Diane L Drain

Many wonder why I decided to concentrate on bankruptcy –

That is simple -it is the only area of law that reminds me of why I went to law school – to help others in their time of need.

As a law professor, I tell my students that I am fascinated by how bankruptcy laws resemble magic. When a bankruptcy is filed a "magical" umbrella, called the automatic stay, protects the debtor and their property. This umbrella is so powerful that it stops almost everyone in their tracks, even the IRS. Unless a court orders otherwise a mortgage company, bill collector, or creditor cannot meddle with the debtor or any property of the debtor.

Of course, this does not mean the individual filing bankruptcy is able to keep their house or car without paying the secured creditors. Warning: bankruptcy is complicated and must be treated with respect. Many people file their own bankruptcy or hire inexperienced or unscrupulous attorneys. This can be the beginning of a nightmare. They lose their tax refunds, vehicles, inheritance, and certain property that is important to them. Normally this can be avoided if a bankruptcy is planned properly and if time allows.