I was recently interviewed by a national magazine about how my clients recover from Chapter 7 bankruptcy. Some of the tips I discussed during the interview included:
- asking a friend or relative to add you as an authorized user on a MasterCard or Visa
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About 25% of the bankruptcy clients I represent have bounced checks due to insufficient funds. While there can be a criminal law violation if you bounce a check, often merchants do not prosecute unless the amount is significant. Even if there are no criminal implications, a bad check is most certainly a debt that needs to be included in your bankruptcy filing.
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This morning, I received an email from a gentleman named Jim, who writes:
How can I file chapter 7 by myself without paying someone, anyone $ 99.00 $199.00, $299.00 etc… Three different people( with a financial intrest of course) said representation is required.
Here is my response: Jim, you certainly have the right to file a Chapter 7 case by yourself. The forms are available either on-line or at an office supply store. There are also several books about how to do this. I am currently reviewing a book entitled The Complete Chapter 7 Personal Bankruptcy Guide
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For bankruptcy lawyers, the word "judgment" raises red flags. This is especially true when the judgment comes from another State. He is a question I received from a non-Georgia resident that raises a lot of questions about judgments.
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The bankruptcy law requires debtors to attend two educational courses. The first requirement calls for a "debt management course" and must be completed prior to filing – your certificate of completion is your "ticket in" to the bankruptcy process.
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"How do I recover from bankruptcy?" This question comes up in every new client interview or client meeting that I conduct. There is no no universal answer to this question, but here are a few thoughts:
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If you have read my blog at all, you know that I have been quite critical of many of the changes brought about by the BAPCPA changes to the bankruptcy law. In general these changes have make the process of filing bankruptcy more complicated and more expensive. Sometimes, I have to decline representation in cases with complications because the potential client cannot afford to pay me for the time it would take to untangle his/her mess.
I often advise my clients that if they are sitting my office discussing their financial problems with a bankruptcy lawyer, then everything needs to be on the table. The house, the cars, the big screen tv, the electronics, and even the time share (!). My job, as the bankrutpcy lawyer is to help my client chart a course of living within one's means and getting rid of debts that are not necessary for survival. Bankruptcy is about what you need, not what you want.
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I’ve filed a chapter 13 due to divorce (no previous credit issues) and am paying rightly on my repayment plan having several years to go. I’m trying to learn ways to re-establish my credit and raise my credit score so that when done I’ll be in a strong position. Long before filing my 13, I’d bought a car and am making on-time payments. I think that will help, but since I can’t use new credit until the payment plan is over, do you have other suggestions or references (other than keep paying on time) that I can use or do? I’d be interested in books, websites, blogs, councilors, anything…
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p>Although bankruptcy filing numbers are still down in Atlanta, I am starting to see more and more activity on my web site and in email inquiries from potential clients. Nevertheless, there is still a great deal of misinformation in the general public about bankruptcy.
Yesterday, I was speaking to a potential Social Security disability client who was telling me about the debt she had incurred after she stopped working. When I suggested that bankruptcy might be an option, she responded with the statement "I thought that they changed the bankruptcy law and made it illegal to file."
My colleague, Maryland bankruptcy attorney Brett Weiss, has written an excellent article for his firm's web site entitled "Top 15 Myths About The New Bankruptcy Law," which you can read by clicking the link. In this article, Brett sets the record straight about all the false rumors about bankruptcy.
Now that we have a new Congress, it will be interesting to see if there are any efforts to modify some of the sillier provisions of the new law (such as credit counseling or the debt relief agency disclosure requirements). My experience over the past twenty years has been that very, very few bankruptcy debtors use the bankruptcy process to manipulate the system.
Hopefully as the myths about bankruptcy are dispelled over time, those "honest but unfortunate" debtors who truly need a fresh start will again realize that bankruptcy relief still exists.
Technorati Tags: myths about new bankruptcy law, Brett Weiss, illegal to file bankruptcy, BAPCPA
Jonathan Ginsberg
