Business Bankruptcies on The Rise Again
Business bankruptcies of all sizes including major corporations, and especially local small Mom and Pop Businesses are failing more and more particularly in the retail areas as the impact of on line shopping hits closer and closer to home. The American Bankruptcy Institute indicates a 40% increase in commercial bankruptcies from May of 2014 to May […]
Don’ts in Preparing to File Bankruptcy (Part 3)
21. Don’t omit or ‘save” a credit card for after your bankruptcy.22. Don’t fail to list debt to family or other “insiders”.23. Don’t write bad checks.24. Don’t give creditors postdated checks.25. Don’t borrow money without talking to your attorney first26. Don’t forget to tell your attorney about liens or unpaid judgments on your home.27. Don’t make major financial decisions without talking to […]
Don’ts in Preparing to File Bankruptcy (Part 2)
11. Don’t give of gift property to anyone.12. Don’t transfer assets to anyone unless it is a genuine sale for fair value.13. Don’t cash out retirement plans or 401k’s.14. Don’t gamble.15. Don’t hide assets or debts.16. Don’t forget timeshares or co owned property.17. Don’t omit unfiled legal claims you have.18. Don’t forget stock options, profit sharing plans, or pension rights.19. Don’t take out payday […]
4 Ways to Keep Your Stuff
1. Confirm a chapter 11 or chapter 13 plan under §1123 & §1129(a) although both are ride with too many complications to address here. 2. Redeem it. Special rules apply to certain vehicles but essentially the debtor is entitled to buy the property from the estate at a value determined by the court, Say a debtor owes […]
Six Myths About Bankruptcy (Part 2)
6. It’s really hard to file for bankruptcy. It’s really not. You don’t even technically need an attorney. However, it’s not recommended to go through the procedure without one. I have seen more than one person leave the 341 hearing with rivers of tears flowing when some expertise from Bankruptcy Lawyer Port St Lucie would have avoided any […]
Six Myths About Bankruptcy (Part 1)
1. Everyone will know I’ve filed for bankruptcy. Unless you’re a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors. While it’s true that bankruptcy is a public legal proceeding, the numbers […]
5 Dumbest Things NOT to Do Prior to Filing Bankruptcy (Part 2)
6. Be careful on trying to pay mortgage payments ahead. Sometimes what looks like smart financial planning turns out to be a problem. One example is an attempt to pay your mortgage payments ahead. Let’s say you know you are going to be on short term disability for a while. You take your savings and use […]
No Money Down?
It is not commonly known that, as many as 70% of Chapter 13’s fail. Because of the limited budget allowance demanded by the Bankruptcy code, unforeseen additional setbacks in the debtors finances forces many Bankruptcy filers to either dismiss their case (in which case they end up right back where they started); modify the case […]
Financial Slip-ups to Avoid.
Raiding your 401(k). Don’t think of retirement savings as “now” money. It’s money you’ve got to save for later. “Some people use their IRAs, and wind up in bankruptcy,anyway.” Even if you end up having to use it post bankruptcy, it will go a lot further towards survival of your family after bankruptcy;
5 Dumbest Things Not to Do Prior to Filing Bankruptcy (Part 1)
1. Don’t tap your retirement funds. One frequent mistake made by people in financial trouble is to take money out of a 401k plan or IRA in order to pay things like credit card debt. Retirement funds like 401Ks and IRAs are protected from both creditors and bankruptcy trustees. Creditors can’t take the money, and there […]
