Herrin Law | Blog
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When you surrender your home in bankruptcy, you are discharging the debt associated with your home.  This includes all debt associated with the home (property taxes, liens, mortgages, homeowner association fees, etc.). Once you file bankruptcy and notice goes out, you should not be receiving any collection letters from your creditors.  If you are then you need to consult with your attorney as those creditors may be violating federal bankruptcy law. An important thing to remember is...

There are two required financial courses in Bankruptcy.  The first course is taken before you file bankruptcy and the second course is taken after you have filed the bankruptcy. The First Class - Pre-Filing Bankruptcy Credit Counseling This class is intended to help you prepare for bankruptcy.  It goes over several budget/finance related questions to help you gain clarity on your personal finances.  Some of the questions relate to how much you spent on your home, vehicle,...

In my career clients sometimes will ask "why can't I just file bankruptcy on my own?"  My answer is always the same, "if your arm was broken, would you reset the bone yourself or go to a doctor?"  Clients always say "I'd go to a doctor" This is the exact same situation, your financial life is broken, go to the doctor so it can be fixed. Herrin & Wright are financial doctors and specialize in fixing...

Each chapter or type of bankruptcy defines who is eligible to be a debtor in its definition. Some of the chapters are reserved solely for individuals, some can be used by individuals or businesses. The most common forms of bankruptcy are Chapter 7, Chapter 13, and Chapter 11. An individual or business can be a debtor in a Chapter 7 or Chapter 11; however, a business cannot be a debtor in a Chapter 13. The next...

Can I include my student loans in my bankruptcy?  Are there qualifications I have to meet?  What is the process? Is it different than a “regular” personal bankruptcy? Student loan debt is likely to be the next bubble that bursts in our economy.  Today, there is over $1 trillion in federal student loan debt!   The problem with student loan debt is twofold. First, college is much more expensive now.  The increase in the cost of college...