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Bankruptcy

The Debt Podcast

Hosted by Jay S. Fleischman, a bankruptcy and consumer lawyer located in New York City. Information and news designed to help you learn more about bankruptcy, debt relief, and consumer credit options.

Post Frequency: 4.9/day

Last Entry: November 23, 2010 at 18:33:08

New Median Family Income Amounts Announced For Louisiana

Posted on October 30, 2008
Effective October 1, 2008 the amount that a person can earn before they might have to file a Chapter 13 bankruptcy was changed. Known as Median Family Income or “The Means Test”, this dollar amount is the first step in determining whether or not a Chapter 13 bankruptcy may be necessary...

Bankruptcy?s Real World v. Bankruptcy Road Rules

Posted on October 29, 2008
On MTV each year, the network promotes a “battle” between two sets of reality show stars: Real World and Road Rules. Each show advertises how “real” the show is, showing moment by moment in its young 20-something (or younger) stars’ lives...

Ten Things I?d Change About BAPCPA-Part Four

Posted on October 29, 2008
Here we are just past the third anniversary of the effective date of BAPCPA and my wish list for revisions to BAPCPA includes the ability to waive the requirement for credit counseling when there is foreclosure pending, changes to simplify the application of exemption schemes in bankruptcy, and broadening the income exclusions for the means [...

What Does My Chapter 13 Trustee Do With My Money?

Posted on October 29, 2008
Chapter 13 Debtors pay their Chapter 13 bankruptcy trustee each month. The trustee’s office pays that money out to creditors in a manner that is directed through the order of confirmation. Usually the trustee first pays administrative expenses, such as attorney fees, and secured creditors...

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Upside Car Loans in Missouri, Part III

Posted on October 28, 2008
Eastern Missouri bankruptcy judges now have concluded how Missouri law applies to certain car loans with trade-ins for Chapter 13 cases. Although on appeal, these decisions will help make Chapter 13 more affordable for consumers — and potentially pay more to unsecured creditors...

New Correspondence Address For Charlotte Chapter 13 Bankruptcy Trustee

Posted on October 28, 2008
The Charlotte NC bankruptcy division Chapter 13 Trustee has a new correspondence address. The payment address will stay the same. The new address for correspondence is: Warren L. Tadlock, Chapter 13 Trustee Office of the Chapter 13 Trustee 4600 Park Road, Suite 101 Charlotte, NC 28209-0291 Chapter 13 bankruptcy debtors in the Charlotte NC bankruptcy division should continue to mail [...

Countries Teetering On The Brink Of Bankruptcy

Posted on October 28, 2008
With the current global economic situation, you’re probably not surprised to hear that several companies are on the verge of bankruptcy. However, this disturbing trend isn’t stopping at the corporate boardroom; it is beginning to affect nations...

Bankruptcy, foreclosure and suicide

Posted on October 27, 2008
Last week, a young father of two and a political candidate for office in Bristol, Connecticut committed suicide. He left behind a note which showed that he was concerned about his finances and wanted to avoid bankruptcy. The 38 year old had just started a new business and was facing difficulties in the current economy...

Is The Cash Value of My Life Insurance Policy Protected If I File Bankruptcy in New York State?

Posted on October 27, 2008
Until recently, it was unclear whether cash value in a life insurance policy was protected if a joint bankruptcy was filed in New York State. Up until about a year or so ago, it wasn’t an issue. The cash values of life insurance policies were seen as exempt as long as there was a beneficiary named [...

Stripping Wholly Unsecured Junior Mortgages

Posted on October 27, 2008
First mortgages on primary residences are specially protected from modification in bankruptcy. So, for example, when the value of a home decreases below the value of a first mortgage, a debtor has no ability to modify the debt in bankruptcy while keeping the home...

Ten Things I?d Change About BAPCPA-Part Three

Posted on October 27, 2008
In this series, I’m considering the possibility of changes to BAPCPA, to eliminate some of the the worst of its anti-consumer provisions, and promote efficiency and economy in both the court and practice. The third change I would make to the provisions of BAPCPA would be to include Social Security equivalents and child support to [...

Using Bankruptcy To Remove a Second Lien On a House In The Eastern District Of California

Posted on October 26, 2008
Chapter 13 bankruptcies have many benefits. In my opinion, one of the best is that, under the right circumstances, you can remove the second and/or third mortgage on your house. Certain conditions must exist to do this including the ability to qualify for a Chapter 13 and the house must be worth less than the [...

New Ohio Law Exempts Child and Earned Income Credit

Posted on October 26, 2008
Child tax credit and earned income credit are now exempt in Ohio putting these sums of money out of reach of creditors and bankruptcy trustees. The new Ohio exemptions statute that went into effect October 1, 2008, has the following provision: 2329.66(A)(9)(g) Payments under section 24 or 32 of the “Internal Revenue Code of 1986,” 100 [...

