Can you rescind a reaffirmation agreement?

The bankruptcy Code is liberal in this regard. You can rescind your reaffirmation agreement at any time before the bankruptcy court enters a discharge order, or before the expiration of the 60-day period that begins on the date your reaffirmation agreement is filled with the court, whichever occurs later. You must notify the creditor that [...]

Inside a Foreclosure Factory of a Bank

This is an interesting article which shows the inner, in-house of a bank where non stop documentation is prepared to increase more foreclosure, which of course is avoidable. All credit of this articles goes to the writer of this article and not to me. http://economywatch.msnbc.msn.com/_news/2012/04/19/11269115-inside-the-foreclosure-factory-theyre-working-overtime?lite

Ask your attorney what Plan is good for you? Don’t just sign the dotted lines

I have met many clients who filed bankruptcy with other more aggressive bankruptcy attorney (the one who tout low rates) but does shoddy jobs. In many cases, these debtors should not have filed bankruptcy in the first instance because they attorneys could not safeguard their non exempt assets. For starters, the exempt assets are those [...]

What Exactly is a Creditors Committee in Ch. 11?

Creditors’ committees can play a major role in chapter 11 cases. The committee is appointed by the U.S. trustee and ordinarily consists of unsecured creditors who hold the seven largest unsecured claims against the debtor. 11 U.S.C. § 1102. Among other things, the committee: consults with the debtor in possession on administration of the case; [...]

What is Debtor-In-Possession?

Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. A corporation exists separate and apart from its owners, the stockholders. The chapter 11 bankruptcy case of a corporation (corporation as debtor) does not put the personal assets of the stockholders at risk other than the value [...]

Does filing of chapter 7 stays collection activities?

Inherent in the filing of chapter 7 is an automatic stay which comes into life right after the filing of chapter 7 petition. Creditors are notified officially of the automatic stay in the notice of meeting of the creditors. However, this notice is not mailed sometime many days after and meanwhile the collection activities continues. [...]

Can Objections Be Raised Against Discharge?

As we had discussed it few times in this forum that the purpose of filing Chapter 7 is to get a discharge from the accrued debts, and that is one foremost objective. This discharge gives debtors fresh start that the bankruptcy is meant to provide. However, discharges are not automatic and can be contested by [...]

Divorce and Bankruptcy

We always advise our clients to first file bankruptcy and then if need arise, to file divorce. A divorce before bankruptcy complicates things, and a bankruptcy prior to filing divorce is a prudent matter as this divides the property more amicably than in a typical divorce courts where emotions run very high. As we know, [...]

Exemptions: Most Important Consideration When Filing Bankruptcy

Section 522 governs debtors’ rights in bankruptcy as this relates to exemptions of property. This section 522, of course, makes bankruptcy more attractive than anything else does. In addition, this gives debtors protection for a fresh start. As usual, the law office of Malik Ahmad at www.fastbankruptcynevada.com provides a free consultation to prospective bankruptcy clients. [...]

What Happens to Liabilities of Co-Signers in Bankruptcy?

Law Office of Malik Ahmad, co-signors responsibility in bankruptcy, fast bankruptcy nevada, attorney Malik Ahmad