How long does a bankruptcy stay on my record?

The three credit reporting agencies all obtain bankruptcy filing information almost immediately when a case is filed. If you file a Chapter 7 case, then it will appear on your credit report for 10 years from the case filing date. If you file a Chapter 13 case, then it will appear for 7 years. There is nothing that you need … Read More

What happens in the beginning of a Chapter 13 case?

After I’ve discussed before, Chapter 13 is a sure-fire way to protect your house from foreclosure, and it can serve numerous purposes, including getting caught up on your income and real estate taxes, and wiping out unsecured debt (such as medical bills and credit cards). So, if you decide to file Chapter 13, what happens next? Okay, you’ve already done … Read More

Should I transfer property to avoid losing it in bankruptcy?

Ah, this is one of the biggest no-no’s in bankruptcy law. Not only are you asked this question in your bankruptcy papers (specifically, the Statement of Financial Affairs), but when you go to Court, the Trustee in your case asks you this question point-blank. It’s called a “preference” to transfer property prior to filing bankruptcy. In Pennsylvania, a bankruptcy trustee … Read More

Will My Chapter 13 Case be Approved?

This is a frequent question that clients have, and it’s a natural one to ask. Let’s review some of the factors that will lead to the answer. First, the automatic stay of the Bankruptcy Court will instantly stop any and all collections activity upon the filing of your case. So, if you are facing a lawsuit, a garnishment or a … Read More

What happens when a corporation or LLC files a Chapter 7 bankruptcy case?

In the case of a corporation or LLC (limited liability company), the filing of a Chapter 7 bankruptcy case means that the business will not be permitted to continue its activities. The Court will appoint a Bankruptcy Trustee, who will literally shut down the business. In most cases, however, the business has already closed or the owners are contemplating closure. … Read More

What should I bring to meet with a bankruptcy attorney?

Basically, in order to adequately assess your debt problems and prospects for filing bankruptcy, any bankruptcy attorney would need to review the past six months of paystubs, along with as many of your bills as possible. If you are married, then paystubs for both spouses (whether you are intending to file a joint bankruptcy case or not) would be needed. … Read More

Can I modify my mortgage loan while in bankruptcy?

If you’re in a Chapter 13 bankruptcy, it is possible, although tricky, to modify the terms of a mortgage loan during the bankruptcy case. You and your attorney must navigate past your mortgage company’s bankruptcy department and seek out the Loss Mitigation Department of the mortgage company. It is likely that the two departments do not communicate with each other. … Read More

My case has been filed and I forgot to add a creditor.

The general rule in bankruptcy law is that you must list all of your creditors on your bankruptcy schedules that are filed with the Court. If your case has already been filed however, and you realize that you’ve forgotten a creditor, you may amend your schedules by adding a creditor. You will have to pay a court filing fee of … Read More

How long does personal bankruptcy take?

Let’s start first with Chapter 7 bankruptcy. If you filed a bankruptcy case today, then your Meeting of Creditors would take place in approximately 30-45 days. The law states that the case must remain open for 60 days from the date of the Meeting of Creditors. If you filed a Chapter 7 petition then on January lst, your Meeting would … Read More