Having a successful bankruptcy isn't just about discharging your debts, although that is the goal; it is also about having a productive relationship with your bankruptcy attorney. Because it is your bankruptcy attorney who will guide you through the bankruptcy process, making sure that you work well with him/her is important to the success of [...]
Ponzi scheme, "a financial scam that pays early investors returns from the investments of later investors." Ponzi schemes have been in the news lately and they have been most damaging to small time investors who are entangled in the bankruptcy cases of large scale investment companies. In the Chapter 11 bankruptcy case of First Americans [...]
What Your Creditors Do When You File Bankruptcy When a debtor files bankruptcy creditors are forced to immediately change their behavior. Below are a few things that creditors will do once a debtor files bankruptcy: After a debtor files bankruptcy their creditors will stop all collections activity. For example, if a creditor was calling and [...]
Bad Advice About Bankruptcy and Retirement Unlike past generations many Americans are entering their golden years with mountains of debt. Today we have a new class of retired debtors who are struggling with underwater mortgages, delinquent credit card bills and medical debt as they enter their sixties. These retired debtors are looking for help; but [...]
When Delaying to File Bankruptcy Makes Sense While generally speaking it isn't smart to delay filing a necessary bankruptcy, there are some exceptions to that rule. Below are a few reasons why a debtor would be better served if they delayed filing their bankruptcy: The debtor intentionally transferred, destroyed or damaged property within the past [...]
A report released on health expenses and retirement years revealed some sobering facts about the reality of life during our golden years. The study said: Men who are 55 years old today will need savings of $111,000 to $354,000 to retire in 2020 - and that's just to cover health care expenses. Women that age [...]
Can You Request Another Bankruptcy Judge? Sometimes a debtor may feel that they are not being treated fairly by their bankruptcy trustee or bankruptcy judge. Do they have recourse? Yes. In the recent bankruptcy case of real estate mogul Tim Blixseth, the billionaire expressed concern that he was being treated unfairly by his bankruptcy judge [...]
We often talk about the direct effects of bankruptcy; but there are many indirect positive impacts that bankruptcy can have on a debtor's life. Let's explore a few: Because bankruptcy debtors are able to reduce or even completely eliminate the debt they owe creditors, their future income is freed up to be used on themselves [...]
Preparing for a Bankruptcy Consultation If you're considering bankruptcy then you've probably called a bankruptcy attorney to schedule an initial bankruptcy consultation. If you haven't done so, then we recommend that you call now. Many debtors feel very nervous about their consultation or they have no idea what to expect. Below are a few tips [...]
One of the most important things that a debtor needs to understand about bankruptcy is that it is a financial tool and like with any financial tool, it needs to be incorporated into their overall financial plan. That's where pre-bankruptcy planning comes in and either saves the debtor money or puts the debtor at risk [...]