Blogs

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.

Most of the time an IRA or Roth-IRA is protected or exempt by both Federal and State Exemption Laws.   The Tennessee exemption law is found at T.C.A. §26-2-105 and provides that as long as the retirement plan is qualified by the Internal Revenue Code the funds are exempt from any and all claims of creditors, except the state of Tennessee.   The Federal exemption which is found at 11 U.S.C.

The IRS requires lenders to report cancelled debts.  When a lender cancels a debt, the amount cancelled is deemed income to the individual taxpayer who received the benefit of the cancellation.  Thus, an individual taxpayer would have to pay taxes on the income (amount of the cancelled debt). This is NOT TRUE, however, if the individual discharged the debt in bankruptcy.

There are two different types of 1099 forms that you may receive after filing for bankruptcy, they are: