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Bankruptcy

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Last Entry: March 18, 2011 at 11:35:04

It?s Not Nice To Fool Your Bankruptcy Attorney!

Posted on March 19, 2010
Back in the 1970’s there was a margarine sold under the brand name Chiffon. (Or so I’ve been told. The ’70’s were a little before my time). According to the commercials, the margarine tasted so much like butter that it fooled Mother Nature...

Why Does My Lawyer Want Something Useless?

Posted on March 19, 2010
Bankruptcy law used to make sense. Then Congress and the previous Administration intervened and decided it needed to make a little less sense. One of the ways it doesn’t make sense is in some of the paperwork we have to ask you to give us, as your lawyer...

How to file bankruptcy ? #8 in a series ? ?Applicable Median Family Income?

Posted on March 18, 2010
So how do you figure out if your “current monthly income” – the average income you have for the past six months is above or below the median income for a family your size. Well, like so many other things in life, our government has told us what this means...

How to file bankruptcy ? #7 of a series ? What?s income for the means test?

Posted on March 17, 2010
Most people find the Means Test a pain the butt. I do. One thing clients don’t understand is why their spouse’s income matters even if their spouse isn’t filing a bankruptcy case. That’s because Congress says it matters. If you are receiving support in your household from your spouse, then you’re supposed to have that much [...

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UNBUNDLED LEGAL SERVICES IN BANKRUPTCY ? PART ONE

Posted on March 17, 2010
This introduces a series on what can be called unbundled law. Others call it an à la carte approach to offering legal services to individuals. The main difference with this approach is that a client represents herself for some portion of her participation in a legal matter rather than having an attorney represent her for [...

Can?t make Chapter 13 bankruptcy payment?

Posted on March 17, 2010
When you can’t make the payments on a confirmed Chapter 13 plan, there are hard choices to make. There are several alternatives that we’ll explore over the next week. My usual favorite option, however, is a hardship discharge under §1328(b)...

I DECLARE BANKRUPTCY! What Is Really Involved?

Posted on March 17, 2010
I DECLARE . . . BANKRUPTCY! So said Michael Scott in the sitcom television show “The Office.” [For video, click here I declare bankruptcy! ] With that, he was absolved of his debts. As we know and as Michael’s co-workers know but apparently Michael did not know, there is more to it than that...

How to file bankruptcy ? number 6 of a series ? the Means Test

Posted on March 16, 2010
Every individual who files a bankruptcy case must file a means test form. It doesn’t even matter if you are exempt from the means test, you still have to fill out the form. It’s complicated. (I thought that was only for relationships on Facebook – maybe not)...

How to file bankruptcy ? number 5 of a series

Posted on March 15, 2010
Dear readers, we’ve gotten through the bankruptcy petition. It took us four separate blog-entries just go get through the bankruptcy petition. Of course, before you can even file a bankruptcy petition, you’ll need to take credit counseling first...

Judicial Power And Mortgages.

Posted on March 15, 2010
I am asked on a weekly basis: Can’t the judge make the mortgage company change the loan in bankruptcy? The basic answer is a resounding NO! It is important to note that the bankruptcy law is in a constant state flux and at some point in the future the law may change...

New Supreme Court Ruling: Upholds Reform Law, Relaxes Lawyer Speech Rules

Posted on March 15, 2010
In Milavetz v. United States, 2010 WL 757616 (U.S. March 8, 2010), a unanimous U.S. Supreme Court upheld portions of the 2005 Bankruptcy Reform Act which had been challenged on constitutional grounds. Upheld were requirements that bankruptcy lawyers identify themselves as “debt relief agencies,” and that bankruptcy lawyers cannot advise clients to “load up” on new [...

States Are Delaying Payment Of Tax Refunds

Posted on March 15, 2010
Many people considering bankruptcy are being affected by the decision of several states to delay sending out tax refunds. One of these states is my state of North Carolina, and I expect to see two different situations come into my office. First will be the people who were planning on using the tax refund to [...

Some residential mortgages can be modified in chapter 13

Posted on March 14, 2010
We know that Congress squelched the proposal that mortgages on your home could be modified in chapter 13. Too bad. Mortgage foreclosures went ahead at the highest pace in recent history as a result. Mortgage modifications are as rare as hen’s teeth...

Co-Signors Beware ? Don?t Sign If You Can?t Afford It

Posted on March 13, 2010
As a Consumer Bankruptcy Attorney, I get to see the amazing financial deals that my clients get themselves into. Some of my bankruptcy clients must have been amazing salesmen to get family members and others to co-sign their debts. I don’t know what a person would have to say to get me to put my [...

Don?t Count Your Chickens Yet?

