What are Junk Debt Buyers?

If you’re one of the millions of people in this country struggling with debt, then you may have had the unfortunate experience of having to deal with a junk debt buyer.

How to Prepare for Bankruptcy Consultation

For most people, discussing financial matters is very personal and sensitive. Be sure that you are comfortable communicating with your attorney. For your attorney to do a good job, you’ll need to have a frank and honest discussion about your finances

Will Filing for Bankruptcy Affect My Job?

Even if your employer does find out about your bankruptcy, it is against the law for your employer to discriminate against an employee who has filed for bankruptcy. The U.S. Bankruptcy code, which is a federal law, specifically outlines many situations where discrimination against people who have filed for bankruptcy is prohibited.

What to Expect at 341 Meeting—So Called “Meeting of Creditors”

A “341” meeting is a meeting required under Bankruptcy Code section 341. It is a meeting where the Trustee will put you under oath to answer questions about your petition and schedules. If the case is a Chapter 11 or Chapter 13, the questions will involve what the plan going forward will entail, and the meeting will be more in depth.

Debtors Can Choose Which Exemption System to Use When Filing in New Mexico

In most states, when filing for bankruptcy, the Debtor has no choice about exemptions. The only exemptions available to the individual in most other states will be the state exemptions. The bankruptcy code provides that state law may provide for debtors to have a choice of the federal exemptions or state exemptions in bankruptcy, and New Mexico has done so.

Bankruptcy Benefits

When people discuss bankruptcy, it’s almost always with a negative connotation. They see it as a failure, as something to lament. But what about its advantages? When handled properly, it can be the first step along the path to financial success. Wouldn’t the greater failure be to not declare bankruptcy, and continue in a unsustainable financial condition, making no progress toward solving any problems?

All About Bankruptcy, Part 3

If you’re considering it, this question is likely on your mind. Unfortunately, the answer is not always a straightforward one. Only a qualified attorney can tell you if it is a good fit for your specific situation.

All About Bankruptcy, Part 2

Bankruptcies fall under two general categories – liquidations and reorganizations. In a liquidation, the debtor’s assets or property are sold off in order to repay debt. In a reorganization, the debtor gets to keep their property, but must adhere to a plan and schedule of debt repayment.

Bankruptcy history

Bankruptcy is as old as money itself, or at least as old as the idea of credit. In ancient Greece, when someone went bankrupt they became their creditor’s slave until they had repaid their debt. In medieval Britain, those who went bankrupt were sent to debtors prison until they repaid not only their debt, but also the money their captors spent to keep them in prison. Fortunately, today there are far more favorable options available to those in debt.

Bankruptcy Chapters Explained – Part 2

The main advantage of Chapter 11 is that no trustee is appointed. Rather, the filer maintains control of their assets or their business throughout the process, becoming what is known as a Debtor in Possession. However, built into this advantage is also the main drawback to a Chapter 11 filing — complexity.