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Monthly Archives: June 2010

Giving Away Property Prior to Bankruptcy: You’re Buying Trouble

If you’re struggling to pay your debt and your creditors are closing in on you, you may be tempted to give money or property to friends or family in hopes of keeping it away from your creditors. As a bankruptcy lawyer, I have some words of advice for you: DON’T DO IT! These transactions are generally considered fraudulent both in and out of bankruptcy court. Worse, these moves can taint your entire case, enticing judges to throw the book at you!! Continue reading Giving Away Property Prior to Bankruptcy: You’re Buying Trouble

What Happens to my Cosigner in Bankruptcy?

A cosigner is someone who has signed up to guarantee payment of a debt if the primary debtor fails to make payments. A cosigner is also called a codebtor in bankruptcy. Co-signers are usually friends or family members with good credit who are added to a loan to provide added assurance to the lender that the loan will be repaid if the primary borrower (who wouldn’t qualify on their own) fails to make all payments. A bankruptcy by one cosignor affects the rights of the other cosignor. Continue reading What Happens to my Cosigner in Bankruptcy?

Wage Garnishment: Big Stick for Creditors, and a Good Reason to File Bankruptcy

When you are behind on paying your debt, life can be stressful. You may feel helpless, wondering what to do. Or maybe you think your creditors won’t do anything other than call you multiple times per day. Whatever the case, you should know that your situation can get much worse when a creditor sues you and garnishes your wages. In many states, this means they can take 25% of your income, leaving you unable to pay for life’s basic necessities. You should also know that bankruptcy can help you avoid this desperate situation. Continue reading Wage Garnishment: Big Stick for Creditors, and a Good Reason to File Bankruptcy

What Happens at my Chapter 7 §341 Meeting of Creditors?

For many bankruptcy filers, the prospect of the §341 Meeting of Creditors causes some stress and anxiety. It’s normal to be apprehensive about your 341 Meeting, but at the same time it’s nothing to be afraid of because most 341 hearings go quickly and smoothly. As with all other aspects of your bankruptcy case, preparation is the key. So what follows is an overview of the 341 process to ease your worried mind. Continue reading What Happens at my Chapter 7 §341 Meeting of Creditors?