The laws about the treatment of different types of creditors can often be used in your favor to pay who you want or need to pay.
Make your bankruptcy trustee work for you by retrieving your recent payments to, or garnishments by, creditors–to your benefit.
Avoid the frustrating surprise of having one your friendly creditors be challenged by your bankruptcy trustee with a preference action.
The trial, almost always in front of a bankruptcy judge and no jury, is the final determinator whether the challenged debt gets discharged.
Sometimes it’s in your best interest to force an issue in bankruptcy court by, in effect, suing a creditor in an adversary proceeding.
Chapter 13 payment plans usually have you pay something to all of your creditors. But not necessarily. Certain creditors may get nothing.
In most Chapter 7 cases, there is not much practical effect to what creditors put on their proofs of claim.
Creditors sometimes ask the bankruptcy court for permission to take certain collection action against you or the collateral. In our last blog post we talked about the “automatic stay.” It’s one of the most important benefits of filing bankruptcy. It’s certainly the fastest, going into effect immediately when you or your Louisville lawyer files your bankruptcy case. The automatic … Read More
Bankruptcy is a lot easier to understand and much more comfortable to go through when you know who’s who.
Letting a creditor get a judgment against you is dangerous, for a lot of reasons. One of the biggest dangers is a judgment lien on your home.
If one of your creditors is not included in your “schedules” you risk continuing to owe that debt after your bankruptcy is finished.
Creditors will be a little less likely to challenge the writing off of recent uses of credit.
Through bankruptcy, you may be able to and want to pay a co-signed debt. If not, you need protection from that debt and from your co-signer.
You may have extra motivation and greater ability to repay a personally important debt this time of year. But maybe you shouldn’t.
Doing what you believe is the right thing can backfire, if you pay a special creditor before you file bankruptcy.
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