State exemption laws are designed to protect certain items of property from execution by judgment creditors or the Bankruptcy Court if a debtor files for protection under the Bankruptcy Code. The law has its genesis in the English Common Law which did not allow for creditors to take a debtor’s clothing. This law was not necessarily designed to protect debtors, but to avoid breaches of the peace caused by naked debtors wandering the streets.... Read More
We get people to focus on the future and to try and understand exactly how they got in a bind, but we do it in a way that treats them with understanding and great respect so they walk out of here feeling far better about the financial portion of their life path. Does Bankruptcy Look Better Or Worse On A Credit Report To Creditors? One would think bankruptcy looks worse, but the reality is, they look the same, which is why so many more peopl... Read More
In a Chapter 13, a person will repay their debts, in full or in part, over a 3-5 year period. In a Chapter 7, a person’s debts are discharged in a proceeding that usually only lasts 4-5 months. will cost twice as much in fees, which is another reason why a Chapter 7 will look good. About 15-20 years ago, Congress had a sense that people with the ability to repay something were filing Chapter 7, rather than Chapter 13. Obviously, if a per... Read More
A large portion of our responsibility is getting people to focus on the future and getting them excited about what their financial life can look like after the bankruptcy is complete. It’s really sad when someone files for bankruptcy and doesn’t take advantage of it. We want clients who file to take advantage of it and undertake a very purposeful and thoughtful plan, so we provide a list of reading materials and CDs. We really want our clie... Read More
A Chapter 7 trustee is appointed by the United States Trustee Program to oversee each bankruptcy case. A trustee is usually a private attorney or accountant who is appointed to look at the bankruptcy paperwork, tax returns, and make sure the paperwork is filed truthfully and correctly. They also administer assets that can’t be protected, meaning they sell assets and then distribute that money among the bankruptcy creditors. Bankruptcy judges... Read More
We look at their income and expenses, as well as their assets and liabilities, and then we look at what they have been up to financially for the last couple of years and where they felt they might be in a couple of years. We place all of that into consideration and come up with potential solutions. What Are Some Main Reasons People End Up Filing For Bankruptcy? United States Senator Elizabeth Warren, who was previously a Harvard Law profess... Read More
