For a Debtor, a trustee's sale is a scary concept.
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Friday, October 29, 2010
Is Keeping my House an Option in my Bankruptcy?
Filing for Bankruptcy doesn't mean you LOSE everything. That's exactly what it's intended to prevent.
Mind you, that doesn't mean that keeping your house is a good idea; it's just one of the options.
Mind you, that doesn't mean that keeping your house is a good idea; it's just one of the options.
Is a Professional License Bankruptcy-proof?
Even formerly highly-paid professionals are being hit hard in this depression.
Wednesday, October 27, 2010
Apparently this Depression Keeps Getting Called a Recession
This doesn't look to me like a recession; I've seen a couple of those before.
Seriously, just follow the news. Try to find a good new job. Try to sell a car for blue book.
Times aren't simply tough; they're very, very tough.
Seriously, just follow the news. Try to find a good new job. Try to sell a car for blue book.
Times aren't simply tough; they're very, very tough.
Bankruptcy Myths in Arizona
Somewhere people got the idea that lawyers could be hired and paid by wages already garnished from the debtor.
Well, not YOUR lawyer, anyway.
Well, not YOUR lawyer, anyway.
Are there Non-Lawyer Alternatives to Bankruptcy in Arizona?
Sure, there are some places out there that swear they can negotiate debt, lower interest, and stop collection activity and lawsuits without bankruptcy.
Would I recommend them?
No, not yet; I have not yet found such a service that provides a positive service!
If I find one, you'll be the first to know.
Would I recommend them?
No, not yet; I have not yet found such a service that provides a positive service!
If I find one, you'll be the first to know.
So what happens at a 341 Hearing, Anyway? The First Meeting of Creditors in your Bankruptcy, Question by Question.
At your First Meeting of Creditors, or your "341 Hearing", the trustee and any creditors that decided to show up will have a small chunk of time to ask you questions under penalty of perjury.
It sounds scary, right? Here is precisely what happens at this hearing, in agonizing detail. Note that some trustees now ask where you resided for the past two years, rather than the past 180 days; that goes to the issue of which set of exemptions you are entitled to claim.
It sounds scary, right? Here is precisely what happens at this hearing, in agonizing detail. Note that some trustees now ask where you resided for the past two years, rather than the past 180 days; that goes to the issue of which set of exemptions you are entitled to claim.
So what happens when a creditor actually shows up for your 341 hearing?
Nothing noteworthy.
Their appearance isn't all that strange since they were quite literally invited to the event when you filed, but it makes clients nervous to have them at the hearing, and permitted to ask questions of the debtor (that's you).
Anyway, here is their very limited role at the First Meeting of Creditors:
Their appearance isn't all that strange since they were quite literally invited to the event when you filed, but it makes clients nervous to have them at the hearing, and permitted to ask questions of the debtor (that's you).
Anyway, here is their very limited role at the First Meeting of Creditors:
Be Careful What You Ask For; If You Ask to be Sold, You'll Be Sold, For Heaven's Sake!
I refuse to sell a client. Period, full stop. So if a client asks me to sell him on using me as a lawyer, well, I have to beg off.
Why won't I sell a client? Because then they may have buyer's remorse, and life's too short. My life, anyway.
Why won't I sell a client? Because then they may have buyer's remorse, and life's too short. My life, anyway.
How long does it take to file a Chapter 7 Bankruptcy?
We don't guarantee anything about a specific amount of time because the time is primarily dependent on you.
That's right. It's YOU. It's a matter of how long it takes you to fill out your bankruptcy lists accurately. Once you fill out the information we must have to prepare your schedules and lists, the process is fairly quick, if and only if you pass the means test, or if you are outside the means test because of the exception; if you don't pass the means test, we don't file for you until we all agree on Plan B.
So once you have completely and accurately filled in the information, we can review the materials you've given us, and you can get in line with the clients ahead of you, and the next available barge over the River Bankruptcy could have your name on it!
That's right. It's YOU. It's a matter of how long it takes you to fill out your bankruptcy lists accurately. Once you fill out the information we must have to prepare your schedules and lists, the process is fairly quick, if and only if you pass the means test, or if you are outside the means test because of the exception; if you don't pass the means test, we don't file for you until we all agree on Plan B.
