If I file bankruptcy, will the Judge yell at me?

It’s a common thought that if you file bankruptcy, the Judge or Trustee will get angry and yell at you. Definitely not true! First, in the normal case, you will like not appear before an actual Bankruptcy Court Judge. Instead, you will appear before a Bankruptcy Trustee, who is the court official responsible for conducting the mandatory Section 341 Meeting … Read More

Can I exclude one of my credit cards from my bankruptcy case?

No, you can’t exclude any of your credit cards when you file a bankruptcy case. You must list on your bankruptcy papers all of your debts. Pursuant to very clear bankruptcy law guidelines, you must disclose all of your property and all of your debts. With respect to your debts, you must even list in your bankruptcy paperwork (“the schedules”) … Read More

How does a bankruptcy filing affect my tax status?

I’m talking here about personal income taxes. If you file individual bankruptcy (Chapter 7 or Chapter 13), then your bankruptcy case filing will stop any collections activity from the Internal Revenue Service or other taxing body. As far as discharging (wiping out) that tax debt, I can address that more fully in a different post, because it’s a complicated subject. … Read More

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

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 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