FAQs

What is a credit bid?

When banks make loans that are secured by property sometimes the loans default and the bank needs to sell that property to pay down the loan.  When the property is real estate those sales are typically by public auction, whether by a private auctioneer or the sheriff.  Buyers who are interested in obtaining properties at […]

Should I File A Chapter 7 Case For My Business?

Generally speaking, I do not recommend filing chapter 7 cases for businesses. It is true that filing the chapter 7 case will stay any collection efforts and deliver most headaches of closing down a business to the trustee instead of to management. On the other hand, once the chapter 7 case is filed the trustee […]

Is bankruptcy my only option if I default on a loan?

Generally, the more creditors you owe the more likely you will need to use bankruptcy for relief. The reason for this is that despite your best efforts to resolve delinquencies with all of your creditors any one creditor can be a “spoiler” that could ruin your settlement efforts. Frequently, however, especially in commercial settings, debtors […]

Will I become liable for tax debt incurred by my fiancee prior to marriage? His IRS payment plan will continue beyond our wedding date. If he fails to make those payments, am I liable for them?

The good news is that you do not marry into debt, so you will not be liable for these payments. On the other hand, if you are married filing jointly, the IRS may be able to offset your husband’s tax claim against any tax refund to which you may be entitled, so that would be […]

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