The ironic feature of the bankruptcy system is that a debtor must come up with a lot of money to file a case. Indeed, it costs a lot of money to go broke!
According to bankruptcy law professors Pamela Foohey, Robert M. Lawless, Katherine Porter
The Final Report of the American Bankruptcy Institute on Consumer Bankruptcy offers suggestions to make paying for bankruptcy more affordable. The report does a good job of explaining why fees are so high, but the suggested remedies are generally lame and at times just plain wrong.
In what way? Well, the report correctly diagnoses the
Low income debtors often need to file bankruptcy to stop garnishments, car repossessions and foreclosures. The problem is, filing Chapter 7 bankruptcy is expensive and attorneys will not file a case until ALL those fees (typically $1,400 to $1,800) are paid.
Why won’t attorneys file cases for a small retainer and monthly payments on the
It costs a lot of money to go broke. It really does. The cost of filing Chapter 7 in Nebraska is about $1,400 to $1,800 for the typical case, and many can never afford that cost.
To make matters worse, once a bankruptcy petition is filed with the court, attorneys are not allowed to accept
I recently returned to work after being a stay at home mom. When I quit working I stopped paying on one large credit card. They took this all the way to judgement and are now trying to garnish my wages with my new employer. I am a mortgage processor and am wondering if I file
It has never been more dangerous for business owners to file Chapter 7 bankruptcy in Nebraska.
New rules now require that business owners prepare special valuation reports to provide more information about the assets of their business. Chapter 7 Trustees have the power to sell unprotected assets, and they are demanding special reports showing the
Business owners filing Chapter 7 beware! You may have to close your business until the Chapter 7 Trustee surrenders any claim to it.
That is the nightmare that potentially awaits unincorporated business owners who file Chapter 7. Why is that? And why does this only happen to unincorporated business owners?
The problem occurs because the
In today’s email inbox came this message:
Message from UST Regarding Necessary Documentation for Chapter 7 Section 341 Meetings of Creditors
The Chapter 7 Panel Trustees for the District of Nebraska have standardized the documents that they will request in every chapter 7 case. The following documents must be submitted to the appointed trustee prior
Before a person can file bankruptcy they must take an approved credit counseling class and their attorney must file a Certificate proving the class was taken with the court. The idea is to make sure that consumers are being educated about alternatives to bankruptcy, and when this new requirement was introduced in 2005 there was