Steven J. Richardson | June 14, 2010
Student loans, although not automatically nondischargeable (i.e. not wiped out in bankruptcy), have been notoriously difficult to get rid of. This is because, in order to succeed, a debtor must show “undue hardship.” But with everyone in bankruptcy suffering from financial hardship, what does this really mean? I discussed this issue in a post a [...]
Steven J. Richardson | June 8, 2010
One question I get asked a lot is what bankruptcy will do to someone’s credit. This is because there are a lot of myths out there about what happens. People think they will have bad credit for 7 (or 10) years no matter what. My answer used to be that it is the worst thing [...]
Steven J. Richardson | June 1, 2010
When someone files bankruptcy, they must list all of their assets, including money in their bank accounts. Exemptions are also available to protect those assets from the trustee, who might otherwise use the value of said asset to pay debts. The trustee, however, has a right to object to those exemptions by a certain deadline. [...]
Steven J. Richardson | May 27, 2010
Prior to January 16, 2010, if you owed motor vehicle surcharges for a conviction like drunk driving, failed to pay them, and as a result had your driver’s license suspended, you would be assessed an additional $3,000 fine. Even worse, this liability for the fine would be automatically reduced to a judgment against you until [...]
Steven J. Richardson | May 13, 2010
One of the intimidating parts of a chapter 13 bankruptcy is the plan of repayment, which can be anywhere from three (3) to five (5) years long, depending on your circumstances. People fear that they are locking in to something now that they might not be able to afford in a year or two due [...]