In part 1 we learned about a very common scenario that can be devastating to friendships. You cosigned for your friend’s car, and he decides not to make the payments. Now you are stuck owing money on a vehicle you don’t even own. We will now look at how bankruptcy can...
Cosigners and Bankruptcy… or How to Make Your Friends Into Enemies Without Really Trying Part 1
At first, cosigning for someone else seems like the most altruistic act you can do for your friend. After all, how else could he qualify for that brand new Lexus? His credit is totally trashed thanks to the last car he owned. Wait…. wasn’t his last car repossessed?...
Our Client Who Paid off Her Tax Debt With Credit Cards Before Filing for Bankruptcy – Don’t Be Like Her Part 2
In part 1 we learned about one of our clients who decided to pay off her tax debt with a credit card prior to filing for bankruptcy. Sounds clever enough, doesn’t it? After all, she took recent tax debt which cannot be eliminated by filing for bankruptcy, and turned...
Our Client Who Paid off Her Tax Debt With Credit Cards Before Filing for Bankruptcy – Don’t Be Like Her Part 1
Got some newish tax debt? Your bankruptcy attorney probably told you that it’s not going to get eliminated when you file for bankruptcy. But she also said something else. She told you that most if not all of your credit card debt will get wiped out when you file. So...
Please Touch Museum Just Filed for Bankruptcy Protection
Don’t you just love velvet ropes? They can do so many things, and are such a sophisticated and chic way of saying “keep out,” especially when compared to their obnoxious cousin, yellow police tape. Just think about it the next time you are at the bank, waiting in that...
I Want to Keep a Credit Card When I File for Bankruptcy
So you want to file for bankruptcy, but you are wondering if you would be able to keep a credit card after you file. After all, it sure would be nice to have one – just in case of emergency of course. You know better than to get yourself back into debt trouble again...
How Bankruptcy Helped Our First-Time Home Buyers
Some people don’t give their credit a minute’s thought until they need a good score, and by then, it’s too late to do anything about – at least right away. This is the story of two of our clients who were just like that. They were a young, married couple who never...
Abby Lee Miller, Star of ‘Dance Moms’ Indicted for Bankruptcy Fraud
Anyone who has watched ‘Dance Moms,’ has witnessed Abby Lee Miller lashing out at her dance protégés and their mothers. No one is immune to her wrath as she demands absolute perfection from everyone. In each episode, copious tears are shed by all – all except Abby of...
The (not so) new Bankruptcy Law is now 10 Years old – Has it Been Helpful? Part 3
Chapter 13 Consequences Most debtors file for chapter 7 bankruptcy, but chapter 13 is an option under special circumstances. Many debtors including the poor, have to turn to chapter 13 because they cannot qualify for a chapter 7 bankruptcy. In chapter 13, a payment...
The (not so) new Bankruptcy Law is now 10 Years old – Has it Been Helpful? Part 2
The Great Recession Housing prices in many markets began to plummet in 2006. For virtually all middle and lower income families and individuals who were homeowners, this meant that their only major asset had lost a tremendous amount of value. And for those whose...