Filing a bankruptcy petition under any chapter of the Bankruptcy Code creates what is called an “automatic stay.” The automatic stay prevents creditors from taking action against a bankrupt...
December 20, 2022
Bankruptcy,
Consumer Bankruptcy
As we have previously discussed, certain debts are excepted from discharge, meaning a debtor will still be responsible for them after their bankruptcy is concluded. This includes debts incurred by...
December 9, 2022
Bankruptcy,
Bankruptcy Cost
November 3, 2022
Bankruptcy,
Chapter 13,
Chapter 7,
Chapter 11
According to the Consumer Financial Protection Bureau, the average price consumers paid for new vehicles reached a record high of $48,182 and monthly payments are up 19% from 20211. More importantly,...
October 24, 2022
Bankruptcy
In 2021, the Federal Trade Commission (“FTC”) received 5.7 million total fraud and identity theft reports in 2021. 1.4 million of those were consumer identity theft cases. Together, $2.8 billion of...
October 14, 2022
Bankruptcy
Many individuals have encountered instances when they cannot keep up with payments on their financed vehicles due to circumstances that impact their income or expenses. When individuals cannot make...
October 10, 2022
Bankruptcy,
Business Bankruptcy,
COVID-19
Although it may seem that the financial hardship caused Covid-19 is slowly clearing and businesses are beginning to see their first positive financial gains since March 2020, a major financial...
October 10, 2022
Bankruptcy,
Business Bankruptcy,
Credit
Perhaps the biggest misconception of filing for bankruptcy is how long it takes to rebuild your credit. The amount of time a bankruptcy stays on your credit report varies depending on the type of...
October 10, 2022
Bankruptcy,
Business Bankruptcy
The term “preference payment” in a bankruptcy context can come as a surprise to many unsuspecting creditors. Picture this, you’re a small business, and one of your customers (also a small business)...
October 7, 2022
Bankruptcy