All items from Diamond Speaks His Mind on Bankruptcy

When I mention to clients that they will be required to appear at a 341 First Meeting of Creditors after we file their bankruptcy, most of them cringe and become nervous immediately. They imagine a Meeting where they are interrogated and questioned about every aspect of their case. running to a 341 First Meeting of Creditors,running to bankruptcy 341 meeting  In El Paso, the these meetings are nothing to be nervous about. I explain to my clients from inception that their 341 First Meeting of Creditors is in most cases quick and painless.  In a normal Chapter 7 case you will be asked the same series of questions as every other debtor. If anything else is going to come up we will almost always know ahead of time.  As your attorney, it is our job, to make this experience as simple and painless as possible. I always make an effort to explain to clients that the questions asked are straightforward and simple.
In Chapter 13 Creditors Meetings, the questioning may be more extensive but again they are straightforward questions and the Chapter 13 Trustee is not trying to trick you. All in all, your 341 First Meeting of Creditors should not be a torturous experience and your bankruptcy attorney should explain to you exactly what you should expect.
One last note, do not forget your SOCIAL SECURITY CARD and DRIVERS LICENSE!!

Posted 1 year 49 weeks ago

divorce, divorce Once your Chapter 13 has been confirmed you have a sense of relief because your financial chaos is finally under control. Your home is secure, your vehicles are secure.  You're feeling pretty good about life, as you should. 
In your Chapter 13 you have between 3 years and 5 years to make your plan payments before your case is discharged.  Often the stress and strain of finances puts a tremendous strain on relationships and marriages end in divorce. When a couple decides to end their marriage their Chapter 13 bankruptcy case is generally the last thing they are concerned with. It isn’t until the divorce lawyer brings up the division of assets and debts that this issue is addressed. A pending divorce unfortunately, can create a conflict of interest for your bankruptcy attorney.  Your bankruptcy attorney represents you as a couple and it becomes difficult to navigate a case when the parties involved are no longer on the same page. In some situations your bankruptcy attorney will be forced to withdraw from the case in order to allow both parties involved to be properly represented.

Posted 2 years 5 days ago

Before some people actually make an appointment for a free consultation their lives arecan't pay credit card bills, overwhelmed with debt, so stressful.  Finances - especially large amounts of debt often force people to make decisions that they know instinctively are wrong, but they make them because of fear and desperation.   Most people juggle their finances robbing Peter to pay Paul for as long as they can.  At some point you  face the inevitable, your financial life is in chaos and has become totally unmanageable. 
Now you've defaulted on your credit cards one by one. Sometimes it's because of having to make tough choices; food on the table to feed your family or putting gas in the car so you can get to work or making a credit card payment. Too many tough decisions and then that awful day comes when a lawsuit arrives on your front doorstep.  Panic, dread, anxiety sets in and you don’t really know what to do.  Many people tend to stay in denial and ignore the lawsuit. Doing nothing allows creditors to take a judgment which could later allow them to garnish your wages. One way to stop this is, is by filing a Chapter 7 Bankruptcy.

Posted 2 years 11 weeks ago

fear of losing home to foreclosure, chapter 13 dismissed, We often have initial consultations with people who have already filed a previous Chapter 13 case. These folks are normally in a panic because they're afraid of losing their home again; the threat of foreclosure and repossession of their vehicle(s) is very real. If you filed Chapter 13 and there was a reasonable explanation as to why you were unable to fulfill your obligation of making your plan payment you do have the option of refiling your case.
Refiling does involve an extra Court Hearing (Motion to Continue the Stay) where you go along with your attorney to appear in front of the Judge. The objective of the bankruptcy attorney is to give the Judge an explanation as to why your previous case was dismissed and why this new Chapter 13 case will be different. The Judge will ask you a few simple questions and if all goes well you will be on your way to a successful second case.

Posted 2 years 12 weeks ago

Filing for bankruptcy for many is the most difficult decision they will ever have to make.  It is something completely foreign and new to them.  Due to the fact that bankruptcy has such a stigma many people don't discuss it and don’t really understand what bankruptcy is all about.  If you take the step in the direction of bankruptcy remembersave your car from repossession, Chapter 13 & repossession that if you are in a Chapter 13 you will need Court approval for certain things. This does not mean that you are not allowed to make purchases nor are you  being controlled by the Chapter 13 Trustee.

