have received a discharge, you will hopefully be in good shape to begin a new financially unencumbered life. You will hopefully have taken our advice and attained financial health. But life does not always cooperate with our plans and so you may need … [Read more...]
Bankruptcy Filings Up 35% Over Last Year
David Ingram, of the LegalTimes blog, reported on some startling statistics about sharply increased bankruptcy filings this year over last year. While overall bankruptcy filings are up 35%, the numbers for Chapter 7 liquidation filings by individuals and Chapter 13 filings by companies are much starker. Chapter 7 filings are up 47% and Chapter 11 … [Read more...]
Can A Creditor Pursue a Debtor’s Co-Signor After Discharge?
Many people have loans or debts where a friend or relative has guaranteed or co-signed a loan. In these situations, individuals considering filing for Bankruptcy are often concerned whether any discharge of indebtedness would absolve co-signors of their responsibility for the debt. Generally, Bankruptcy discharge does not absolve a co-signor or … [Read more...]
How Do I Rebuild My Credit After Bankruptcy?
Many individuals who file for bankruptcy already have heavily damaged credit due to late payments, repossessions, foreclosure proceedings and judgments. In this case, one of the factors that has driven down that person’s credit is a very high debt-to-income ratio. A bankruptcy may actually help such a person raise his or her credit score by … [Read more...]
Chapter 13 Bankruptcy
If you have a regular income and, after paying off all of your necessary expenses, you have some money left over to pay down your debts, the court will “restructure” your debts over a 5 year payment plan with little or no interest. The major advantage of this type of bankruptcy is that you will be able to keep all of your assets and will not be … [Read more...]
Chapter 7 Bankruptcy
In order to qualify for Chapter 7 Bankruptcy, you must pass the “means test.” That means that if your income is less than the median income in your county, you qualify to apply for bankruptcy protection. In order to find out if your income is above or below the median income for your area, please contact our office and one of our experienced … [Read more...]
Which Type of Bankruptcy Should I File?
Basically, if you have few assets, do not have a regular income or you do not have enough income to meet your basic needs and have something left over to help pay down your debt, then Chapter 7 bankruptcy might make the most sense for you. It will allow you to start fresh as quickly as possible, with the possibility of receiving a discharge of your … [Read more...]
Who Should File for Bankruptcy?
Generally, if you do not have enough money to pay your other debts after you pay the bills for your necessary expenses each month, you may file for bankruptcy. Most people who file for bankruptcy are either unemployed, have large medical expenses, have seriously over extended credit, or encounter large unexpected expenses. In order to qualify … [Read more...]
