Blogs

A meeting of creditors is a mandatory hearing that is held approximately 30 days after the filing of any consumer bankruptcy case. It is commonly referred to at the §341 meeting of creditors as this is the code section found in Title 11 of the United States Code (Bankruptcy Code) that mandates or requires this hearing be held. It is normally presided over by the United States Trustee or a representative of the Trustee. The Court i.e.

Take an honest look at your current situation. Write down all of your living expenses such as rent, food, clothing, medicine, insurance premiums, utility bills, vehicle related expenses (such as maintenance and gas), recreation, and all of your other ongoing monthly living expenses. Then, write down all of your monthly debt payments each month such as your mortgage payments, car notes, credit card bills, and other installment payments on your debt. With your current income, are you able to timely pay your living expenses and debts each month?

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