With the substantial decline in housing values, there has been a drastic increase in lien stripping. The Bankruptcy Code allows a Chapter 13 debtor to “strip” a second mortgage (or home equity loan) by turning it into an unsecured debt. Stripping a second mortgage eliminates the monthly payment and can…
Tax refund season is upon us, and most of my bankruptcy clients are anxious to receive their refunds. In fact, some are so anxious that they take out refund anticipation loans. These loans are offered by some tax preparation services as a way to get your refund money to you…
Most individuals who file for bankruptcy do it with one main goal in mind, and that is to obtain a discharge of their debts. Bankruptcy is a powerful too and can be the key to a fresh financial future. Sometimes, however, a debtor is denied the discharge they so desperately…
Whether you can keep your vehicle after filing for Chapter 7 bankruptcy is dependent upon your unique situation. As a St. Louis bankruptcy attorney, I often counsel clients on whether or not they can retain their car after filing for Chapter 7 bankruptcy. The answer to that question depends on…
According to newspaper reports, Borders Group, Inc. has hired bankruptcy attorneys and may well be filing for Chapter 11 bankruptcy relief in the near future. In this bleak economy, the retailer is facing declining sales while competing with internet retailers, such as Amazon.com, with lower overhead and lower prices. Borders…
In some instances, a debtor may be what is commonly referred to as judgment proof. This means that the debtor has no assets that a creditor can collect. This typically occurs when an individual is collecting Social Security benefits, which are exempt from garnishment in most cases, and does not…
Just to put an end to all the speculation out there about this question, let me eliminate the suspense up front: there are no requirements that you make a certain amount before you qualify for bankruptcy. Now that I’ve ended the suspense, let me delve a little further. I think…
According to bankruptcy statistics collected by various organizations, consumer bankruptcy filing rates in 2010 were the highest they have been in the last five years. There were a total of 1,530,078 personal bankruptcy cases filed in 2010, which is a 9% increase from 2009. In fact, annual consumer bankruptcy filings…
I hear this a lot from people (even other lawyers). There is a perception out there that anyone who files for bankruptcy must be someone who doesn’t care about the debt that they have, that they are looking for an easy way out, or that they are trying to defraud…
There are fewer things that can send your stress levels through the roof than the endless calls you receive from your creditors. They are relentless, aren’t they? Day and night, night and day. From the moment you wake up (or sometimes, they serve as your wake-up alarm clock), to the…