Archive for July, 2008
Non-Filing Spouse’s Income Must Be Included in Bankruptcy
Thursday, July 17th, 2008The fact that a non-filing spouse’s income must be included in the bankruptcy case of the other spouse is one of the most difficult concepts for my clients to grasp. The common scenario is this: One spouse has certain debts which are only in that spouse’s name and may have even been incurred entirely prior [...]
Is it OK to put my property in another’s name?
Monday, July 14th, 2008I get asked a variation of this question at least once a week. Today’s consultation featured a mother who had quitclaimed half an interest in her home to each of her two sons about 2 years ago. She now needs to file a bankruptcy case. The sons are (rightfully) concerned. Why? Because they didn’t pay [...]
How much debt do you need to go bankrupt?
Tuesday, July 8th, 2008A question I have been repeatedly asked over the years from my potential bankruptcy clients is: How much debt do they need before they can declare bankruptcy? I have found that this question has different intent and meaning to different people. For example, some people think that there actually is a minimum amount of debt [...]
It Costs Money to Go Broke
Monday, July 7th, 2008A bankruptcy client of mine recently made a statement that I obviously already knew, but had never heard it phrased quite the way he said it. The husband and wife’s situation had been deteriorating for a long time. They had amassed a large debt, which they previously had sufficient income to pay, but one of [...]
Discharging consolidated debts in bankruptcy
Sunday, July 6th, 2008Another frequent question I get from potential clients is whether debts that they are making payments on as part of a “debt consolidation” program are dischargeable in a bankruptcy case. In fact, I’ve had numerous people think that those aren’t even debts anymore, once they are in a repayment program, or that magically the 15 [...]
Can You Only Bankrupt Certain Debts and Keep Others?
Wednesday, July 2nd, 2008Whether you can discharge (bankrupt) specific debts and keep others is a question that over the years I get asked repeatedly. Actually, strangely enough, clients don’t ask it as a question. They state it as if it were completely possible. “I want to get rid of my large debts and keep the small ones”. After [...]
The Warning Signs of Bankruptcy
Wednesday, July 2nd, 2008Since the vast majority of people who seek to file bankruptcy wait too long before obtaining legal advice, it is important to know what some of the warning signs are that should prompt one to at least have a consultation with a qualified bankruptcy attorney. The following are some guidelines set forth by the Association [...]