Most individuals and business owners are probably already aware that bankruptcy is one of the most expedient ways to address financial problems caused from excessive debt. The constant creditor calls can cause stress, anxiety, and embarrassing situations. In some instances, hounding by creditors may interfere with one’s job or other business relationships. In other scenarios, a business owner may face significant obligations due to certain contracts or prior agreements, and outside of bankruptcy, lack the leverage needed to renegotiate these contracts.  

The Bankruptcy Code grants a trustee (or a debtor in possession) certain “avoidance” powers to recover payments to creditors made shortly before a bankruptcy filing where the payment gave the creditor more than other, similarly situated, creditors would receive through the bankruptcy process. 

The Bankruptcy Code grants a trustee (or a debtor in possession) certain “avoidance” powers to recover payments to creditors made shortly before a bankruptcy filing where the payment gave the creditor more than other, similarly situated, creditors would receive through the bankruptcy process.  In a recent case in the United States Bankruptcy Court for the Western District of Michigan (the “Court”), the Court considered whether a payment made by a Chapter 7 debtor to her son in advance of the debtor’s bankruptcy filing was “preferential” and thus subject to recovery by the Chapter 7 trustee

No Income Option I recently received an interesting call from young lady who was seeking bankruptcy protection to help with outstanding parking tickets. She had no income whatsoever, so she was not a candidate for chapter 13 bankruptcy which is the repayment plan over a 3 to 5 year period. However, she was interested in+ Read More

The Treasury’s Home Affordable Modification Program, known as HAMP, will sunset on December 30, 2016. HAMP, put in place early in the Great Recession, provides two separate avenues for a homeowner with a qualified mortgage dated prior to January 1, 2009 that is in default or at imminent risk of default to seek a mortgage modification subject to program guidelines.
In order to take advantage of HAMP, a complete application package must be submitted to the participating mortgage servicer handling your mortgage by December 30, 2016.

Many people in California are fully aware that a bankruptcy filing is often the most expedient or most effective means of handling excess debt and other financial stressors that make it difficult to make ends meet.

Our Union Grove bankruptcy lawyer, Shannon Wynn, noticed a trend this month. Quite a few people landed on our bankruptcy website from searching for the terms “Does Chapter 13 Stop WE Energies”, “Will Alliant Energy Disconnect in the Winter”, and other various search terms under this topic. In this post, Attorney Shannon Wynn wants to address this topic and offer some advice.
 
WE Energies and Alliant Energy Winter Disconnections and Bankruptcy

Our Union Grove bankruptcy lawyer, Shannon Wynn, noticed a trend this month. Quite a few people landed on our bankruptcy website from searching for the terms “Does Chapter 13 Stop WE Energies”, “Will Alliant Energy Disconnect in the Winter”, and other various search terms under this topic. In this post, Attorney Shannon Wynn wants to address this topic and offer some advice.
 
WE Energies and Alliant Energy Winter Disconnections and Bankruptcy

Overview In this bankruptcy case study, we are going to analyze the financial situation for Ms. L., who resides in Chicago. She resides on Woodland Park Avenue of the East side of the city. She filed a chapter 13 bankruptcy back in 2006. Thus, she is eligible for either a chapter 7 bankruptcy case or+ Read More

I just spoke to a young lady this morning who cosigned on a vehicle. The other person on the hook for the vehicle debt has just filed for chapter 13 bankruptcy. The vehicle is not going to be reorganized through the chapter 13. Thus, the auto finance company has the right to modify the automatic+ Read More