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All posts by @winkshesaid

The Long-Form Means Test: Household Size

The means test is one of the more complicated aspects of consumer bankruptcy. For people who have to take this test, “passing” is a matter of understanding each line item individually. This is lawyer work for sure, as different line items are interpreted differently by each State’s trustees and judges. This blog series is an exploration of those line items and the issues that arise around each one. Continue reading The Long-Form Means Test: Household Size

What Is The Difference Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?

If you are researching consumer bankruptcy you have heard the terms Chapter 7 and Chapter 13. These are the two most commonly used chapters of bankruptcy used by single filers, married couples and small business owners who are struggling with debt. If you are trying to figure out if bankruptcy is the right choice for you, your family and your business, you want to first have a basic understanding of the differences between Chapter & and Chapter 13. Continue reading What Is The Difference Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?

The Long-Form Means Test: A Series

If you are researching consumer bankruptcy you have no doubt heard the terms “means test” and “long-form means test”. The means testing involved in Chapter 7 and Chapter 13 bankruptcy can be complicated and there are also jurisdictional differences that create nuances only fully understood by a bankruptcy attorney that practices in the state in which you plan to file bankruptcy. Continue reading The Long-Form Means Test: A Series

Not All Bankruptcy Lawyers Are Created Equal

If you are going to file for bankruptcy you need a lawyer. Really. I am not just saying that because I am a bankruptcy attorney. I say that after watching case after case at the Meeting of Creditors where pro se filers (that means people who filed without an attorney) lose property they could have kept if they had had good legal advice while planning their bankruptcy. Continue reading Not All Bankruptcy Lawyers Are Created Equal

Bankruptcy and Divorce

Seeing as financial problems are the number one cause of divorce in the U.S., bankruptcy and divorce often go hand-in-hand. Unfortunately, each one complicates the other. Understanding now bankruptcy laws affect a divorce and divorce-related debt depends on where you are in the process. Different considerations apply depending on whether you are considering divorce, have already started the process or if you have final orders in the divorce action. Continue reading Bankruptcy and Divorce

The Truth About Short Sales

Short sales have gotten a lot of press in this financial crisis and many think they offer a way out from under their mortgage debt and underwater properties. However, the reality is the short sales offer no benefit, none, to all but a very few. For the financially distressed, those who have debt in addition to their mortgage, short sales are simply a way for real estate agents to make a commission on the property while robbing you of any possible financial benefit to letting go of a house you can no longer afford. Continue reading The Truth About Short Sales

To Reaffirm or Not to Reaffirm: That is the Question

Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.  Because of this, reaffirmation agreements are to be avoided like the plague unless there is a very good reason to enter into one. Continue reading To Reaffirm or Not to Reaffirm: That is the Question

Mike Wink Interview With Tom Martino: Martino Calls Mortgage Mods A Scam!

Mike (aka “He Said”) Wink was on the Tom Martino Show recently to discuss the ways that bankruptcy can help homeowners. During their discussion, Tom Martino, Colorado’s best-known consumer advocate, “The Troubleshooter” makes a bold statement, calling out mortgage modifications as a scam. Continue reading Mike Wink Interview With Tom Martino: Martino Calls Mortgage Mods A Scam!