Can I leave off a credit card from the bankruptcy?

I am often asked by my clients prior to filing if they can leave off their favorite credit card from the bankruptcy schedules. The easy answer is no. The bankruptcy code requires debtors list all their debts. Failure to leave off assets or creditors could have negative ramifications to include loss of the discharge. Dont […]

Can I leave off a credit card from the bankruptcy?

I am often asked by my clients prior to filing if they can leave off their favorite credit card from the bankruptcy schedules. The easy answer is no. The bankruptcy code requires debtors list all their debts. Failure to leave off assets or creditors could have negative ramifications to include loss of the discharge. Dont […]

Can I go to jail for not paying my debts?

I am often asked by my clients if they can be sent to jail for not paying their debts. While some may laugh   at such a question, the question is often asked because a local police officer serves a client a lawsuit or the client receives a letter from the sheriff’s office to contact […]

Is debt consolidation or bankruptcy better for credit card debt?

I am often asked if bankruptcy or debt consolidation is better for dealing with credit card debt. Although I am a bankruptcy attorney, I try to maintain an objective view on other ways of dealing with debt obligations. In theory, debt consolidation is a great idea if it can significantly reduce all the credit card […]

Common myths about filing bankruptcy

As  bankruptcy attorney, I often hear some of the same questions on why the potential client shouldn’t file bankruptcy. Here are some of the answers to debunk the myths to filing bankruptcy. Myth number 1. You cant file bankruptcy anymore. This myth is almost gone. After the bankruptcy law changes of 2005, there was a common […]

Do both spouses need to file bankruptcy?

This is one of my most popular questions I have from spouses who come to see me to file for bankruptcy protection. Many of the married couples have signed jointly on all their debts to include their mortgages. In their situation, it is usually my advice that they both file since they are both jointly […]

Benefits of bankruptcy compared to debt consolidation companies

The first benefit of filing bankruptcy compared to debt consolidation companies is that all unsecured creditors are wiped out in a Chapter 7 bankruptcy. In a debt consolidation program, you are only hoping that most of the credit card and medical creditors agree to reduce their balance. In most cases, the individual is still paying […]

What are some ways to increase my credit score after the bankruptcy discharge?

Here are some ways to increase your score after you obtain your bankruptcy discharge: 1. Apply for 1-3 secured credit cards. I recommend getting a card that will allow you to put as high a deposit as possible. Why?  The disposable balance the credit card will report to your credit card report will be the […]

Top Five ways to prevent having to file for Bankruptcy

1. Maintain adequate medical insurance. 2. Maintain longterm disability insurance. 3.  Maintain at all times a six to nine month nest egg of cash for emergencies. 4. Do not use credits cards. 5. Buy used, inexpensive cars instead of financing.

Does Chapter 7 eliminate medical and credit card debts?

Does Chapter 7 eliminate medical and credit card debts? Yes. I would say a majority of my clients filing for Chapter 7 bankruptcy relief are doing so to rid themselves of medical and/or credit card debt. One of the reasons people file is to get rid of credit card debt because credit card industry as […]