Posted on March 13, 2010
Editorial Cartoonist Ed Stein's take on underwater mortgages

Recovering from bankruptcy ? emotionally

Posted on March 12, 2010
People in who face bankruptcy often find it to be an emotional experience. They have been hounded and abused by creditors. This places them in a tenuous situation emotionally. Bankruptcy lawyers – now authoritatively considered to be “Debt Relief Agencies” by the United States Supreme Court – often find that their clients need more than just [...

Two Vehicle Deductions, Not One, Allowed on Means Test for Single Debtor

Posted on March 12, 2010
The question of whether a single bankruptcy debtor is limited to one motor vehicle allowance on the means test has vexed bankruptcy debtors since the inception of the 2005 Bankruptcy Reform Act. While Form B22 does not explicitly limit the number of motor vehicle allowances to the number of debtors in the bankruptcy case (that [...

Smoking Can Be Hazardous to Your WEALTH

Posted on March 12, 2010
If bills are piling up, it is time for a personal financial audit. You must determine where your hard earned money is really going? For some people, small daily purchases can become enslaving and lead to big financial problems. These “vices” can include daily coffee purchases, lottery tickets and alcohol...

Recovering from bankruptcy ? financially

Posted on March 11, 2010
Filing for bankruptcy takes courage. It requires overcoming fear, embarrassment and even shame. Recovery from bankruptcy has two components. The first is financial. The second is emotional. Today, we’re going to focus on steps everyone should take to recover from bankruptcy immediately...

?Bankruptcy Petition Preparer? Slammed by New Mexico Court

Posted on March 11, 2010
A non-attorney “bankruptcy petition preparer” (BPP) was recently permantly enjoined by a New Mexico bankruptcy court from assisting any more debtors in preparing bankruptcy petitions. This case, U.S. Trustee v. Brown, 2010 WL 519849 (Bky...

Bankruptcy FIlings Up 31.9% in 2009

Posted on March 10, 2010
According to statistics released by the Administrative Office of the U.S. Courts, bankruptcy filings increased 31.9% in 2009, increasing from 1,117,641 in 2008 to 1,473,675 in 2009. Business filings for 2009 were up 40%, from 43,533 in 2008 to 60,837...

Are you too embarrassed to file bankruptcy?

Posted on March 10, 2010
Our good clients often tell us that they are embarrassed by the thought of filing for bankruptcy. I tell them that they don’t have to be. First of all, people fear that their names are going to be published in the newspaper. Now that might happen in small towns...

Means Test: Court Allows Case Filing to be ?Timed? for Lower Income

Posted on March 09, 2010
Choosing the “correct” date upon which to file a chapter 7 or chapter 13 bankruptcy case can be important to either pass the means test, or to avoid having to take the means test altogether. Since the passage by Congress of the 2005 Bankruptcy Reform Act, debtors have been aware that the proper timing of the filing [...

Employer?s Bankruptcy Could Hurt Your 401(k) Plan

Posted on March 09, 2010
If your employer goes into bankruptcy, there are a couple ways it could hurt your defined contribution plan (like a 401(k)). One simple way is obvious: If you owned the company’s stock in your 401(k), there’s a good chance it’ll be valueless in the long run...

Bankruptcy and Divorce

Posted on March 09, 2010
Unfortunately filing for bankruptcy and filing for divorce often go hand in hand, but the news isn’t all bad. I believe that bankruptcy can help save some marriages by eliminating overwhelming debt, which is a a major source of stress that causes marriages to break up...

Toyota Owners Filing Bankruptcy Be Aware

Posted on March 09, 2010
Own a Toyota? Are you filing bankruptcy or in a bankruptcy case already? You should talk to your lawyer about the Toyota recalls. You may have a claim against Toyota for defects in your product (or, worse, some physical injury you suffered). There are already class action lawsuits on file related to these issues that you [...

Why the ?Lost Note Defense? Doesn?t Work That Well in Maryland

Posted on March 09, 2010
A number of clients facing foreclosure have asked me whether I could use the “lost note defense” to help them save their homes. They’d read about how successful it had been in states like Ohio and Florida, and wondered about whether it could help them here in Maryland...

Bankruptcy and your emotions

Posted on March 09, 2010
For many people, the decision to file a personal bankruptcy case is deeply emotional. It’s not just a business decision. People think that filing bankruptcy is a personal reflection on themselves. All too many clients start to feel badly about themselves when considering bankruptcy...

Employer?s Bankruptcy Could Hurt Your 401(k) Plan

Are you afraid of bankruptcy?

Posted on March 08, 2010
People tell me that they are afraid of filing for bankruptcy. Fear of the unknown is a reasonable emotion. I am afraid of the dentist. I’m afraid of the pain from the drilling. I am afraid that the shot will hurt. I am afraid that something will go wrong...

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