Articles Posted in Bankruptcy

When a Chapter 7 bankruptcy is filed and a discharge is entered, and so long as the debtor did not sign a reaffirmation agreement, the lender’s only recourse in the event of a missed payment is to recover the collateral. The Chapter 7 Bankruptcy discharge precludes the lender from holding the borrower personally liable on…

Bankruptcy is a great way to discharge a significant amount of unsecured debt. However, it can also negatively impact your credit score. Remember, your credit rating is what helps you obtain a loan for a new home, car, or apartment. Fortunately, if your credit score was lowered as a result of bankruptcy, there is a…

Failure to consult with an experienced bankruptcy attorney prior to filing for bankruptcy can result in costly mistakes. In fact, certain actions you take can cause serious problems for your case and may even be against the law. Complying With the Bankruptcy Code If you plan on filing for Chapter 7 or Chapter 13 bankruptcy…

I often have clients voice concern over obtaining credit cards after filing for bankruptcy. While it is true that bankruptcy can help you discharge your debt, it can also affect your credit. Surprisingly, in many cases your credit score will improve after filing bankruptcy. Why? Think about it from a lender’s perspective. You discharged debt…

Having trouble keeping up with mortgage payments? Experiencing a financial hardship? Consult with a bankruptcy lawyer immediately. Depending on your situation, bankruptcy may be your best option. If you anticipate your home being foreclosed on, you can use your bankruptcy application to stop the action. What Is a Foreclosure? When a homeowner fails to make…

GenOn, a subsidiary of NRG Energy Inc., filed for bankruptcy Wednesday, June 14 after reaching an agreement with its bondholders to eliminate $1.75 billion of its debt and restructure itself as a standalone company. A securities filing , made after the company reached a debt structuring agreement in May, revealed information regarding GenOn’s bankruptcy filing…

The U.S. territory of Puerto Rico continues to hang on the brink of bankruptcy as it continues to struggle with massive amounts of debt. A federal judge is now overseeing a form of bankruptcy for the territory, which owes more than $74 billion to creditors in the United States, along with more than $40 billion…

This has been a tough year for retailers. As of June, more than 300 have filed for bankruptcy, up 31 percent from the same period in 2016. While most of those filings were made by small businesses with a single location, there are plenty of household names that have also filed for bankruptcy so far…

Gymboree, a company that specializes in children ‘ s clothing, recently filed for Chapter 11bankruptcy as the weight of its debts became inescapable. The retailer currently has more than $1.4 billion in debt, and looks to eliminate $900 million from that total figure. The company will close at least 375—and up to 450—of its 1,281…

Bankruptcy exemptions are key considerations in both Chapter 7 and Chapter 13 cases. These exemptions allow you to keep a certain amount of your assets protected from your creditors. These exemptions can only protect certain types of property, such as a motor vehicle. Your attorney needs to analyze the available exemptions for the applicable state.…