Whether or not a debtor loses property after filing a bankruptcy case depends on two things. First, whether the case is filed under Chapter 7 or Chapter 13 of the Bankruptcy Code. In Chapter 13 bankruptcy the trustee does not liquidate assets in order to provide payment… Continue Reading
In Chapter 13 cases the majority of the attorney’s fee are paid in the plan. Debtors usually have to pay a small portion of the fee up front and then the rest is included in the plan and paid by… Continue Reading
Hiring a bankruptcy lawyer is fairly inexpensive compared to other types of litigation attorneys. Most bankruptcy lawyers will charge between $1,500 and $2,000 for a Chapter 7 bankruptcy case. Every once in a while I hear of an attorney charging $2,500… Continue Reading
Filing a bankruptcy case puts an automatic stay in effect which stops all debt collection activity against the debtor. The stay prevents collection calls, collection letters, lawsuits, foreclosure, repossessions, garnishment, attaching liens against debtor’s property, etc. Most creditors understand that… Continue Reading
3. I should max out my credit cards and give away my nonexempt property before filing bankruptcy. These actions are very bad ideas. Giving away nonexempt property in preparation for filing bankruptcy is a fraudulent conveyance. Under the best circumstances… Continue Reading