Payday loans, also known as a cash advance, are short-term loans borrowers obtain against their next paycheck.  While they seem convenient in helping you get necessary expenses covered between pay days, many find themselves trapped in trying to break the cycle of getting it paid without the need to take it out again.  Due to [...]

They’d been divorced for years when she discovered he’d been messing with her credit score.
She called in tears, sobbing about how her ex-husband was supposed to have removed her name from the joint credit card as part of the divorce decree. He hadn’t done so, fell behind on the payments to the creditor, and now her credit score looked like swiss cheese.

When bankruptcy is filed, debtors are required to list assets and personal property as part of the bankruptcy estate.  While common items such as saving accounts, jewelry, homes and vehicles are included, there are assets that some may forget to mention upon filing their petition.  Debtors who realize they may have forgotten to list an

The motion to abandon property of the estate is one of the most important parts of motion practice in bankruptcy.  It is particularly important in chapter 7 bankruptcy, because the chapter 7 trustee takes control of all property of the estate.  Additionally, it is important to understand how it works when you omit property from your bankruptcy schedules.

In the Western District of Washington – encompassing Seattle, Tacoma, Vancouver, and Bellingham – it is fairly common for the chapter 7 trustee to conduct a short sale on a debtor’s real property, if a few conditions are met.  The chapter 7 trustee might conduct a short sale on a debtor’s real property if:

I can often save a house and car under a Chapter 7 bankruptcy case if you do not have significant non-exempt equity in those properties and if you are current on your payments.  If you have significant equity, you are going to lose that to a trustee and I’m going to have you sign a potential asset acknowledgment so you are not surprised when the trustee says you either need to turn over the item or you need to pay me X amount of dollars if you want to keep the item.  That is how it works under Chapter 7.

If you are filing Chapter 7 bankruptcy, you must list all of your creditors including your mortgage and your auto finance company.  The good news is you will have the ability to continue to make voluntary payments on your mortgage and you will have the ability to reaffirm the debt on your vehicle after your bankruptcy case is filed.  The reason why you must list your house and car, even though you want to keep those items, is that the Bankruptcy Code requires that all of your assets and all of your liabilities be listed on your petition.  Simply by listing your liability does not mean you a

Once your bankruptcy case is filed, you have the ability to apply for and acquire a credit card.  Lenders have gotten pretty aggressive these days with soliciting people after filing a bankruptcy for credit.  One of the reasons why creditors do this is that they know that you cannot file another fresh start Chapter 7 bankruptcy case for eight years from the date of filing your current case.  Plus, the creditor is hoping that you will use the card, pay the annual fee, pay late fees, pay interest fees and basically go into the same bad habits that might have gotten you into debt in the first

A 341 Meeting is a meeting of creditors we acquired and mandated by the Bankruptcy Code whereby a debtor will be examined under oath by a Chapter 7 trustee regarding assets and liabilities.  The Chapter 7 trustee has the duty to examine the debtor and determine whether or not there are any assets that can+ Read MoreThe post What is a 341 Meeting? appeared first on David M.