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Bankruptcy

Bankruptcy Law Network

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

2009 Bankruptcy Filings Up

Posted on July 06, 2009
According to a July 2, 2009 Bloomberg report, there were 675,351 consumer bankruptcy filings in the first half of 2009, a 36.5 percent increase over 2008 numbers. June consumer filings totaled 116,365, up 40.6 percent from the same period in 2008. The monthly rate of consumer filings slowed, however, declining by 6...

Most alternatives to bankruptcy involve wishful thinking

Posted on July 05, 2009
Clients arrive in my office hoping that I can explain the secret alternative which will solve their debt problems outside of bankruptcy. Why not? Ads for debt settlement companies and do it yourself books always promise to reveal the tricks ( known only to someone who wants to sell you something) to make your bills [...

Keeping mum about discharging taxes in bankruptcy

Posted on July 02, 2009
The client owes a fistful of taxes from years ago and has spent another fistful of dollars with widely advertised outfits that solve your tax problems. None of these tax professionals told him that old income taxes can be eliminated in bankruptcy.! The client first hired J K Harris, with no results, except a lighter wallet...

US Health Care Financing System is Broken - Most Bankruptcies Due To Medical Debt

Posted on July 01, 2009
“The US health care financing system is broken, and not only for the poor and uninsured” According to a recent study in The American Journal of Medicine, middle-class families are collapsing under the strain of “a health care system that treats physical wounds, but often inflicts fiscal ones”...

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Today, I am Reviewing the Claims File from my Client?s Chapter 13

Posted on July 01, 2009
Several years ago, the Chapter 13 trustees and the bankruptcy judges in the Northern District of Georgia added a new administrative burden to lawyers who file Chapter 13 cases in the Atlanta area. Under this local rule, within 30 days after the “bar date” for creditors to file claims, lawyers must review all of the [...

Exemption Amounts Increased in Oregon (a small step)

Posted on June 30, 2009
On Friday, June 26, 2009, Governor Ted Kulongski signed HB 2306, which provides increased protection for a debtor to protect his vehicle and his home from creditors. Formerly, a debtor could protect $2150 in value of a motor vehicle. The bill amends Oregon Revised Statute 18...

?I?m Not Filing Bankruptcy On . . . ?, and Other Misconceptions

Posted on June 30, 2009
“I don’t want to file bankruptcy on my house!” “I don’t want to file bankruptcy on my car!” “I owe my mom some money but I don’t want to file bankruptcy on her!” Every bankruptcy attorney practicing in this country has heard these phrases or variations of them...

Are There Any Reasons NOT to File Chapter 7 Bankruptcy? Part 2-You May Not Discharge All Your Debt

Posted on June 30, 2009
Although filing Chapter 7 bankruptcy usually wipes the slate clean as far as most of your debts are concerned, there are some debts that may not be discharged. Certain debts, such as most taxes, child or spousal support, and student loans usually survive the Chapter 7 discharge...

Can I File Blank Bankruptcy Forms To Start My Case?

Posted on June 30, 2009
When you file for bankruptcy you are required to file certain documents - your bankruptcy petition, bankruptcy schedules, and a host of other papers. These papers must all be completed accurately, honestly and completely. You do not get the option of filing blank forms “just for now...

Are There Any Reasons NOT to File Chapter 7 Bankruptcy? Part 1 ? It May Affect Your Credit Score

Posted on June 29, 2009
Your Credit Score can be an important asset. It determines your ability to get credit, and the cost. It could be a factor in your getting a job, renting an apartment, and purchasing a house or a car. When you file a Chapter 7 bankruptcy, your credit score will be affected...

Trustee Holds Feher Proceeds Until Completion or Dismissal of Chapter 13

Posted on June 27, 2009
When an insurance policy pays a damage claim for a totaled car that is involved to a chapter 13, the bankruptcy trustee is required to hold excess money over the amount of the lender’s secured claim according to In re Feher, Southern District of Illinois case Bankruptcy Number 95-30444, Adversary Number 96-3133...

Completing Bankruptcy Paperwork

Posted on June 27, 2009
Preparing the paperwork to file a bankruptcy is, generally, the next step after you have hired an attorney, met with him to discuss your options, and provided him with all of the information requested. The initial paperwork for a chapter 7 bankruptcy consists of the petition; the schedules and the statement of financial affairs...

Dairy Farmers in Crisis Should Consider Chapter 12 Bankruptcy

Posted on June 27, 2009
Dairy farmers in Upstate New York are facing a crisis. While the cost of milk at the grocery store continues to climb, the price dairy farmers receive has not. Farmers are currently receiving $13.33 per hundredweight. This is $4.25 below the cost of production in New York, even in the most efficient dairy farms...

Warranty Claims Against a Bankrupt Company

Posted on June 27, 2009
You may have purchased something from a company now in bankruptcy, and you have to make a warranty claim. If the company is in Chapter 11, it will very likely honor your claim for the good will it generates (you’ll tell your friends that it’s okay to do business with the company) even though the company [...

What Documents Do I Need To Have To File For Bankruptcy?

Posted on June 26, 2009
Filing for bankruptcy can be confusing, especially when you don’t have all of your documents prepared. Learn more about what documents you need to have on hand when you meet with your bankruptcy lawyer by listening to this audio segment. If you liked that post, then try these...

