Yes, you can. But it’s not a good idea. Transferring property to someone else can easily turn into a situation in which the person to whom you transferred will end up owing the Trustee a great deal of money. Let’s look at an example of how this could play out:…
Yes, you can. But it is highly unadvisable. Representing yourself in any legal action (even if you are an attorney) is one of the worst mistakes you can make. Why? Because there are just too many pitfalls into which you can sink, and you won’t even be aware of the…
No, you cannot. Domestic obligations such as child support and alimony (or any arrearage thereof that you have fallen behind on) are described as non-dischargeable debts. In other words, after your bankruptcy goes through its normal course, all other debts will get discharged (such as credit cards, medical bills, payday…
The answer to this question depends on which chapter of bankruptcy you file. The bankruptcy code makes it clear that there are certain time periods and provisions for every petition that is filed. And if those rules are not followed, it is possible that whatever chapter you ended up filing…
Simply put, it is the shield of protection that the bankruptcy court surrounds you with after you file for bankruptcy. It stops creditors from coming after you, or calling you, or from trying to collect on your debts. It also prevents any further legal action against you that the creditor…
Yes, but only if the creditor has secured a judgment against you. In other words, a creditor cannot just arbitrarily reach into your bank account and stow away with all your cash whenever they want. Of course, the creditor may very well threaten you with such an action when they…
Probably because Congress felt like that sounded like an appropriate number of years when they drafted the code (actually, it was the credit industry and their lawyers who drafted the code, and the members of Congress simply voted “Yes” for it). But regardless of why they chose the 3-5 year…
Yes, you will. And a lot quicker than you may think. When you file for bankruptcy, unsecured creditors (such as credit cards, medical bills, payday loans, etc.) are discharged. They are knocked out forever. When this happens, there is instant relief. But most people believe that their chances of ever…
Yes, it does. In fact, the threshold question as to which chapter of bankruptcy you can file very often comes down to what your household income is. That’s why it is so important to disclose to the court all sources of income in the six months preceding the filing of…
In short, because they can. I can’t even begin to tell you the number of clients I have had over the past several years who have described to me the following story: They fall behind on their mortgage because of a loss of income or loss of job; they still…