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Bankruptcy & Family Law Blog | Law Offices of W. George Senft

How to Cope With the Emotions of Bankruptcy

I’m here to guide you through the bankruptcy process, from gathering initial documents and completing your paperwork to attending the 341 Meeting and making a plan to rebuild your credit once you’re debt free. But there’s more to bankruptcy than just tasks. Being in debt and making these hard decisions can take their emotional toll. You may even sometimes feel hopeless, helpless, or worried about your future, so it’s important to have a plan for dealing with these overwhelming emotions. Read more →

January 19, 2017 / General

Pre-Bankruptcy Payments

Borrowing money through a loan or credit card purchase means making a promise to keep up with payments and repay the money you’ve borrowed. If your circumstances change and you realize you can’t make good on this promise, it’s wise to look into filing bankruptcy.

It is common to make some payments before filing, to at least show you’re making an effort. In reality, doing so can cause problems for your bankruptcy case. The court could see these payments as “avoidable preferences” since you decide which creditor receives money. Part of the court trustee’s job is to ensure that creditors are paid equally as your case is settled. If you’ve chosen to make payments to only certain creditors, the court will need to collect these payments to equally distribute the funds to all of your creditors. Read more →

January 5, 2017 / General

Bankruptcy Forms

Some areas of life work best without too many rules or guidelines. But when you’re preparing to file bankruptcy, there are definitely some precise steps you must take, including completing detailed forms accurately. This can feel overwhelming, but an experienced bankruptcy attorney can ensure your case is filed correctly without any omitted paperwork. I’ll provide only the forms you need, some pre-filled with basic information so that you can be confident in moving forward. I’m up to date on the most current bankruptcy laws and requirements and will guide you through the process, answering any questions that come up along the way.
Read more →

December 30, 2016 / General

What Do I Do When I Can’t Pay My Medical Bills?

Bankruptcy cases involving people who went on luxurious spending sprees are far less common than you may think. Most people file bankruptcy due to changes in their financial circumstances, such as a job loss. Divorce is another common reason.

Unfortunately, many people are thrown into debt when their health takes a turn for the worse. Even with good medical insurance, the total owed can be beyond what’s reasonable to ever pay back. In these situations, bankruptcy can offer the relief that you need. Therefore, allowing you to focus on getting healthy without debt hanging over your head. Read more →

December 16, 2016 / General

Handling the Holidays with Debt

The holidays can bring to mind memories of favorite foods, important traditions, and relaxing with friends and family. For many of us, this also includes exchanging gifts, but this can be stressful if you don’t have much money to spend. If you’re dealing with debt or rebuilding your finances after bankruptcy, you’ll need to make a plan to keep spending under control, even if you feel pressured to splurge.  Read more →

December 11, 2016 / General

Bankruptcy Dismissal With and Without Prejudice

Bankruptcy is a complicated process, and simple errors could lead to your case being dismissed. Oftentimes, missing information or documentation are the primary causes of a case being dismissed. When I am working by your side, I’ll make sure that all the paperwork is complete and organized. The court trustee will be able to review your case without any difficulty or delay. This is very important because if you end up missing information, it could lead to your case being dismissed with or without prejudice.  Read more →

December 5, 2016 / General

Chapter 9 Bankruptcy

Over the last couple of decades, more people than ever have become familiar with bankruptcy.  Some because they know a friend or family member who has had to seek relief through bankruptcy, others because they have had to file for bankruptcy themselves.  

Bankruptcy exists not only for people but also for businesses and city governments.  In the case of a city government filing for bankruptcy, Detroit, Michigan was one of the first large cities to take advantage of bankruptcy back in 2013.  The city was $18.5 billion in debt, and the income base of taxes and the sale of bonds was not enough to cover their general operating expenses.  Read more →

November 30, 2016 / General

What is Chapter 11 Bankruptcy?

If you’re a business owner, you always need to have your eye on the economy and also know your customer base to tailor the goods and services you offer.  Sometimes, despite these efforts, your business can begin to suffer financially and fall into excessive debt. There may be some things you can do to get your company back on track, but Chapter 11 bankruptcy may also be a good option. If your business debt is getting out of control and you aren’t sure what to do, let me help. Read more →

November 16, 2016 / General

Chapter 12 Bankruptcy: Family Farmer

Despite recent rains, the drought on the West Coast has continued for several years. The snow pack can take several seasons to rebuild, and groundwater can take even longer. We’re all doing what we can to conserve water in our homes, and some reductions are even mandatory.

Farmers feel the biggest impact of this restriction since their crops depend on water and they depend on their crops for income. Some farmers choose to leave some of their fields fallow, which decreases their profits. Others pump groundwater, which can have long-term environmental effects. These circumstances may force them to consider selling (or losing) their farms and homes or filing bankruptcy. Read more →

November 11, 2016 / General

Will I Lose My Home If I File for a Chapter 13 Bankruptcy?

 Being in debt has been described as a snowball rolling downhill and gathering mass as it goes. For some of us, it feels more like an avalanche. It usually starts out slow where you can’t quite make a payment. Next thing you know, you haven’t paid your mortgage in months and you have no idea how you will ever get caught up.

The first thing you should do is take a close look at your budget and decide which areas you can cut. Contact your creditors and lenders to renegotiate your interest rates and monthly payments. You may also work out a payment plan. It is common to look into refinancing your mortgage as that could save hundreds of dollars a month.

If you have explored all of these options, bankruptcy may be the last option on the table for you. But what about your home? No one wants to lose quite possibly the largest investment that they have made over the course of their life.  Read more →

November 3, 2016 / General