Archive by Author
Cram-downs and the Hanging Paragraph
Posted on 17. Nov, 2009 by emmettjones.
One of the largest advantages of a Chapter 13 bankruptcy is that you are able to “cram-down” the value of your car in bankruptcy, assuming you meet the correct criteria. The criteria itself? It’s found in the “hanging paragraph” of the bankruptcy code. Section 1325(a)(*) of the bankruptcy code is dubbed as the hanging paragraph [...]
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Bankruptcy: Discharge versus Dismissal
Posted on 16. Nov, 2009 by emmettjones.
Bankruptcy cases usually end one of two ways. Debtors either receive a discharge, or they receive a dismissal. So…which one is good and which one is unwanted? A discharge in bankruptcy occurs at the end/completion of your bankruptcy proceedings. It is the bankruptcy discharge that takes away your obligation to pay back outstanding debts as [...]
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When Someone Dies, Who Pays The Leftover Bills?
Posted on 01. Apr, 2009 by emmettjones.
When someone passes away, the job of closing up their estate usually falls on the shoulders of the executor (or administrator) of the estate; who is either specifically named in a will or appointed by the court. Since it is the job of the executor/administrator to wrap up the affairs of the deceased, what happens [...]
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Refinancing in Bankruptcy
Posted on 31. Mar, 2009 by emmettjones.
Refinancing is generally defined as a replacement of an existing debt with a new debt that has different (usually better) terms. People use refinancing or a “re-fi” for a myriad of different reasons; using extra money to pay off credit card debt, turn adjusted rate mortgages into fixed rate mortgages, consolidation of loans, etc. But [...]
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The Automatic Stay, Repossessions, Shut-off Notices, and Foreclosures
Posted on 27. Mar, 2009 by emmettjones.
Foreclosure rates are skyrocketing. Many employees have received pay-cuts, or lost their jobs entirely, making day-to-day living more difficult than it has ever been. Many are in danger of having vital utility services turned off, or losing their homes altogether. How does bankruptcy fit into these situations? The Automatic Stay. Although many people are afraid [...]
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Dying without a will and the PA Intestacy Statute
Posted on 26. Mar, 2009 by emmettjones.
Dying without a will is not the worst thing in the world, although it can create a myriad of problems for your surviving loved ones. That being said, having a will is definitely the best course of action (See: Why do you need a Will?). But, what if its too late for a will? [...]
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Bankruptcy and Cosigners Liability
Posted on 25. Mar, 2009 by emmettjones.
Because every situation is different, and certainly some are more complicated than others, not every bankruptcy is cut-and-dry. This post looks at the liability of the cosigner if the primary borrower files for bankruptcy. Co-signers and Chapter 7 Bankruptcy Chapter 7 debtors who file for, and complete their bankruptcy proceedings typically have all of their [...]
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Why do you need a will?
Posted on 17. Mar, 2009 by emmettjones.
Do you have a will or some sort of legally binding document explaining what is to happen with your assets after you pass away? If not, you should really be thinking about at least creating a simple will,unless you’d want to potentially have your property go to other people after your death. What exactly happens [...]
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Frequently Asked Questions (Bankruptcy)
Posted on 12. Mar, 2009 by emmettjones.
If most debtors had the option, they would choose to file a Chapter 7 bankruptcy as opposed to a Chapter 13. Why isn’t that option available to everyone? Debtors that have disposable income are usually unable to file a Chapter 7 bankruptcy. In part because the bankruptcy trustee is unwilling to let the debtor keep [...]
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Chapter 7
Posted on 12. Mar, 2009 by emmettjones.
Chapter 7 is typically known as the “liquidation” bankruptcy. The liquidation refers to the liquidation of unprotected assets in order to pay off a debtor’s debts (NOTE: depending on the assets you have, you may not lose any of your assets with a Chapter 7 filing. Schedule a consultation with an attorney to discuss your [...]
