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Bankruptcy Blog

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Auto Repossession: What Can I Do To Stop It?

As soon as you default on your loan with a creditor who has a security interest (a.k.a. lien) on your vehicle, the creditor can take the vehicle away from you. In most cases this could mean missing just one payment. However, auto repossession is more likely to happen when you get several payments behind. It's also worth nothing that a creditor does not have to warn you that they are looking for your vehicle. So if you get behind on your auto payments, be ready to walk outside and find that your vehicle has vanished.

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Chapter 13 Bankruptcy Question: Can a Debtor Sell Assets?

The Bankruptcy Code permits the Debtor to sell property of the estate after a noticed hearing. 11 U.S.C. §§ 363 and 1303. Section 363 provides that a trustee can sell property in the bankruptcy with court permission. Section 1303 extends this right to the Debtor in a Chapter 13 case.

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Credit Cards: The Double-Edged Sword

Countless times my clients will tell me that they never want to use a credit card again. My comment in return is always this: credit cards are a necessary evil; you can get overwhelmed with them but you cannot live in our society without them.

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Protected From Creditors: Qualified Retirement Funds

I have appeared on many radio shows and have met with thousands of clients over the past few years, and one of the most gut-wrenching things I have heard is someone dipping into their retirement in an effort to avoid bankruptcy. But guess what? It didn’t help. They still had to file for bankruptcy and cost themselves much-needed retirement funds.

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When It Comes To Bankruptcy, You Can't Hide The Details

On far too many occasions, I have seen a debtor get “caught” not fully disclosing everything. They felt that they were honest, but they did not take that extra step of disclosure, because they felt it really didn’t matter. The problem is simple: when it comes to bankruptcy, it all matters. Otherwise, the question would not be asked.

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Bankruptcy & Your Credit

Often clients put off filing bankruptcy, because they are concerned about the effect it will have on their credit. Even when they have fallen behind on their bills (causing 30-60 day late notices on their credit report) or even when some creditors have sold their account to collection agencies (further negatively impacting their credit score), they still look at bankruptcy as this nuclear bomb that will demolish their credit forever. Fortunately, that is not the case. In fact, in many situations the filing of the bankruptcy results in an immediate improvement in credit. After your bankruptcy, your discharged debt is gone, and you have a clean slate to start rebuilding your credit.

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Meeting of Creditors: A Crucial Step in the Bankruptcy Process

After you have filed for bankruptcy (either Chapter 7 or Chapter 13) you are required by 11 U.S.C. 341 of the Bankruptcy Code to attend a meeting of creditors administered by a Trustee assigned to your particular case. Before you start worrying about which creditor is going to come and what they will ask you, keep this in mind: it is very rare for any creditor to show up at this meeting. However, the Trustee still has a duty to conduct the meeting and ask you certain questions.The meeting of creditors is mandatory for you to attend. You will be accompanied at this meeting by one of our knowledgeable bankruptcy attorneys. You will receive a notice from the Court notifying you when and where your meeting will be conducted after your case has been filed. The date and times are assigned by the Court, so you do not get to select when you want your particular meeting to take place. In general, the meeting will take place approximately 30-40 days after your case has been filed. The earliest any meeting is scheduled for is usually 8:00 A.M. and the latest is usually 4:00 P.M. Please arrive to your meeting 15-20 minutes prior to your scheduled hearing, being sure to allow time for parking and security as well.

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Our 4 Step Process to Filing Bankruptcy

At Bankruptcy Law Group, we understand that filing for bankruptcy can be a very stressful time in one’s life. In order to take as much stress off of your shoulders as possible, we have created a simple 4 step process in order to get your bankruptcy case filed.

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