So once you have completely and accurately filled in the information, we can review the materials you've given us, and you can get in line with the clients ahead of you, and the next available barge over the River Bankruptcy could have your name on it!
"Charged Off" isn't Cause for Celebration!
So you're looking over your credit report and you come across a strange phrase, which makes you smile.
That phrase is CHARGED OFF!
Sadly, that doesn't mean you're off the hook.
That phrase is CHARGED OFF!
Sadly, that doesn't mean you're off the hook.
Why does a Chapter 13 Bankruptcy Appeal to You?
I see a lot of people who have friends and television.
They have strange ideas about how the process works and often come in with either incorrect to very dated ideas about Bankruptcy. Chapter 13 used to have a lot of useful advantages. Then 2005 came along.
These days I have a pretty strong prejudice against a Chapter 13.
Because I tend to like my clients!
And making them suffer for five years seems a little harsh to me.
They have strange ideas about how the process works and often come in with either incorrect to very dated ideas about Bankruptcy. Chapter 13 used to have a lot of useful advantages. Then 2005 came along.
These days I have a pretty strong prejudice against a Chapter 13.
Because I tend to like my clients!
And making them suffer for five years seems a little harsh to me.
If I own a business, and I Want to File a Chapter 7, does that make a difference?
Well, yeah! A big difference.
ALL my credit cards?? Really?!
List everything, guys! I say that a lot, because you simply MUST LIST EVERYTHING.
However, with some credit cards there's a microscopic exception, for a zero-balance card.
Let's talk about that extremely minor exception to the rule; it's such a tiny exception, it's almost nonexistent.
However, with some credit cards there's a microscopic exception, for a zero-balance card.
Let's talk about that extremely minor exception to the rule; it's such a tiny exception, it's almost nonexistent.
Is this my First Rodeo? Uh, No.
You may wonder what bankruptcy attorney credentials are; they're all over my website, and a bunch of lawyer directories. And as to credentials, I have a bunch.
Some people collect stamps.
None of my credentials mean I'm smart, or that you will have an easy ride through the Bankruptcy Court; they just means I've been doing this for a while, so I know a lot of ways not to do it. Thirty years, although it feels like just yesterday, that I was working for U.S. Bankruptcy Judge Maggiore, and Chief Bankruptcy Judge Caldwell.
Some people collect stamps.
None of my credentials mean I'm smart, or that you will have an easy ride through the Bankruptcy Court; they just means I've been doing this for a while, so I know a lot of ways not to do it. Thirty years, although it feels like just yesterday, that I was working for U.S. Bankruptcy Judge Maggiore, and Chief Bankruptcy Judge Caldwell.
Discounts are cool. Sadly, the Pity Pitch Doesn't Work as Well in Bankruptcy as You Might Think!
Does all your massive debt invite a discount because you have so little money?
Well, if you're meeting with me, I'm going to factor in everything to see how much work I'll need to do on your case, and only then can I quote you a fee. See why it's important to do your homework?
Let me explain...
Well, if you're meeting with me, I'm going to factor in everything to see how much work I'll need to do on your case, and only then can I quote you a fee. See why it's important to do your homework?
Let me explain...
Tax Refunds become Filing Woes
It's a matter of timing.
File at the wrong time and you can see the money raining down into a perfect stack... right into the palm of the Bankruptcy Trustee's hand.
Let's elaborate.
File at the wrong time and you can see the money raining down into a perfect stack... right into the palm of the Bankruptcy Trustee's hand.
Let's elaborate.
Will people know of my Bankruptcy?
Well, it is Public Record.
However, it's not written in skywriting and unless your friends live to comb court records available to the public at all times you're probably safe.
But then, is it really so bad that you filed and survived to tell the tale? Maybe you should tell the tale, inspire hope in people you didn't expect.
However, it's not written in skywriting and unless your friends live to comb court records available to the public at all times you're probably safe.
But then, is it really so bad that you filed and survived to tell the tale? Maybe you should tell the tale, inspire hope in people you didn't expect.
No, your Canadian Swampland is not safe just because it's in Canada!
This happens more often than I'd like: A client makes an assumption after we said to list ALL debt and assets that their Hawaiian beach house, French unsecured debt or Summer home in Canada are unimportant in an Arizona Bankruptcy and don't bother to list them.
