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Authorized Users and Bankruptcy: What Happens On Credit Reports and What Can You Do?

One of the first questions I always ask my clients is are you an authorized user on anyone’s account or vice versa.  Why? Although legally, an authorized user is NOT responsible for the credit card balances on the account, too many times we have seem errors arise from the “Big 3” three credit reporting agencies […]

Getting A Car Loan While In a Bankruptcy Case

A very common situation that arises for our clients is the need to finance a car while still in a Chapter 13 repayment plan. During the three to five years that you’re making payments on your Chapter 13 bankruptcy case you can’t incur any new debt without getting permission from the bankruptcy court. Many times, clients […]

Chapter 13 and Chapter 7 Bankruptcy: What is the Difference?

Whenever I do a new client consultation one of the first things I do is explain the difference between Chapter 13 and Chapter 7.  While the United States Bankruptcy Code provides for six distinct chapters of bankruptcy: Chapters 7, 9, 11, 12, 13 and 15, the two chapters that deal with an individual filing bankruptcy […]

What Questions Do They Ask At the Chapter 7 341 Hearing?

After a bankruptcy petition is filed, the Court will schedule a Creditors Meeting under Rule 341 of the Bankruptcy Code. While your creditors may appear, generally only the Trustee is present to ask you questions about your petition and decision to file bankruptcy. This examination is under oath and you should review your petition and […]

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Should Senior Citizens File for Bankruptcy?

Our firm works with many older clients who are facing both retirement and overwhelming debt.  Does it ever make sense for retirees to go bankrupt? For many seniors yes, but before you file that case you need to take into consideration a few points. If you don’t have any assets: 1. Stop paying your creditors. […]