The K in the Bankruptcy Alphabet stands for Keeping, as in keeping your house. Most people who file for bankruptcy want to keep their house. Even now, with house prices so much less than the balances owed on mortgages, people ideally want to keep their
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Archives for Bankruptcy Alphabet
Bankruptcy Alphabet: J is for Jail—as in “ You Won’t go to Jail!”
When people have a legal problem, the thing they fear the most (rightfully!) is going to Jail. Over 100 years ago in England , there were “debtors’ prisons”, back in the time of Charles Dickens. But, in modern American law, debtors’ prisons have been abolished.
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Bankruptcy Alphabet—I is for Intentions
You may ask, what do intentions have to do with Bankruptcy? In every Chapter 7 bankruptcy case, you need to file a “Statement of Intentions” with the court. This statement is to tell the court, and your creditors what you intend on doing with your
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H is for Harrassment (as in Stopping Harrassment!)
H in the Bankruptcy Alphabet stands for Harrassment. One of the big reasons people file bankruptcy is to stop harassing phone calls and letters from companies and people they owe. Once people fall behind in their payments, naturally, the creditors start calling. Not just a
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Bankruptcy Alphabet- G is for Garnishment
Many of my colleagues throughout the country participating in the “Alphabet Game” have also thought that in the Bankruptcy Alphabet, G does stand for Garnishment. I, too, think that the concept of Garnishment is important. What is Garnishment, and what can a bankruptcy do do
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Bankruptcy Alphabet: F is for Fresh Start
The purpose of the Bankruptcy Law (Bankruptcy Code in legal language) when it was first created was to give the “honest but unfortunate” debtor (that’s a person who owes another person or company money) a “fresh start”. So, if you run into financial problems,
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Bankruptcy Alphabet—E is for Everything!
Next in the Bankruptcy alphabet, E, stands for Everything. Why everything? Because a Bankruptcy is used to deal with everything you own, and everyone or every company you owe. I can’t emphasize this too much. This seems obvious, right? Bankruptcy is a solution to your
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Bankruptcy Alphabet—D is for Discharge Order
Bankruptcy Alphabet—D is for Discharge Order In the world of Bankruptcy, the Discharge Order is the “Holy Grail”. This is what everyone who files a bankruptcy wants to get. You should know what a Discharge Order is, and who can get it. What is a
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Bankruptcy Alphabet—C is for Credit Counseling
In the bankruptcy alphabet, the C stands for Credit Counseling. When the US Congress passed the Bankruptcy Reform Act of 2005, a major part of the new law was the requirement that Debtors (people who file bankruptcy) complete 2 credit counseling courses. The idea behind
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Bankruptcy Alphabet- B is for Bank Account
Your bank account is your lifeblood. Without it, you can’t pay your bills, withdraw cash, or do most of the things you need to do for yourself and your family. So, how can you protect your money in the bank? It is important that you
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