As most will attest, marriage and money can be a complex combination. When you got married, you and your spouse likely merged finances with a positive outlook, looking forward to all the benefits of a strong partnership. As the years pass though, there are inevitable challenges which must be weathered together-and finances are often connected to them in one way or another.
We have previously written about how important it is for a Debtor to be honest during the bankruptcy process. This was a particularly important lesson in a Chicago courtroom last month. Lynn Y. Zoiopoulos, an Illinois physician, was sentenced to 30 months in federal prison because she concealed assets in her Chapter 7 Bankruptcy.
The importance of honesty in the bankruptcy process cannot be overstated. As part of the bankruptcy process, a filer must disclose all property, income, and debts. These declarations are made under penalty of perjury that everything contained in the bankruptcy petition is true and correct to the best of one's knowledge, information, and belief. Honesty in this process is not optional; it is required. Failing to disclose income or assets can have wide-ranging implications from inability to discharge debt through to criminal liability.
For years, New Jersey homeowners saw their homes rise in value. During this time, many homeowners took out second or third mortgages or home equity loans. Even now, eight years after the beginning of the housing crisis, many homeowners are still underwater in their mortgages, owing more than their home is worth.
Every Chapter 7 or Chapter 13 bankruptcy filing requires a 341(a) Meeting of Creditors. While your creditors are notified of this meeting, in practice creditors rarely attend. Instead, generally the only people present at this meeting are you, your attorney, and the trustee.
If you are the parent of minor children, you may be worried about how declaring bankruptcy may affect their lives. The good news is that for most filers, a bankruptcy does not negatively affect their children. An experienced bankruptcy attorney can help you understand how a bankruptcy might affect your family and help you plan accordingly.
We've all seen some amazing Do-It-Yourself projects. From Pinterest to HGTV, perhaps you've seen the incredible home remodel or unbelievable craft idea. While it may be tempting to test your DIY abilities in bankruptcy law, it is best to keep those skills in the home and out of the courtroom.
If you are considering bankruptcy, you may be wondering what will happen to or . In fact, these questions are so common, that we have prepared a detailing exactly what happens in the bankruptcy process to these and other essential assets. You may also be wondering, what will happen to your timeshare.
If your small business is struggling with debt, filing for bankruptcy might be a good choice. Small business owners have several options available to help eliminate debt. The best option is to consult an attorney to discuss all the alternatives available based on your unique needs and circumstances.