Monthly Archives: December 2009

How long does a bankruptcy stay on your credit report?

Bankruptcy filers who would like to rebuild their credit are justifiably concerned about how long a bankruptcy can appear on their credit report.
The answer is that bankruptcy information can stay on your report for 10 years. Most other types of negative information can be reported for 7 years.
Usually, a Chapter 7 stays on a […]

How much do I need to owe to file for bankruptcy?

Many people who call are concerned about their eligibility for a Chapter 7 bankruptcy and wonder if their level of debt will allow them to file for bankruptcy.
The answer is that there is no minimum debt amount required to file a Chapter 7 bankruptcy. A more important issue is whether you earn enough income […]

How long does bankruptcy take?

Once a Chapter 7 bankruptcy is filed, it takes a day or two to receive notice of the date and time for the meeting of creditors, which is generally scheduled two to three weeks away from the filing date.
Once the meeting of creditors takes place and assuming there are no complicating factors in your Chapter […]

3 mistakes to avoid when paying credit card debt

You will see all sorts of advice about “managing debt.” But when it comes to credit card debt, mere “management” can get you into trouble.
Truth is, the best way to “manage” credit cards is not to carry a balance at all. Don’t spend more than you can afford. Pay off the entire […]

Bank of America drops arbitrations for cardholders

Bank of America recently agreed to drop the requirement that cardholders resolve disputes in arbitration. The bank did this as part of a settlement of a lawsuit in which they were accused of conspiring with other banks to require credit-card holders to arbitrate disputes instead of going to court.
Other banks are still involved in the […]

Do I have to go to court when I file for bankruptcy?

Most bankruptcy filers do not have to go to court.
Instead, every Chapter 7 case will be scheduled for a meeting of creditors, which does not take place in a courthouse. In Newark, New Jersey, the meetings of creditors take place in a downtown office building. Most large creditors (such as credit card companies) […]

Will they take my property after I file bankruptcy?

Image via Wikipedia

One reason people find themselves in the position of wanting to transfer their assets before filing for bankruptcy is that they are afraid the bankruptcy trustee will take their stuff after they file. But you might not need to worry about that, especially in New Jersey.
Why not? Because you might be able to […]

How to screw up your bankruptcy before it has begun

Image by S Migol via Flickr

Planning on transferring your largest asset to a relative just before filing for bankruptcy so that the bankruptcy court can’t get to it? As a bankruptcy lawyer, I must say – PLEASE DON’T. It’s a bad idea because it can really get you into trouble and it can […]

How to get your creditors to stop harrassing you

Image by ladybeames via Flickr

One way to get your creditors to stop harassing you is by filing for bankruptcy. But how does filing for bankruptcy stop creditor calls and letters? Through something called the “automatic stay”.
The automatic stay in bankruptcy can be a powerful benefit for debtors who feel that they are being […]