Can a creditor who has a secured debt discharged in bankruptcy foreclose on my home or repossess my car? People often come to see me asking if a creditor can still foreclose on their home or repossess a car after Chapter 7 bankruptcy or a Chapter 13 bankruptcy reorganization. After all, the debt to the […]
A Checklist of 33 Indicators That You Should See a Bankruptcy Attorney Here are 33 warning signs that you might need to file a Chapter 7 Bankruptcy or Chapter 13 debt reorganization plan to control creditors or eliminate your debts. If one or more apply, you should see a bankruptcy attorney as soon as […]
What Happens to My Lease in Chapter 13 Bankruptcy? How You Assume a Lease in Chapter 13 Bankruptcy While this article focuses on land, housing or commercial properties, the same law applies to leased vehicles, equipment or anything else that you have obtained by use of a lease. In a Chapter 13 bankruptcy, if you […]
The Hidden Dragster & Why You Never Lie in Bankruptcy
I often have clients ask the same question. I tell the client “sure, you can give the house, car or whatever to your friend/relative for free or $1. The bankruptcy Trustee will be glad to take it away from them and sell to pay your creditors.” Often the asset they are trying to protect can be protected if they are in their own hands but cannot be protected after the transfer.
Example of a Lie in Bankruptcy
I had husband and wife clients many years ago that decided to not tell me about or list a dragster they owned as an asset in their bankruptcy. After all, he wanted to keep it and since it was not registered with the Department of Motor Vehicles they though no one would know about it. (more…)
Chapter 7 Bankruptcy Trustees are Taking People’s Homes That People Thought Were Protected by the “Homestead Exemption” in Bankruptcy!
What Happens If I Have a Rising Home Value in Chapter 7 Bankruptcy?
I recently answered a bankruptcy question on Avvo.com, in which I had to, for the first time, explain why all the attorneys who had answered the question before me were wrong! The question was whether a Chapter 7 bankruptcy Trustee could take and sell the Debtor’s home if it went up in value above the amount that was exempt while the case was still open. The issue came up because the Trustee had the case staying open to deal with non-exempt funds the Trustee received from other assets.
My answer was yes. The bankruptcy trustee can sell the home as long (more…)
Can I Operate My Business In Chapter 7 Bankruptcy?
This is a very common question I get when clients come into my office. My answer is always “well maybe, maybe not, it depends.” Not the answer that they want but it is the truth. I then analyze their actual circumstances to be able to give them a better answer.
Here I will explain of the basic analysis I use.
Business in Chapter 7 Bankruptcy by Business Type:
If it is a Corporation:
If you own a corporation, it can continue to operate even if you file bankruptcy. (more…)