by GPurkis | May 19, 2020 | Uncategorized |
Well that is the fundamental question. You are in rough financial shape and need to file for bankruptcy. You just lost your job or just closed your business. Creditors are calling. How do you make the break between saving up to file bankruptcy and holding off the...
by GPurkis | May 4, 2020 | Uncategorized |
For many troubled companies, like luxury retailer Neiman Marcus Group Inc., which filed today, the lockdown to blunt the COVID-19 coronavirus super-charged the effects of pre-existing problems like debt overloads and the inability to please fickle consumers. For...
by GPurkis | Apr 30, 2020 | Chapter 13 |
Lien stripping allows a Chapter 13 debtor to remove a junior mortgage secured against the debtor’s real property. Lien stripping does not apply to first mortgages. First mortgages on residential real estate cannot be modified. Lien stripping is available only for...
by GPurkis | Apr 30, 2020 | Uncategorized |
First, run a budget. What is your income and what are your core living expenses? How much have you been paying each month on general unsecured debt such as credit cards, medical bills, and unsecured loans. If you lost your job, assess whether you will be able to get a...
by GPurkis | Apr 16, 2020 | Uncategorized |
Your credit card company has filed a lawsuit against you and you have been served with a summons and complaint. What to do now? Should you file for bankruptcy? Understand that credit card debt is a type of unsecured debt that if you can’t make payments, your credit...
by GPurkis | Apr 2, 2020 | Uncategorized |
The Small Business Reorganization Act of 2019 (“SBRA”) became effective February 19, 2020. The goal of the Act was to streamline the Chapter 11 process and reduce the costs for those debtors that qualify. Small businesses who are facing cash flow issues due to the...
by GPurkis | Mar 19, 2020 | Uncategorized |
Reaffirmation agreements only pertain to Chapter 7 bankruptcies. Occasionally, a creditor will request that you sign a reaffirmation agreement. Some car companies make the request for their car loans. Essentially, it is a contract that you sign after you file a...
by GPurkis | Mar 19, 2020 | Chapter 13 |
In a Chapter 13 case, the deadline (bar date) for creditors who have claims against the debtor is detailed in the Notice of Chapter 13 Bankruptcy, Meeting of Creditors and Deadlines. The notice is mailed to all creditors a few days after the case is filed. The date...
by GPurkis | Mar 5, 2020 | Chapter 13 |
A proof of claim is a document filed by a creditor for the right to payment as against the bankruptcy estate. Proofs of claims can be filed by a wide variety of creditors such as general unsecured creditors (credit cards, pay day loans, medical bills, etc), priority...
by GPurkis | Feb 20, 2020 | Chapter 13 |
A Chapter 13 debtor is entitled to a discharge upon successful completion of all payments under his or her chapter 13 plan. The Chapter 13 discharge is broader than a Chapter 7 discharge. It is important to strategize before filing for bankruptcy relief to determine...
