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Posted By
Dave Johnsen
Most of the time, there's a stage prior to filing bankrutpcy that can adequately described as "preparing for bankruptcy." This usually involves gathering the necessary documents, fees, and other information to hand over to your bankruptcy attorney to begin the process of filing. This is a process that can take some time and is usually up to the prospective debtor as to how fast they'd like to ...
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Posted By
Dave Johnsen
In a major, potentially precedent setting move, the City of Detroit filed for Bankruptcy protection under Chapter 9 of the Bankruptcy Code yesterday afternoon. Upon the filing, Detroit becomes the largest municipality to file Chapter 9 in United States history. Much like the Stockton Chapter 9 filing earlier this year, this is a move that could potentially see precedent set for other struggling ...
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Posted By
Dave Johnsen
Bankruptcy deals, in large part, with assets. Before each Chapter 7 and Chapter 13 case, there is a determination of what assets the debtor has. In Chapter 7 cases, this is largely to determine which exemptions are needed to protect those assets and whether they are able to be protected at all. In Chapter 13 cases, a large amount of assets can determine how much you will pay back to unsecured ...
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Posted By
Dave Johnsen
A common preceding cause of a bankruptcy filing is a car repossession. On a basic level, a car loan is a secured debt. This means that unlike failure to make your credit card payments, which can result in lawsuits and judgments down the road, failure to make a car payment gives the holder of that secured interest the right to repossess the vehicle in order to pay off the debt. Bankruptcy offers a ...
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Posted By
Dave Johnsen
One of the more common questions debtors encounter is what to do when they discover a bill that was incurred before they filed their case, but their case has already been filed. Their first instinct is that any efforts at including the bill are moot because the case has been filed, until they discover that they can simply amend the appropriate bankruptcy schedule. Amending a bankruptcy schedule is ...
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