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Posted On: January 31, 2011

Can I Keep My Bankruptcy Filing a Secret?

Most people filing for bankruptcy would prefer that the entire process be kept under lock and key. Unfortunately, it is a matter of public record, so if anyone wanted to know whether you filed for bankruptcy, they could do so rather easily.

Even if there were a way to keep the bankruptcy from the public eye, there are scenarios that require the disclosure of the bankruptcy filing to friends or family members no matter what. The most common are:

1. If you lent money or gave money or assets to a friend or member of the family, you would probably need to disclose the loan or the gift to the bankruptcy court, thus making it public record. The family member or friend that received the gift or the loan would probably be contacted by the trustee.

2. If the family member or friend lent you money, they will have to be notified as a creditor during the bankruptcy case. There is no ability to "leave out" creditors. Your entire financial picture must be disclosed.

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Posted In: Bankruptcy Basic Questions

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Posted On: January 23, 2011

"Credit Repair" For a Fee - What You Should Be Aware Of

Can you really "repair" your credit score? Sure...but... if you are considering this option and are going to hire someone to help you do it, be aware of the following:

1. If the credit repair company guarantees the removal of all negative marks on the credit report even if they are true, they are selling the proverbial "bridge". Credit reporting agencies aren't required to remove correct information. They are required to remove correct and negative information after a 7-10 year period. (Credit 7 years, Bankruptcy 10 years). Often, the process used to "remove" correct info will cause the credit reporting agency to remove it temporarily, but once the creditor realizes that it is gone, they will simply update the account, if they hadn't already.

2. If the credit repair company asks you to create a new identity and thereby a new credit history...run away. This is illegal, but it also doesn't work. You will still owe the debt and can be sued.

3. It is illegal for a credit repair company to charge you upfront fees to help repair the credit report.

In the end, remember that if it sounds to good to be true, it is. Talk to an experienced attorney about your credit report before making any serious decisions.

Posted by Campbell & Coombs | | Email This Post

Posted In: Bankruptcy Basic Questions , Credit and Bankruptcy

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Posted On: January 16, 2011

Don't Give Away Cash or Property to Family and Friends Prior to Filing for Bankruptcy

If you are considering bankruptcy and have an asset that may be of value and that may not be exempt in that bankruptcy case, it would be wise to speak with an experienced bankruptcy attorney before you transfer it to another person or entity.

Transferring assets to anyone prior to filing bankruptcy can result in the loss of the bankruptcy discharge, the loss of the asset or even jail time and fines under certain circumstances. In other words, the law has already "thought of that".

Congress enacted specific provisions in the bankruptcy code (see sect. 548) which allows

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Posted by Campbell & Coombs | | Email This Post

Posted In: Assets and Bankruptcy , Assets and Bankruptcy , Bankruptcy Basic Questions , Bankruptcy Timeline

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Posted On: January 9, 2011

Retirement Accounts and Bankruptcy - Don't do the following

Retirements accounts are usually safe from common creditors both inside and outside of bankruptcy. If the creditor can't touch the retirement account, it would not be wise for you to do any of the following:

1. Take a loan out against the account

This is a common issue and it is typically a result of good intentions. Most people who are facing financial problems do not want to file for bankruptcy and will do almost anything to avoid it. This shouldn't be one of those things except in very limited circumstances. Speak to an experienced bankruptcy attorney before signing the loan documents.

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Posted by Campbell & Coombs | | Email This Post

Posted In: Assets and Bankruptcy , Assets and Bankruptcy , Bankruptcy Basic Questions , Debt Negotiation

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Posted On: January 3, 2011

Auto Repossession - Avoiding It

Car Lenders don't have to wait a certain number of months to repossess your vehicle if you are behind. They don't have to wait at all. Making a partial payment won't legally ensure the repossession doesn't happen either and neither will the fact that you are struggling financially.

Having said that, most car lenders will attempt to work with you if you are late on payments. They typically don't just take the car the first day you are late.

If you are late and do not see an easy way to catch the car up, here are some options:

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Posted by Campbell & Coombs | | Email This Post

Posted In: Assets and Bankruptcy , Automatic Stay and Bankruptcy , Bankruptcy Basic Questions

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