WHAT IS “RELIEF FROM STAY”?

When anyone files a bankruptcy, an “Automatic Stay” goes into effect.  This stops most types of legal action against or attempts to collect a debt from the debtor (the person or entity that filed the bankruptcy).  A lawsuit cannot be started or continued.  Foreclosures on the debtor’s real estate are stopped.  Eviction proceedings are generally …

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DEBT HANDLING TIP # 2

WHAT IS “INCLUDED” IN A BANKRUPTCY? I am frequently asked if a particular debt or item of property can or must be “included” in a bankruptcy.    For example, if one wants to repay their mother or sister, do one have to list that debt?   Or, does one have to list a particular item of property? …

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DEBT HANDLING TIP # 1

WHERE NOT TO KEEP A CHECKING ACCOUNT If you are falling behind on your credit card payments, don’t keep a checking account with the same bank you owe money to.   Reason:  the bank could take money directly from your checking account to cover the payments to your credit card.  Example:  if you are two payments …

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WHAT PROPERTY IS EXEMPT?

“Exempt” means free from, or not subject to an obligation; or excused.  Exempt property is that which a person is entitled to keep, either in the event of collection efforts from a creditor with a judgment, or in a bankruptcy.  What property is exempt depends mostly on the laws of the state in which you …

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