There is one call every bankruptcy lawyer dreads getting from a client after their case has been closed.  The call  regarding a missing creditor - a creditor not listed on their bankruptcy schedules and now the creditor is making demands for payment or a lawsuit has been filed against the client by this creditor.  It's a common mistake and one that unfortunately happens all too frequently.  The Bankruptcy Courts are divided on whether or not a no-asset chapter 7 case can be reopened to add a new creditor.

Chapter 13 Bankruptcy gives you an opportunity to pay arrearages for your home, car, furniture or other secured debts and it allows you to have a repayment plan for your unsecured creditors.  If you are currently in a Chapter 13, it is important for you to know that your attorney's realize 'life happens' which can upset your financial obligations. People can lose their jobs, get divorced, have major car trouble, damage to their home, illness and so on.  In order for your Chapter 13 case to be successful it is necessary for you to keep in touch with your attorney when the going gets tough.

Myths and Truths About Chapter 7 Bankruptcy, Part III
Myth:  If a debtor wishes to retain personal property or real property, the property can be excluded from the bankruptcy and does not need to be listed in the petition.

Myths and Truths About Chapter 13 Bankruptcy, Part III
Myth:  A debtor can only file a Chapter 13 bankruptcy if they are trying to save a house from foreclosure or a car from repossession.

There is a common misperception that debtors cannot purchase or sell any property while in a chapter 13 bankruptcy.  That simply is not the case.  However, you will need permission from the court to complete any purchase or sale. 

I'll be 60 years old this year - a true flower child at heart.  Love, Peace, Equal Rights.  And as my generation grew up we lived those values and life slowly changed.  Something's happened - there's been a shift and in my opinion an ugly shift.  It's like all the small-minded Americans banded together with the goal of homogenizing America.   When did the right to personal freedom end and when did religion (your religion) have the right to rule this country -me?  When did it become OK for personal relationships to be judged as good or bad - appropriate or inappropriate?

If you are considering filing for bankruptcy and meet with an attorney he/she will likely determine whether you are under or over median income  Individuals at or below median income for their family size can file a Chapter 7.  If you are over median income you must file a Chapter 13 Bankruptcy.

If you have run into financial problems and are unable to pay credit card payments you probably expect to hear from the bank. What you don’t expect is to be sued by a company that you never heard of.  It is probably a debt buyer.  This is becoming  common.

The emerging trend, according to a recent CNN Money article, is that the economy has tanked to the point people can't even afford to file for bankruptcy.

The emerging trend, according to a recent CNN Money article, is that the economy has tanked to the point people can't even afford to file for bankruptcy.