Is It Possible to Lose My Homestead Exemption in Bankruptcy Court?

Posted on June 26, 2009
Your homestead exemption is one of the most important benefits you get when you file for bankruptcy. It protects your residence. In New York, you can protect up to $50,000 of equity in your home, $100,000 if you file together with your spouse. You usually get to take the homestead exemption if the property is [...

The Duty To Disclose: Why Does A Debtor Have To Provide A List Of All Assets?

Posted on June 26, 2009
As my friend and colleague, Cathy Moran explained in her blog over a year ago, the benefits of filing a bankruptcy mean that the debtor provides information to the bankruptcy court in the papers filed with the court. This benefits the debtor more than the Court–this honesty...

What Happens to Insurance Proceeds for a Totaled Car in Chapter 13?

Posted on June 26, 2009
In the Southern District of Illinois Bankruptcy Court, one option permits the insurance company to pay the money directly to the car lender. Another option lets the debtor use the proceeds to purchase a substitute vehicle. The insurance money is property of the bankruptcy estate under contractual terms that make the money payable to the debtor, [...

How Will Judge Sotomayor Decide Bankruptcy Cases if She Gets to the Supreme Court?

Posted on June 25, 2009
If 2nd Circuit Judge Sonia Sotomayor gets to sit on the US Supreme Court, she will likely give all parties a fair opportunity to be heard, and ensure that the rights of all parties, debtors and creditors alike, will be respected. This is the prediction from the Alliance for Justice “Report on Supreme Court Nominee [...

Choosing A Bankruptcy Lawyer - 5 Things To Look For

Posted on June 25, 2009
Choosing a bankruptcy lawyer can be difficult - you want to get the right help, but can’t figure out what’s important. Listen to this audio session to get some answers. If you liked that post, then try these...What To Do When You are being Foreclosed - Chapter 13 by Eugene S...

San Diego now allows ?McMansions? in Chapter 7 Bankruptcy

Posted on June 25, 2009
For many years, it was questionable whether a debtor who filed for chapter 7 relief was able to keep expensive real estate at the expense of paying other creditors. At least 5 cases have come down since the new laws passed in 2005 that held that such high expenses related to residences was an “abuse” [...

Family Medical Leave and Chapter 13 Payments

Posted on June 25, 2009
If your Chapter 13 payments are set by the Means Test and not only by mortgage and priority tax arrears, then a Family Medical Leave can reduce your payments. The Means Test looks at your average monthly income for the six month period ending with the month before your filing...

Chapter 13 And Unexpected Bills

Posted on June 24, 2009
What happens when you cannot make your Chapter 13 payments due to unexpected bills? A furnace goes, or a car breaks down, or you get sick or hurt. What then? There are a number of options. None of them are “Keep this secret from your lawyer!” You can ask for a suspension, or moratorium of payments [...

Should I File A Chapter 7 Bankruptcy Or A Chapter 13 Bankruptcy?

Posted on June 24, 2009
Should you file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy? The answer to the question of what type of bankruptcy to file is that it depends on your financial circumstances. A Chapter 7 bankruptcy and a Chapter 13 bankruptcy are really designed for two different types of debt situations...

San Diego: New Ruling Allows Student Loans to be Discharged in Chapter 13!

Posted on June 24, 2009
The United States District Court located in San Diego recently issued an opinion on December 10, 2008, holding that student loans may be discharged in chapter 13 bankruptcy cases where the creditor fails to object after receiving proper notice. Other cases around the country are also holding the same and the United States Supreme Court [...

Chapter 7 Bankrutcy May Give (Temporary) Relief from Collectors

Posted on June 23, 2009
Filing Chapter 7 bankruptcy will stop collection efforts of your creditors, however that relief may be temporary if your debts are of the kind that are not discharged in bankruptcy. Some debts, like student loans, child support, many taxes, and a few others, are not discharged by bankruptcy...

Payroll taxes: the ?loan? that lives forever

Posted on June 23, 2009
My client’s business corporation is long dead and he’s back to working for others. But six quarters of unpaid corporate payroll taxes not only become his personal debt, but a tax that is never dischargeable in bankruptcy and a priority claim which must be paid in his Chapter 13 case...

Do I have to be a citizen to file a bankruptcy case?

Posted on June 22, 2009
Clients frequently ask us if they must be a citizen of the United States to file a bankruptcy case in the United States. No - you don’t have to be a citizen to file a bankruptcy case in the United States. You do have to be a resident of the place where you plan to [...

Why File A Response In A Chapter 7 Motion For Relief From Stay?

Posted on June 22, 2009
Courts may grant a Motion for Relief from Stay in a Chapter 7 if it was filed because a debtor is behind on the mortgage when filed, and there is no equity in the property for creditors. Chapter 7 is not designed to stop foreclosures to give people time to catch up on their mortgages...

Does bankruptcy protect me against debts from other countries?

Posted on June 21, 2009
Clients frequently face debts from countries other than the United States. If you file a bankruptcy case in the United States, what is the effect on your debts from overseas? We tell clients not to worry too much about this. First of all, it takes some effort for a foreign creditor to make its judgment enforceable in [...

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