News and Resources
Should I deed my assets to my kids during bankruptcy?
We get this question all the time, and advise our clients that gifts or transfers of assets to friends or relatives during bankruptcy may be the worst thing they could do. Both you and the recipient might lose the asset and you might lose your right to a bankruptcy...
How Long Can I Stay In My Home When Foreclosure Starts?
Most, if not all states, provide homeowners with a timeframe within which to cure their default. And of course, appearing in the foreclosure suit will result in additional time prior to the entry of judgment. Depending upon the facts, such as whether or not the...
Can I Sell My Equipment or Livestock and Use the Proceeds to Stay in Business?
"Can I sell my equipment and use the proceeds to stay in business?" is a fairly common question we receive from business owners. Similar questions come from farmers asking about the sale of livestock or feed. The answer requires an analysis of the security agreement...
Real Estate Professionals – Failure To Protect Assets
This may be a slightly different angle, but in my experience, real estate pros are far below average when it comes to retirement asset protection. In 2008-2012, I was representing real estate pros who had net worth on paper of $10M, $20M, even $100+M shortly prior to...
What if I Forget to List a Creditor in My Bankruptcy?
Forgetting a creditor when your bankruptcy case is pending If you learn or notice that a creditor is not listed while the case is pending, it is a more simple fix. An amendment may be filed. The filing fee for this amendment is $26. Your legal fees will be a bit...
How Much Credit Card Debt is Too Much?
I have represented thousands of people with too much credit card debt. The reasons for the debt can vary greatly, from unplanned medical bills, to an abrupt loss of employment, to gambling problems. Regardless of the reasons for the debt, there are various signs...
Who Gets the House?
The answer usually depends upon the intent and goals of the couple. If one spouse wishes to remain in the house, that spouse will have to have the financial capabilities to do so. Refinance or sale is always an option, but it is not always possible to do so. ...
What’s Your Number?
Many of my clients worry more about their credit scores than they need to. Credit scores can be important, however, and necessary if you want to borrow money to purchase a home or vehicle. There are even dating websites now for people who require a good credit score...
What if I Lose My Job While My Chapter 13 Case is Pending?
We recently saw a situation where the debtor opted to file under Chapter 13 because of a problem qualifying for a Chapter 7 discharge. That problem was that the debtor’s income exceeded $130,000 per year. After the Chapter 13 Plan was confirmed, the debtor lost his...
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