What happens to the property I acquire after filing for bankruptcy?
The general rule in chapter 7 cases is that property acquired by the debtor after the bankruptcy has been filed remains the debtor’s and is not deemed part of the bankruptcy estate. If you win the lottery three months after your chapter 7 case closed, it’s all yours, congratulations. Your former creditors have no claim [...]
Filing Chapter 13 Bankruptcy in New Mexico
If you do not qualify for Chapter 7 Bankruptcy, you may be eligible to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy will not automatically discharge your debt, but will instead require you to pay all or a percentage of your unsecured debt back to your creditors under a three to five year bankruptcy payment schedule. [...]
Private Student Loans in Bankruptcy: Dischargeable?
My question of the week comes from a client who wanted to know if private student loans he owed on were discharged in a bankruptcy case he filed in 2002. For bankruptcy cases filed PRIOR TO October 17, 2005, if the PROGRAM under which a student loan was issued, insured, administered was a FOR-profit, PRIVATE [...]
Baseball Legend Auctions Difficult Mets Memorabilia During Bankruptcy
At the time of the baseball legend’s hugely necessary bankruptcy filing, Lenny Dykstra owned only $10,000 and owed over $5 million—quite a loss for someone whose net worth was measured at $58 million. Now, he’s poised to auction off his luxury watch collection and hope for the best in order to pay off his creditors. [...]