What happens on your credit report when you file bankruptcy

One common question I hear is what happens on your credit report when you file bankruptcy ?  The first thing you need to realize is bankruptcy filings are a public record. The fact you filed for bankruptcy can legally be listed on your credit reports. As long as it is listed on your report your… Continue reading What happens on your credit report when you file bankruptcy

Secured versus unsecured creditors

TYPES OF CREDITORS To understand bankruptcy, credit and debt it helps if you understand the different types of parties involved in the process.  So lets focus in this posing on creditors. It is also important to understand the different types of debt in a bankruptcy. So lets focus on Secured versus Unsecured Creditors. SECURED CREDITORS… Continue reading Secured versus unsecured creditors

The automatic stay

When a bankruptcy case is filed there is something created immediately upon the filing of the case called the automatic stay.  The automatic stay is a very broad court injunction against the continuing of any action by creditors, collection agencies, and government entities against the debtor or the debtor’s property. Under 11 U.S.C. §362 is… Continue reading The automatic stay

Is bankruptcy like welfare

While welfare and bankruptcy are both used by people with financial struggles they serve very different purposes. Welfare is provided by state or federal governments for eligible citizens and residents who lack sufficient means to support their own basic needs. Think of it as a small boost of income. (Government gets its funds from taxpayers,… Continue reading Is bankruptcy like welfare

When bankruptcy is not an option

I am a bankruptcy lawyer.  Bankruptcy is what I focus on daily.  So you might think it strange that I would write on the topic of when bankruptcy is not an option.  Believe it or not I tell many of the people I meet with in any given month not to file bankruptcy.  I think… Continue reading When bankruptcy is not an option