Should I do a cash out refinance to pay off my debts instead of filing for bankruptcy?
With inflation hitting record highs, people are looking to cash out the equity in their homes, sell their vehicles, and liquidate their retirement accounts to pay off their debts. This can be problematic for a few reasons. First, if home values go down then you are...
What is a Bankruptcy Conversion?
A “conversion” is when you change the bankruptcy chapter type after you file your original bankruptcy petition. For example, at the time you file your case, you are over the median threshold to file for a Chapter 7 bankruptcy, so you file a Chapter 13 case. Months or...
What happens at the meeting of creditors?
When you file a bankruptcy case, there is a hearing called a “341 meeting of creditors”. The meeting of creditors takes place whether you file a Chapter 7 or a Chapter 13. It occurs thirty days after your bankruptcy petition is filed. The meeting lasts about 10...
Can I share bank accounts or commingle funds?
There are several ways to commingle funds. The first way to commingling funds is sharing bank accounts with a non-filer. Generally, its best to keep all bank accounts separate and have all your income and expenses going out of one checking account. Otherwise, it could...
Should I file a Business Bankruptcy or Personal Bankruptcy?
In today’s current market business owners are faced with numerous challenges from finding employees to drastically increased costs. They are faced with the question of whether they will be able to continue their business or whether it’s better to close it. That is a...
There are several things you should not do, prior to filing bankruptcy.
DO NOT: 1) Use credit cards, open new credit lines, or take out cash advances. This could be viewed as a bad faith filing if you take out a large credit line then file for bankruptcy within a few months. The reason is because it appears that the money was taken out...
Can I file for bankruptcy if I am the victim of fraud?
There are numerous types of fraud that can occur. We have seen situations where another person uses your social security number to file taxes to obtain a tax refund or uses your personal information or to get a credit card in your name. Sometimes people don’t know...
What is bare legal title?
This issue comes up frequently when the person who files for bankruptcy (otherwise known as the debtor) is on the title to a vehicle that someone else drives and makes the payments on. This happens oftentimes when a parent keeps the vehicle in titled in their name...
Is a voluntary repossession still collectable?
The short answer to that question is yes. It really doesn’t matter whether the car is repossessed by being towed out of your driveway in the middle of the night, or whether you voluntarily and cooperatively turn over the car to the lender because you couldn’t afford...
Are SBA Loans Dischargeable in Bankruptcy?
Many borrowers are surprised to learn that SBA loans are a dischargeable debt in a bankruptcy even though they are government backed loans unlike a lot of tax debt or federally backed student loans which are not. During the course of the pandemic many businesses took...
