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Schedule A – Bankruptcy Schedules

Real Property

You must list all real property.

When you file bankruptcy you must fill out a Schedule A.  We previously discussed the Petition and the next stop on our journey through the Bankruptcy Petition and Schedules is Schedule A.  Schedule A is where you are going to list all of your real property.  Real property?  What is that?  Do you mean to tell me that you can have real and fake property? Read more…

What Would You Do?

Leave it all out on the field!

I have been watching  USA’s Necessary Roughness.  It is about a therapist, Dr. Dani Santino, who works with athletes who freeze up from one conflict or another. The current story line is dealing with a football player who can no longer do his job effectively due to panic attacks.  Dr. Santino asks T.K. “What would you do if this was the last game of your career?”  His reply was he would leave it all out on the field.  Meaning he would overcome his fears and play to his full potential.  This is a philosophy we should use when facing the game of life or your financial game. Read more…

Why Do I Want To File For Bankruptcy?

I am in a marketing class learning how to market and we are encouraged to ask the question, “Why do you do what you do?” This made me think about the first question I generally ask in the interview with the potential client, “What brings you in today?” My question and your question should be, “Why do you want to file bankruptcy?”

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Bankruptcy And Case Communication

If you file bankruptcy whose duty is it to communicate with the court and the trustee?  You may think it is the attorney’s duty solely but many judges will tell you that it is also your responsibility to stay involved in your case.  I recently watched a case where the debtors tried to explain that they were not properly updated by the attorney as to their duty to comply with a court order.  No proof was given that the attorney did not do his job and that the debtors’ failure to obey the court’s order was due to the attorney.  End result?  The case was dismissed because the judge stated it was the debtors’ duty to comply with the court’s order. Read more…

Bankruptcy Alphabet And W Is For Weather

Image W is the latest letter in my edition of the Bankruptcy Alphabet and it stands for weather.  In my Bankruptcy Law Network article I discuss how one could receive a warrant for their arrest when they thought they could walk away from a home.  As I review the weather conditions across the nation in the Spring of 2012 I feel compelled to issue another post about surrendering real property and the possibility of a warrant for one’s arrest.

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Bankruptcy Alphabet And P Is For Patience.

P is for patience.

P is for patience.

In the Bankruptcy Alphabet P stands for patience.  Merriam Webster defines patience of having the capacity of being patient.  Being patient is being calm through trials and pain without complaint.  When people visit with a bankruptcy attorney the last thing that is on their mind is patience.   Generally their stress level is at a defcon level 1 or 2.  Although they did not get into a financial bind overnight they want instant debt relief. Read more…

Bankruptcy Alphabet and D is for Deed in Lieu of Foreclosure

D is for Deed in Lieu of ForeclosureSometimes when people file for bankruptcy they are looking to surrender their home.  Even though you surrender your home through bankruptcy you may still own the house itself after a discharge.  The bankruptcy will discharge the debt but it does not transfer the property rights or ownership of the real property.  Real property can be your home or any other land that you own.

The only way that one can transfer the ownership rights of real property is generally one of four ways.  The first way to transfer the property is for the creditor to foreclose on the property.  Depending upon the  foreclosure laws of your state this will be through either a judicial or non-judicial process.  The second way to transfer the property is to sell the property.  Meaning that someone purchases the property and pays off the current loan in its entirety.  You will no longer own the property or owe the debt.  The third way to transfer the property is to quit claim the property.  A quit claim deed terminates the property rights of the current owner and places it into the hands of the new person listed on the deed.  The quit claim deed offers no warranty of title or interest rights.  The fourth way to transfer property is to sign a deed in lieu of foreclosure. Read more…

Bankruptcy Voluntary Petition

When you file a bankruptcy, regardless of the chapter, you must file what’s called a petition.  The petition is a three page document filed with the bankruptcy court requesting specific relief.  Meaning you are asking the court for relief through a Chapter 7, 9, 11, 12, 13 or 15 bankruptcy.  You MUST actually sign this document.  If your attorney has filed a case and you have NOT actually signed this document, your case can be dismissed. Read more…

Bankruptcy 341 Meeting of Creditors

What is a 341 meeting and why do I need to attend? A 341 meeting of creditors is required in every bankruptcy case. Can you opt out of this meeting? No, you must attend.

The purpose of the meeting is for you to testify under oath that all the documents you have filed in the case are truthful and accurate. This is also a chance for your creditors to show up and ask you questions under oath. It is the creditor’s choice as to whether or not they will attend the 341 meeting. Again the creditor has the choice to show up but you do not. Read more…