Archive for May, 2010

Chrysler and GM Filed bankruptcy- Why Cant You?

You can.  And maybe you should. No one should be confused about what a bankruptcy process means… [It] is not a sign of weakness…”  This is what President Barack Obama said today in discussing the fact that Chrysler is declaring bankruptcy.  Obama said that Chrysler’s bankruptcy was “…one more step on a clearly chartered path [...]

Ten Reasons to Delay Filing Bankruptcy! Reason No. 6.1: The Means Test

When determining when to file for a bankruptcy, an issue to consider is whether a delay in filing can place the debtor within the current monthly income guidelines for his state. Under the changes to the bankruptcy code that resulted from the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a debtor who [...]

Can A Bankruptcy Trustee Search Your Home?

“I can’t file bankruptcy. I heard that a trustee will come into my home and take what he wants.” Is there anything more frightening than this sentence It isn’t true, of course, but the fear is real. Yes, there is a remote one-in-a-bazillion chance that a trustee can get an order allowing seizure of unprotected [...]

Business credit cards and the individual bankruptcy case

Small corporations may have their names on the shareholder’s credit card, but likely are not actually liable for the charges made on the card. Clients come with lists of “personal” credit cards and “business cards” for their corporation or LLC. In looking at bankruptcy options, we need to know which debts are those of the [...]

Bankruptcy 5 step credit repair

People who experience difficulty obtaining credit after bankruptcy do so because they do not take the necessary steps to re-establish their credit. Your credit score will not improve on its own. You have to take the initiative to re-establish your credit. Although bankruptcy is reflected on your credit report, it is still possible to gain [...]