It’s official. Your case has been filed with the court, you have been assigned a case number and the automatic stay is in effect, protecting you from your creditors. Typically, within hours of your case filing, a bankruptcy trustee is assigned to your case and a meeting date has been scheduled. In New York, you
5 Things Your Credit Report Won’t Reveal
Right or wrong, many clients I speak with obsess about every aspect of their credit reports. Bankruptcy clients are especially concerned with their post-bankruptcy credit score and negative reporting. When it comes to privacy issues, I strongly agree with my clients and their concerns. A frightening amount of personal information is listed on a credit report
The Bankruptcy Process: Petition Review and Submission to Court
On the Precipice Most of the hard work has already been done. You have consulted with a bankruptcy lawyer and decided to go forward with the filing. You have completed the credit counseling course and your lawyer has prepared your bankruptcy petition. You have been a responsive and responsible client and have disclosed everything to
Wiping Out Your Second Mortgage In Bankruptcy
I would say that the majority of clients I deal with who own homes have more than one mortgage on their property. Whether it is a fixed rate second mortgage or a Home Equity Line of Credit (HELOC), individuals and families rely on these loans for various reasons. Home repairs, education expenses and/or emergencies sometimes require
The Bankruptcy Process: Credit Counseling and Petition Preparation
The Ball is Rolling If you have made it to this point, congratulations on having the courage to confront your financial issues and taking the initiative to improve your situation. Often, the first step is the most difficult and it is somewhat smoother sailing from here. You have got past the idea that bankruptcy is wrong and you are
Housing Market: Time To Buy Or Buyer Beware?
This past week, new data was released by the United States Census Bureau with regard to homeownership statistics. Not surprisingly, the statistics show that homeownership rates have hit their lowest level in over 15 years, well before the housing bubble burst and the mortgage crisis ensued. Irresponsible lending fueled by Government incentive/intimidation helped push homeownerhsip
The Bankruptcy Process: Initiation And Consultation
This is the first in a five part series giving an overview of the bankruptcy process from start to finish. This is just a general overview and it should be remembered that each case is different and has its own intricacies. Five Steps to Success – Part 1: Initiation and Consultation Take the Initiative You
Q&A: Should We File Bankruptcy Before Or After Divorce?
Many times, couples facing personal relationship problems are also struggling with financial stress within the marriage. This is a “chicken or the egg” issue, but according to Divorce.com, the number one reason couples get divorced is financial issues. There is a very strong relationship between financial stress and marital breakdown. From personal experience, I have
Q&A: Can Back Rent Be Included In Bankruptcy?
Food and shelter are perhaps the two most important necessities that we pay for. Air, another necessity, is free for now. It is arguable that paying for the family shelter is more important than food. Obtaining food through charitable avenues is much easier than finding healthy shelter for yourself and your family. With the current
Reaffirmation Agreements: The Bankruptcy Bully
Everyone has given in to peer pressure at one point in their life. You and I have both agreed to do something that we did not want to or did not have to do. On a daily basis we are forced to act in order to meet the whims of others. In extreme cases, we