Bankruptcy can be considered a taboo subject because of the fears and misconceptions about bankruptcy. But sometimes people need a helping hand, and bankruptcy may be right for them. The good news is these negative stereotypes about bankruptcy are usually not true. We'll discuss some common misconceptions of bankrutpcy and the truth regarding these misconceptions. [...]
Filing for bankruptcy can be a hard experience. It can be upsetting when a debtor finds themselves overwhelmed with debts and in over their heads. While many debtors may agree that anonymously filing for bankruptcy may be preferred, it's not. One critical component to filing for bankruptcy is the creditors' meeting, otherwise known as the [...]
Debt can be all-consuming, making it incredibly difficult to keep up with financial obligations. It's only natural for debtors that their sights set to filing for either Chapter 7 or Chapter 13 bankruptcy. Be aware that, for debtors, Chapter 7 is the most widely used filing, and not just anybody can file. There are many [...]
How Does The Automatic Stay Help Those Filing for Bankruptcy Filing bankruptcy can be an intimidating decision. But, did you know that there are various tools that can protect you during the process? In fact, one of the most beneficial tools for those filing bankruptcy is the automatic stay. The automatic stay is a part [...]
During Chapter 7 or Chapter 13 bankruptcy proceedings, a bankruptcy trustee is appointed by the federal government to oversee the case. In most cases, a bankruptcy attorney or accountant will serve as the trustee. The trustee plays an important role during the bankruptcy process, including: Ensuring debtors are in compliance with regulations Ensuring debtors are [...]
In the bankruptcy case of Cannon, Nickey M.; In re (Cesnick v. Cannon), the bankruptcy court denied the debtor's discharge because he failed to disclose that he owned a small interest in a business venture from which he received some income. The details of the bankruptcy case: The debtor filed for Chapter 7 bankruptcy after [...]
We've mentioned previously that certain debts are non-dischargeable in bankruptcy. But just because a debt is not dischargeable in bankruptcy does not mean it is not subject to the rules of a bankruptcy automatic stay. For example, there are many debtors who have divorce decrees with language stating that the obligations outlined in the divorce [...]
The attorney-client privilege rule prevents a client from being compelled to reveal communications (written or verbal) between himself and his attorney that was for the purpose of obtaining legal advice with the expectation that the communication would be kept confidential. What this means is that a debtor cannot be compelled to reveal information that he [...]
How to Waive Bankruptcy Filing Fee When a debtor applies for a bankruptcy filing fee waiver, the law states that the bankruptcy court must decide immediately if the waiver application will be approved. Once the decision is made, the information will be given to the United States trustee or bankruptcy administrator, the case trustee, the [...]
