Scarola Ellis, a law firm that claims that Skyworks Ventures Inc. owes them $200,000 in legal fees filed an involuntary bankruptcy petition against the company in bad faith according to Bankruptcy Judge Raymond Lyons. In a recent ruling, bankruptcy judge Lyons said that Scarola Ellis filed the involuntary bankruptcy petition in an effort to pressure [...]

Under the BAPCPA ("Bankruptcy Abuse Prevention and Consumer Protection Act") debtors are required to state the value of their assets at their replacement cost.  When debtors file for bankruptcy, their bankruptcy attorney gives them a disclosure that says something along the lines of the following: You must determine how much your personal property is worth [...]

Why D.I.Y Bankruptcy Is Bad News Do It Yourself bankruptcy mills are becoming increasingly popular amongst financially strapped and misinformed debtors who mistakenly believe that they can't afford a bankruptcy attorney. But using a D.I.Y bankruptcy mill either online or offline could spell disaster for your bankruptcy case and by extension your personal finances. Below [...]

When it comes to bankruptcy, your bankruptcy trustee is more than an administrator of your case; he/she is the gatekeeper of your bankruptcy discharge and your road to a fresh financial start.  If you want to get your bankruptcy discharge, you need to make sure that you remain on the good side of your bankruptcy [...]

In a Chapter 7 bankruptcy case involving a saw mill worker who was temporarily laid off from work when he incurred over $5,000 in credit card charges, the bankruptcy court determined that the debts incurred during his time of unemployment were in fact dischargeable in Chapter 7 bankruptcy. The details of the bankruptcy case: The [...]

The Supreme Court 6-3 decision authored by Justice Clarence Thomas, ruled that a bankruptcy trustee could seek to recover a debtor's personal property that she had declared exempt in her Chapter 7 bankruptcy case even after the time to object to the exemption had expired. In Schwab v. Reilly, the debtor had indicated in her [...]

What You Need to Know if You Filed a Medical Malpractice Lawsuit Before Filing Bankruptcy Oftentimes a debtor who has been inundated with medical debt also may have filed a medical malpractice lawsuit before filing bankruptcy. If that is the case, there a few things that the bankruptcy debtor should know: Any debtor who is [...]

For most people money is a very emotional issue.  And when faced with financial problems many people experience a torrent of negative emotions that can leave them feeling emotionally drained and helpless. For those debtors who choose bankruptcy, going through the process can bring on a series of different emotions as they come to terms [...]

There's no avoiding the fact, debt is stressful.  But while many people claim that bankruptcy is never a good choice and that debtors should always pay their creditors no matter what, the truth is that many debtors who avoid bankruptcy are often more stressed than debtors who decide to go ahead and file bankruptcy. Here's [...]

False Creditor Claims In Bankruptcy Are you filing Chapter 13 bankruptcy ? If so, it's really important that creditor claims are accurate and truly reflect what you owe. But sometimes creditors will make errors and submit claims that are inaccurate and if left unchallenged could end up costing you a lot in the long run. [...]