That's... incorrect. To say the very least.
Debt still counts even if it doesn't get wiped off and failing to list the debt or a foreign asset will cost you big time when the Trustee comes across it. At the very least you can expect you Bankruptcy filing to be dismissed.
That's... incorrect. To say the very least.
Debt still counts even if it doesn't get wiped off and failing to list the debt or a foreign asset will cost you big time when the Trustee comes across it. At the very least you can expect you Bankruptcy filing to be dismissed.
When is a Transfer considered Fraudulent?
It's sad that most people don't often check in with a lawyer until everything is almost literally on fire and they're so deep in panic that they can barely hear the Certified Arizona Bankruptcy Attorney that they've come to consult when he patiently tries to explain what to do in order fix their situation.
Be smart. Don't try to hide things from the Trustee. Play it safe and talk to a lawyer first.
Just be sure to check their ratings and certifications so you know you're getting the right kind of information in the first place.
Be smart. Don't try to hide things from the Trustee. Play it safe and talk to a lawyer first.
Just be sure to check their ratings and certifications so you know you're getting the right kind of information in the first place.
Price of Freedom (from debt)
A question that comes up CONSTANTLY is how much "it" costs. Not just the retainer, but on top of the $299 filing fee controlled by the court and the credit counseling determined by whatever independent service the client chooses to make use of.
By "it" the clients usually mean the whole enchilada, but Bankruptcy is a scathingly complicated business and no client is the same so their enchiladas always differ in sauce, size and choices of filling.
Some have businesses they want to save, some have business that currently occupied by whistling wind and tumbleweeds and some are just scared folks living off of social security with sleazy collectors hanging on their door and phone like apparitions haunting their home.
So let's talk about how much it costs to break free from debt...
By "it" the clients usually mean the whole enchilada, but Bankruptcy is a scathingly complicated business and no client is the same so their enchiladas always differ in sauce, size and choices of filling.
Some have businesses they want to save, some have business that currently occupied by whistling wind and tumbleweeds and some are just scared folks living off of social security with sleazy collectors hanging on their door and phone like apparitions haunting their home.
So let's talk about how much it costs to break free from debt...
Top 10 mistakes in a Chapter 7 Bankruptcy
Sometimes mistakes are made. If you're planning on filing a bankruptcy, please please PLEASE consult this list before doing so.
This is Not a Video. But It's About Life After Bankruptcy, and It Came From a Real, Live Client
Okay, this is a video blog and today's post isn't a video.
I never said I was consistent!
But the reason I wanted to put this here is to point out that while I emphasize the hard work and risks involved in bankruptcy filing, I also know that it can be a worthwhile tool for the right bankruptcy client.
The link explains how long it took one of my clients to get credit cards and new car after filing a bankruptcy.
And it was a very nice new car my bankruptcy client bought, at that!
I never said I was consistent!
But the reason I wanted to put this here is to point out that while I emphasize the hard work and risks involved in bankruptcy filing, I also know that it can be a worthwhile tool for the right bankruptcy client.
The link explains how long it took one of my clients to get credit cards and new car after filing a bankruptcy.
And it was a very nice new car my bankruptcy client bought, at that!
Value of my Dog?!?
Yes, the trustee asks the value of your dog. Or any pet really.
There's a reason.
There's a reason.
What if I want to Reaffirm a Debt to keep my Car?
Sometimes the house isn't the problem. Ditto for a car.
You don't need to reaffirm in Arizona to keep the house. And my discussion of reaffirmation hearings in my consumer bankruptcy blog entitled "Unexpected Compassion" explains why a reaffirmation on a car is often not a reaffirmation on a car.
And if you aren't confused, you aren't paying attention!
You don't need to reaffirm in Arizona to keep the house. And my discussion of reaffirmation hearings in my consumer bankruptcy blog entitled "Unexpected Compassion" explains why a reaffirmation on a car is often not a reaffirmation on a car.
And if you aren't confused, you aren't paying attention!
Be ready with Questions for your Arizona Bankruptcy Attorney
If it's your money, why wouldn't you want to be informed?
Here are some examples.
Here are some examples.
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