Archive for May 25, 2016

11 USC 362 provides debtors (people filing a new bankruptcy) an automatic and immediate stay from any creditor trying to collect a debt once the bankruptcy case is filed. However, it is important to notify any creditors who are a party to a Court collection matter as soon as the bankruptcy is filed. I do that by faxing the creditor’s attorney notification including the filing receipt from the bankruptcy case. The creditor/attorney is responsible for doing whatever is necessary to stop collections.

Once the creditor has been made aware of the

Once you have decided that you need to file for bankruptcy protection, you need to decide how you are going to do this. The bankruptcy law allows you to prepare and file the petition on your own, use a petition preparer or hire an attorney. There are important considerations in deciding which to use. The preparation of the petition papers is extremely important and good advice throughout the process is necessary in order to have a successful bankruptcy.

You know better than anyone else whether you would be able to prepare

Chapter 7 bankruptcy is a total liquidation where you will eliminate all of your unsecured debt, i.e. debts where assets are not held as collateral while being able to continue to pay secured debts, i.e. debts where assets are held as collateral for the repayment of the debts. Chapter 13 is a repayment plan where your secured debts may be able to be restructured and a portion of your unsecured debt is repaid. Certain forms of debt cannot be discharged, including most taxes, student loans and child or spousal support.