Nader & Berneman, Attorneys at Law

Christmas is already at the doorstep, which directly means more credit card bills. The rise in your credit card bills depends solely on you, like how much do you spend during festivities? How much you're paying out for gifts and feasts for friends and family? And so on. Eventually, every celebration requires money. But for people who are already in debt, the Christmas holidays can be a stress. Now the question arises what is the solution to this problem? How to survive the Christmas holidays in Bankruptcy? We all know that it is tough to enjoy or even survive the holidays when your finances are not in a good state. But you need to focus on your family, not on your financial problems. So, we will be sharing with you what shall you do in these tough times and what can be the wisest option. Right away, let us read the full blog! When to File for Bankruptcy- before or after Christmas? First, you have to decide which bankruptcy is ideal for you, whether Chapter 13 or Chapter 7. With cha...

Before we move on to the duties of a debtor in great detail, let's know who debtors are. A  debtor   is an individual or legal entity who owes money to another individual or entity. The party to whom the debt is payable (owed) is called the  creditor . The money that the debtor owes is called the  debt   or  obligation . Sometimes he may also be referred to as  obligor  and the creditor as  obligee .  How s/he becomes a debtor? An obligation usually arises from circumstances such as loans, credit extension, taxes, leases, medical bills, and tort claims for damages. Debts are often secured by collateral, such as a house or car, unless they are unsecured forms of debts like credit card debts, personal loans, advances, taxes, etc. In some cases, unsecured can become secured through various actions of law. We have already covered a blog on  secured vs unsecured debts , just in case you want to go in detail. Particularly when enforce...

It is a common question that comes to everyone's mind before filing for bankruptcy, and why not? It is about your property that you have worked hard to buy, so it is always good to stay informed beforehand. If this is one of the questions coming to your mind too, you are in the right place. We strive to educate and empower all our readers through these informative articles. But first, it is important to know more about investment real estate.   What Is Investment Real Estate or Rental Property? Rental property refers to any property that is not personally used by the buyer. They are purchased by an investor and inhabited by the tenants usually on a lease or other form of the rental agreement. It is also known as investment real estate. This may be any type of real estate, residential or commercial, which can be leased out. Now that we know the basics, without any further ado, let's head directly to the answers to some of the most important questions related to the bankr...

  This is the very first question that comes to every individual's mind while filing for bankruptcy and why not! A house is where you get shelter and security. Finding an answer to this critical question is one of the foremost steps while filing for bankruptcy. Don't worry; we are here to help you through this detailed article.  Whether you can keep your house or not depends solely on the individual's financial arrangements. But the good news is that there are various options through which you can keep your house while filing for bankruptcy. You get to keep your home in bankruptcy depending on certain factors such as the value of the property, the amount of mortgage outstanding, and the household income & expenses.  The next thing that matters is whether you are filing for bankruptcy under Chapter 7 or Chapter 13. In Chapter 13, you will get to keep all of your properties, whereas, in Chapter 7, you may or may not lose property which isn't protected by an exempt...

Personal debt or business debt, if not managed well, can prove to be a nightmare, and we all agree to this, don't we? But are you personally liable for business debts? This question pops in every business owner's mind who is in debt or is about to take a loan. So, understanding the classification of the debt and its implications is extremely important, be it for individuals or business owners. Whether you are liable for business debts or not depends solely on the nature of the loan and the structure of the company. Let’s uncover all the information in this detailed article.   The nature of the Debt and the Business Formation You must be aware that there are various types of loans available for different purposes, for example, home loan, business loan, property loan, medical loan, etc. and how it will be recovered depends on the type. Even a credit card is a type of debt that you need to repay timely. The second important factor is the business formation and its structur...

Are you thinking of starting a business from scratch post-bankruptcy? Are you searching for tips and advice on how to start your business again? Do you need more information on what you should know before restarting? Well, if you are seeking answers to any of these questions, then this is the right article for you. We are here to uncover some of the best advice for you. But, at first, it is important to know what circumstances lead businesses to bankruptcy. Why do businesses file for bankruptcy? The main reason why businesses file for bankruptcy is the inability to generate profits. Failure to generate revenue and return the lent-money forces business owners to file for bankruptcy to exit the market or reorganize the business. Now you understand that the lack of profitability is often the main reason for most bankruptcies. We will talk about the underlying factors in detail in the next blog, which may impact a company's ability to generate profit and hence lead to bank...

Bankruptcy may be a modern-day term, but the Holy Bible also has some verses that match with today’s bankruptcy code. It is interesting to know how bankruptcy and the Bible have many elements that coincide strikingly. Be it the idea of eliminating debts, permitting the borrower a new beginning and allowing the debtor to keep or forego certain assets, many modern life situations can be seen in the Bible. Just like the concept of helping someone manage or restructure his/her debts; retain few assets while letting go of the material aspects to regain freedom and peace of mind. Let's have a detailed look at some of the facets of bankruptcy that are mentioned in the Bible to find out the evident correlation between the two. So here are some of the crucial points that must be kept in mind: New Beginning It is said that the common purpose of bankruptcy is to give the loyal and honest debtor a fresh beginning. And they deserve it owing to their circumstances which might ha...

It is commonly said that after filing bankruptcy, one can never repair their credit score. Yes, bankruptcy does seriously damage your credit score, but you can repair it with patience and proper guidance. You need to understand that the damage of bankruptcy is not irreparable. Indeed, converse with a bank official or a bankruptcy attorney , and you will get to know that repairing your credit score is very feasible. These are some specific ways to repair your credit score post-bankruptcy: MAINTAIN A PROPER CREDIT REPORT: People often fear that if their bankruptcy is reflected in their account then creditors would not allow them to transact or collaborate. What they don’t understand that every creditor eventually knows about the borrower’s credit report whether reflected or not. One should rather keep checking their credit report every month though it costs a few pennies. They should inform the creditors about their discharged bankruptcy so that they are not reported further. ...