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Many members of my generation were distressed in January of 2011 when Hostess Brands Inc; the creator of such childhood favorites as Twinkies, Ding Dongs and Wonder Bread filed a chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Southern District of New York.  Hostess planned to emerge from chapter 11 bankruptcy in November but was unsuccessful as a result of its failure to reach an agreement with its bakers union.

In a chapter 13, you will make monthly payments to the chapter 13 trustee.  Once received, the trustee will then disburse those funds to your creditors as outlined in your chapter 13 plan.  To be paid, the creditor has a responsibility to file a proof of claim in your case.  If no claim is filed, they will not be paid anything.  In certain circumstances, your attorney may file a claim for the creditor to protect your rights.

The American College of Bankruptcy has bestowed a great honor upon the Chief U.S. Bankruptcy Judge for the Northern District of Alabama, Thomas B.

In March of 2009, the Federal Government working through the Federal Housing Finance Agency (FHFA), established HARP, the Home Affordable Refinance Program.  The program was created in the wake of the housing/financial crisis of 2008 with its primary purpose being to help “underwater and “near underwater” homeowners refinance their homes.  Unlike its sister program HAMP, the Home Affordable Modification Program, which was created to he

Being sued for debt can be very stressful; but, don't panic! There is hope and you have options. But, be aware that lawsuits have deadlines that you must meet. Usually, you must file a written response to a lawsuit. Failure to timely file written response will result in a "default" judgment. You want to avoid such a judgment because it makes defending against the lawsuit much more complicated. So, getting competent legal advice as soon as possible is crucial. Don't procrastinate!

In relatively every case, the answer is no. A chapter 13 personal reorganization is a final chance for debtors to pay their debts while still retaining their property. Many times, people choose to take this action when they have fallen behind on their mortgage or car payments and are at danger of losing the property they worked so hard to acquire.

Many of our clients have this particular question with if they are filing bankruptcy and they are giving up or “surrendering” their house in bankruptcy. Our advice to our clients is to stay in the house until the foreclosure sale date. As a general rule, it takes quite a while for most mortgage companies to foreclose on a home. As a result, if our clients move out prior to the foreclosure, then they still may be responsible for utilities, insurance and any city or municipal requirements such as lawn care and maintenance.

The rules governing the filing of a bankruptcy petition under Chapter 13 or Chapter 7 are complex.  That is why it is a good idea to hire a qualified attorney that has experience in filing consumer bankruptcy cases to help you navigate this process.  Having said that, there are some basic rules you can follow to insure that you will be in compliance with the many requirements under the bankruptcy code.    The bankruptcy code r

The answer is immediately – really.

Virtually every person that comes to one of our offices seeking assistance with their financial problems is concerned with the impact that a bankruptcy filing will have on their credit.  This is, of course, a valid concern.  People whom we assist have often been dealing with collectors and credit issues for quite some time.  They have put off coming to see us because of their concern about the impact that a bankruptcy filing will have on their credit.

When you have a debt that has been reduced to a judgment amount within a state court proceeding, that judgment can be filed with the probate court of the county in which you reside. The result of this filing is that it is now a judgment or judicial lien that will attach to any equity in real property that you currently own or any real property that you may acquire in the future. The ultimate ending is that the debt for this lien must be resolved by payment or some method before you can sell or transfer your currently owned real property or in most cases purchase new real property.