Bankruptcy Fundamentals
Core concepts and definitions every bankruptcy petition preparer should know.
26 articles
Bankruptcy FundamentalsHow the 2005 Bankruptcy Law Change (BAPCPA) Created the Bankruptcy Assistant Profession
The 2005 bankruptcy reform added the means test, credit counseling and a mountain of paperwork. Here is what changed, how the industry responded, and what still matters for petition preparers.
Bankruptcy FundamentalsEmergency Bankruptcy Filing (Skeleton Filing): A Preparer's Checklist Before the Foreclosure Sale
When a foreclosure sale is days away, speed matters. Here is what an emergency or skeleton bankruptcy filing needs on day one, what is due later, and how a prepared assistant helps the attorney move fast.
Bankruptcy FundamentalsWhat Happens at a 341 Meeting of Creditors (and How to Prepare Your Client)
The 341 meeting is the one court-related event most debtors actually attend. Here is what happens, what to bring, and how a careful petition makes it a short, calm appointment.
Bankruptcy FundamentalsWhat Is a Bankruptcy Petition Preparer?
A bankruptcy petition preparer is a non-attorney who prepares bankruptcy documents for a fee. Here is what federal law lets them do, what it forbids, what they can charge, and how the role differs from a virtual bankruptcy assistant.
Bankruptcy FundamentalsThe importance of Reaffirmation Agreements
When debtors file bankruptcy, there is an ‘automatic stay’ put in place that prevents collection efforts by creditors, pending the outcome of the case, right? Well…A majority of bankruptcy debtors own at least one family vehicle that they use for transportation, including to and from work, the grocery store, and other places. This vehicle is typically financed.
Bankruptcy FundamentalsThe Rise of the Bankruptcy Tsunami
Monthly bankruptcy filing is on the rise…a 17% increase over the same month last year. Any guesses on the percentage increase next year?
Bankruptcy FundamentalsForeclosure and Bankruptcy
Foreclosure normally begins after a homeowner gets behind on mortgage payments. The lender begins the legal process of selling the home at auction in order to get payment for the loan. The process...
Bankruptcy FundamentalsThe 5 most common credit mistakes to avoid after bankruptcy
After bankruptcy there is a rebuilding period of your finances. Here are some things to keep in mind going forward to help the process.
Bankruptcy FundamentalsTop Benefits of Hiring a Bankruptcy Attorney
When filing bankruptcy it is always great to have someone on your side who knows the ins and outs of the process. While you can do it yourself, having a great experienced attorney can really make the...
Bankruptcy FundamentalsLife After Bankruptcy
In a bad economy, bankruptcy is an unfortunate byproduct for many Americans. Filing for bankruptcy can give you a fresh start. Unfortunately your credit has basically gone down the tubes after...
Bankruptcy FundamentalsRetirement Accounts - Estate Property?
If you’re working on a case where the debtor has a large trust or retirement account, you will want to be aware of how to manage the accounts in regards to schedule Schedule B. Many debtors will...
Bankruptcy FundamentalsDischarging Taxes in Your Bankruptcy
When declaring bankruptcy, sometimes it is helpful include tax debt in your bankruptcy petition. In order to be able to discharge your taxes however, it is essential that these criteria are met.