How long will a Bankruptcy stay on my credit report This question is asked frequently by clients and prospective clients. The short answer is “it depends”. Legally, a bankruptcy can remain on a person’s credit report for 10 years, however, as a practical matter, credit reporting services frequently remove bankruptcies after 7 years which is the general rule that is followed in the credit reporting… Read More
Will I be able to keep my house and cars if I file bankruptcy A question that I am frequently asked in meetings with clients is will they be able to keep their house or car after filing bankruptcy. Not only is the filing of bankruptcy not a factor by itself which would cause someone to lose these assets but bankruptcy can actually assist, depending on the type of… Read More
Can I Keep Some of My Debts Out of Bankruptcy As a bankruptcy lawyer, I frequently am asked by potential clients if they can pick and choose what debts are included in their bankruptcy case. It appears there is a common misconception regarding bankruptcy that some debts do not have to be included in the case. Of course, while all debts must be listed and… Read More
Discharging income taxes in bankruptcy Under the BAPCPA bankruptcy law, chapter 7 and chapter 13 cases are treated the same concerning IRS income tax obligations. If the tax debt is dischargeable, then the penalty and interest calculated on the taxes will be discharged as well. To be dischargeable, the tax liability due date for the return must be older than… Read More
Initial Consultation Agreement and Required Notices The Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) requires that any person prior to receiving bankruptcy advise receive written disclosures. Generally, these disclosures identify the various sections or chapters of the Bankruptcy Code, e.g. Chapter 7 or Chapter 13, and state the general qualifications and circumstances in which these bankruptcies can be used. In… Read More
Checking Credit Reports following Discharge in Bankruptcy Credit reporting services should pick up a bankruptcy discharge order following a debtor’s discharge in bankruptcy and modify a discharged debtor’s credit report accordingly but this does not always happen. Accordingly, a debtor discharged should always check his or her credit report within 60 to 90 days following the discharge order being entered to make… Read More
Who Is Filing Bankruptcy For a look at a great chart showing the demographics of who (what types) of people have been filing bankruptcy click on the link. The chart gives statistics on age, employment, education, income, etc.… Read More
What to look for in a Bankruptcy Lawyer Today’s economy has put increased pressure on many businesses and families. Relentless debt collectors and lawsuits frequently makes a financial review in consideration of a bankruptcy filing a necessary option. What should a person look for in a bankruptcy lawyer? The following are some factors to consider: First, is the lawyer accessible? Can you communicate… Read More