Bankruptcy filers are required to list all of their debts in their schedules. In addition to the creditors they must also disclose who else is liable for the debt. A person who shares responsibility for a debt with a debtor in a bankruptcy case is called a co-debtor. Co-debtors receive some protections under Chapter 13… Read More »
When you represent yourself in a legal matter you are said to be pro se. This term applies to bankruptcy cases as well. When a debtor files their own bankruptcy case they are said to be a pro se debtor. To adequately represent a client in a bankruptcy case, an attorney must have knowledge of… Read More »
Trustees are appointed to their position by the United States Department of Justice. They are charged with administering the bankruptcy estate which means different things depending on whether the debtor files under Chapter 7 or Chapter 13 of the Bankruptcy Code. In Chapter 7 bankruptcy the trustee’s goal is to acquire assets on behalf of… Read More »
Loan modifications are very popular right now but not because of a high success rate. Applying for a loan modification can be a long process. Homeowners submit loan applications and supporting documents and wait months only to be told that the mortgage company needs additional documents. In the end many loan modifications are denied and… Read More »
Bankruptcy allows debtors to keep their secured property through reaffirmation agreements in Chapter 7 bankruptcy and by providing for payments inside out outside of a plan in Chapter 13 bankruptcy. However when the property that the debtor wants to keep is being leased the debtor chooses to assume or reject the lease. The ability to… Read More »