Bankruptcy Law Blog
Posted on Feb 23, 2011 By Soo J. Hong
Clients almost always ask about the affect of bankruptcy on their credit score. Most often, they already assume that bankruptcy will ruin their credit for a long time but this may not be the case. A ...
Continue reading "Credit Scores After Bankruptcy" »
Posted on Feb 15, 2011 By Soo J. Hong
Posted By Soo J. Hong There are many misconceptions about what a charge off really is. A Charge Off is when the lender removes a delinquent account from its accounting books thus resulting in the ...
Continue reading "What is a Charge Off?" »
Posted on Jul 20, 2010 By Soo J. Hong
Only lawfully married couples can file a joint bankruptcy. Even if a couple is lawfully married, the Defense of Marriage Act (DOMA) prevents same sex couples from filing a joint bankruptcy. A married ...
Continue reading "Tidbits on single and joint bankruptcy filings when married" »
Posted on Jul 20, 2010 By Soo J. Hong
Filing bankruptcy in the middle of a contested divorce is usually not a good idea. Debt awarded in a divorce decree is not dischargeable in a Chapter 7. It all comes down to whether the debt is ...
Continue reading "We are getting divorced and we need to file for bankruptcy relief, help!" »
Posted on Jul 20, 2010 By Soo J. Hong
Domestic Support Obligation (DSO), child support and alimony, are not dischargeable under any type of bankruptcy and must be paid. Under bankruptcy law, DSO is defined as any debt 1) incurred before ...
Continue reading "Divorce and Bankruptcy: Domestic Support Obligations v. Property Settlement" »
Posted on Jun 21, 2010 By Soo J. Hong
With the advent of electronic payments, fees for Non-Sufficient Funds (or NSF Fees) have become common. When consumers spend more than what is in their accounts, this can result in banks charging NSF ...
Continue reading "NSF Fees - Dischargeable?" »
Posted on Jun 18, 2010 By Soo J. Hong
When you file a Chapter 7 bankruptcy case, you will indicate in your petition whether or not you want to retain and reaffirm or surrender on your secured debts. When you decide to retain and reaffirm, ...
Continue reading "An Explanation of the Reaffirmation Process" »