by John Rogers | Apr 18, 2009 | Uncategorized
For individuals who can not pay their debts- called “debtors”-bankruptcy has two main purposes: First, bankruptcy operates to give the people who are owed money-the creditors-a fair share of the money that the debtors can afford to pay back....
by John Rogers | Apr 16, 2009 | Uncategorized
A reaffirmation agreement is an agreement by a debtor and creditor in Chapter 7 bankruptcy about how to treat a particular debt that would otherwise be discharged in the debtors bankruptcy. Usually, the debt is secured by collateral that the creditor could repossess...
by John Rogers | Apr 15, 2009 | Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney
Yes. Unlike Chapter 7, where the debtor can usually stop a foreclosure or repossession only if the creditor agrees to a reaffirmation, a debtor in Chapter 13 can provide for car and mortgage payments in the Chapter 13 plan, and the creditor can be required to accept...
by John Rogers | Apr 14, 2009 | Uncategorized
At the conclusion of an individual’s bankruptcy case, the Court enters an order closing the case, and a copy of this order is sent to the debtor. Unless the trustee has assets to distribute to creditors, case closing takes place fairly quickly in Chapter 7...
by John Rogers | Apr 13, 2009 | Uncategorized
The discharge in a Chapter 7 case only covers the debts that were incurred before the case was filed. The bills that a debtor incurs after the case is filed are not discharged. The hope is that, after their old debts are cancelled by the discharge, debtors will be...