Posted 2 years 14 weeks ago

Many people are being faced with the horrible experience of receiving a foreclosure notice. It must be devastating and so your heart pounds in your chest, beads of sweat develop on your forehead and your hands start to shake. All this emotion and yet bankruptcy and foreclosure, foreclosure, stop foreclosure, save my home from foreclosureyou knew it was coming. Knowing but not really understanding what to expect.  Many people I've found are in denial, rejecting the possibility anything bad will happen at all. Then you see an advertisement that promises a resolution with your mortgage company, so you respond and believe this is your fix, you become hopeful. I have met several individuals in the last couple of weeks who became victims of this trap. Many of these companies are unable to resolve the arrearage issue with the mortgage company and it isn’t until the last possible second that they communicate their failure to obtain a resolution, which means they can't  help you.

Posted 2 years 19 weeks ago

Many couples or individuals, prior to deployment, try to get their personal matters in order. soldier deploying During this very stressful time and period of adjustment the last thing any service member needs is to be worried about their financial status.  For many, however, this issue arises as life never goes according to plan. Considering bankruptcy - either Chapter 7 or Chapter 13 is a viable option for many soldiers.  Often I find prospective clients unsure if they should file for bankruptcy or not because they are preparing to deploy or their spouse is preparing to deploy.  It is important for you to remember that the military provides you with a power of attorney for a reason. We have had situations in our office where one spouse was about to deploy and wanted to leave knowing their financial matters were under control for his wife/husband. Using the power of attorney we were able to file the case and the spouse was able to sign the necessary documents and appear at the required 341 Meeting of Creditors on his behalf.

Posted 2 years 21 weeks ago

bankruptcy, consider bankruptcy, filing bankruptcyWhen considering bankruptcy as a solution for your unmanageable expenses, it is important that you realize bankruptcy, Chapter 13  is supposed to alleviate the financial strain you are currently in.  You should leave your attorney’s office in a better position than when you walked in.  When considering to file Chapter 13,  it is essential that you take a step back and evaluate your financial position. Chapter 13 will not be a benefit to you and your family if you are living beyond your income. Sometimes this means having to give up a house, vehicle, and/or other assets that may be the cause of your financial strain.  Your Chapter 13 payment should be feasible and something you can afford to make comfortably without having to take major hits in your already tight budget.

Posted 2 years 23 weeks ago

Thursday, June 28th, 2012 the Supreme Court decided it was constitutional to mandate health insurance.  This blog is not about my opinion – rather it’s what this decision can avoid.  So many people have had to file bankruptcy, Chapter 7 to get rid of their unsecured debt, and/or Chapter 13 to ultimately save their home because they could not afford to pay their medical expenses.  Devastating illness for many families has resulted in devastating bills.  It truly is heartbreaking to see folks who have worked hard all their lives and consequently had to file bankruptcy to get out from under the stacks of bills they incurred while fighting to get well.  Overwhelming debt puts a huge burden on any family and it’s especially difficult for the ‘patient’.  The guilt, responsibility and fear the ‘patient’ feels as a result of his/her illness is truly painful to witness.

Posted 2 years 25 weeks ago

A great number of us use our bank for everything: paychecks are on direct deposit; pay credit cards, mortgage payments and utilities bills electronically.  Some bills are setup for automatic payment and others are scheduled manuelly.  We are familiar with on-line banking;  an understanding of how our bank’s online software works and have mastered its applications. The thought of changing how we use our bank account or worse the thought of actually changing banks is an enourmous pain.  Sometimes, in preparing to file your bankruptcy it is often necessary.
Cash on hand and cash in the bank is often non-exempt (not excused).  In limitedstressed man at bank after filing bankruptcy, bank took money after filing bankruptcy circumstances when exempt it will be for a limited amount of money claimed on your bankruptcy schedules.  In a Chapter 7 case, any excess cash (the difference between what's in the bank and the exemption amount) will end up in the hands of the Chapter 7 Trustee unless you can amend your bankruptcy schedules to claim the additional amount as exempt (excused), which often is not the case.  In a Chapter 13 case, the amount of non-exempt cash in the bank may increase your Chapter 13 monthly payments. 

Posted 2 years 25 weeks ago