As Knoxville bankruptcy attorneys, one thing we know for sure is that the ill effects of bankruptcy can be devastating for your credit score. A Chapter 7 bankruptcy will haunt your credit report for the next 8 to 10 years, and there is little you can do about the fact that it is listed in the credit report. However, all is not lost. Continue reading. For most folks by the time a bankruptcy is filed the credit score is already […]
What does the Federal Trade Commission have to do with Bankruptcy
Although most folks have heard of the FTC or the Federal Trade Commission, most really don’t understand its role in the bankruptcy process. A little history may be helpful.
In 1914 as a result of a bipartisan commission whose members were appointed by President Woodrow Wilson, the United States Congress passed The Federal Trade Commission Act. The Act created a regulatory body known as the FTC. The FTC was envisioned to allow government to be a watchdog over businesses that were believed […]
If you are filing bankruptcy you are probably already excited about not paying your credit cards, old medical bills and other debts that have just overtaken your life. If you’ve struggled to just keep your head above water, you’re in for a treat as you get immediate relief from paying your debts.
However, I’m often asked this question, “Do I have to pay my bills now that I’ve filed my bankruptcy?
First, remember that there are […]
As you consider filing bankruptcy, have you heard that there is a 90 day rule on payments made to creditors? There’s often confusion of when the rule applies and when it doesn’t.
First understand that the 90 day rule applies to payments made to creditors counting back from the day you file your case. All payments are considered, however those payments that are most often implicated are payments made to unsecured creditors (creditors that don’t have a lien or deed of trust).
What is a “Preferential Transfer”?
A “Preference” is […]
Bankruptcy? Do you owe money to family members?
I’m often asked, “Dan, can I repay my family members before filing my bankruptcy case?”
If you want to discuss your options, contact Knoxville – Sevierville Bankruptcy attorney Dan Scott.
Call us at 865-246-1050 today.
You may want to check out the video Stop Collection Calls.
If your spouse is way over burdened with debt you may be asking, “Can I File Bankruptcy in Knoxville Without My Spouse?”
I get that question often. Take a couple of minutes to check out this video where I’ll answer that question for you.
Unfortunately, the world’s been turned upside down on all of us. Although bankruptcy is seldom the favored option, it is often the best option to get you on the road to rebuilding your financial life.
Don’t make decisions based upon street corner advice. […]
Bankruptcy looms on the horizon as your financial situation worsens. You may be told to just transfer certain assets to family or friends to “protect” them from your creditors. Those persons giving that advice mean well, but likely do not know the ramifications of those transfers. So be careful because the last thing you want to happen is to jeopardize your bankruptcy discharge.
Arms Length Transactions.
There are generally two categories of transfers of property immediately before
I’m often asked, “Do I have to disclose that?” The question arises when folks are trying to come up with a plausible way to conceal an asset that has special value either in money or otherwise.
The answer is always, “In bankruptcy, you better disclose all your assets to the Chapter 7 Trustee.” The Bankruptcy Code requires the debtor to make a full and complete disclosure of all assets and all liabilities in the bankruptcy papers. Coupled with that requirement is the requirement to disclose all transfers […]
When your Chapter 13 bankruptcy begins, the payments under your Chapter 13 plan are based upon the secured debt you owe and the amount of money you have as “disposable income.” Your “disposable income” must be committed to repayment of your debts over between 3 and 5 years.
Well, LIFE HAPPENS!
Your job changes; you get sick; your car is totaled.
So what happens now? You will need to modify your plan. So what do you do?
First, contact your attorney. […]
Chapter 13 bankruptcy is a key tool to help you stop forelcosure and keep your home. The moment you file the Chapter 13 bankruptcy, the creditor (and its lawyers) must stop foreclosure and any other collection activity.
So how to save your home? Your Chapter 13 Plan will provide a mechanism to make up past due payments over the life of the plan which is between 3 and 5 years. This way the burden on you in catching up the payments […]