Activated Guards and Reservists Exempted from Bankruptcy Means Test if Eligibility Tests Met

Posted on October 26, 2008
Some military servicemembers facing financial crisis will not have to run the means test gauntlet to file for bankruptcy relief under the National Guard and Reservists Debt Relief Act signed into law this week. S. 3197, passed unanimously by the U.S. House of Representatives and Senate, and signed by President George W...

When can (or must) Postpetition Interest be Paid through a Plan?

Posted on October 26, 2008
Oversecured claims are entitled to postpetition interest in a plan if they are being paid through a plan. A claim is oversecured when their is some equity in the collateral after deduction of the claim (and any senior secured claims). On the other hand, claims that are undersecured or unsecured can not be [...

Treatment of Interest on Nondischargeable Debts

Posted on October 26, 2008
During a Chapter 13 bankruptcy case, interest continues to accrue on nondischargeable debts, such as priority tax claims and student loans. See Internal Revenue Service v. Cousins (In re Cousins), 209 F.3d 38 (1st Cir.2000). Due to the automatic stay, a debtor often does not realize this until their case closes and an updated loan [...

Lorrie Morgan Files Chapter 7 Bankruptcy

Posted on October 26, 2008
Country singer Lorrie Morgan filed for chapter 7 bankruptcy relief in Nashville, TN, this week. She is the newest in a long list of famous people who have filed for bankruptcy relief or who have had severe financial problems. Morgan’s petition was filed in the U...

Trustee Waives Pre-Bankruptcy Counseling Requirements

Posted on October 25, 2008
R. Michael Bolen, the U.S. Trustee for Region 5, has determined that the moratorium on bankruptcy counseling and debtor education should continue in the Eastern District of Louisiana, which includes the Greater New Orleans area. One of the more controversial measures added to the Bankruptcy Code with the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act of [...

How Much Will My Chapter 13 Plan Payment Be?

Posted on October 24, 2008
One of the first questions most of my Chapter 13 bankruptcy clients ask is, “How much will I have to pay the Chapter 13 bankruptcy Trustee?” The answer isn’t always simple. Generally speaking, there are four primary ways this payment is determined...

When Is An Absolute Right Not Absolute?

Posted on October 22, 2008
Section 1307(b) of the Bankruptcy Code says, “On request of the debtor at any time…the Court shall dismiss a case under this chapter. Any waiver of the right to dismiss under this subsection is unenforceable.” It seems pretty clear–a Chapter 13 debtor can dismiss his or her case at any time for any, or no, [...

Will Circuit City be the First Retailer to Fall Under the Credit Crunch?

Posted on October 22, 2008
Circuit City has been a leader in the consumer electronics industry for over sixty years; however, a bankruptcy filing may be on the horizon. One look at their stock chart and you will understand why. Circuit City has already hired a law firm to counsel them on the matter...

Ten Things I?d Change About BAPCPA-Part Two

Posted on October 20, 2008
In this series, I’ll consider the possibility of changing some of the provisions of BAPCPA, to eliminate some of the foolishness, and promote efficiency and economy in both the court and my practice. In Part One, I suggested eliminating the requirement for credit counseling when foreclosure is pending...

Lack Of Insurance Can Result in Bankruptcy.

Posted on October 20, 2008
Insurance Coverage Lack of insurance on your vehicle or home can lead to bankruptcy. It is an issure that too many drivers do not stop and think about. Please allow me to tell you a story to illustrate what I mean. I dropped off a document to one of my Chapter 13 Trustees and was returning [...

Chapter 13 Conversion to Chapter 7: What Asset Values are used?

Posted on October 20, 2008
So you filed for chapter 13 relief, but for some reason or another, it just didnt work out and you’ve now converted to Chapter 7. You have already listed all assets in the Chapter 13, your case was previously confirmed, and no other assets remain undisclosed after converting...

The Mortgage Crisis: Upside Down And No Equity - Are Short Sales The Answer? What About Modification Of Mortgages In Bankrupcy?

Posted on October 18, 2008
Short sales are being pushed as a win-win situation since the bank gets something, and the homeowner avoids foreclosure. To me it looks like a lose-lose-lose situation. Short sales hurt the mortgage company who loses money. The homeowner loses their home...

First Circuit BAP on Time Between Chapter 13 Discharges

Posted on October 18, 2008
The United States Bankruptcy Appellate Panel for the First Circuit recently clarified how to calculate the two-year period set out in Section 1328(f) for eligibility for a Chapter 13 discharge. The statute states, in relevant part, that the court shall not grant a Chapter 13 discharge ?if the debtor has received a discharge [?] [...

Bankruptcy Eligibility and Median Family Income

Posted on October 17, 2008
One of the biggest urban legends in bankruptcy is that if you make more than the median family income for your state, you can’t file for bankruptcy. This is absolutely wrong. I have filed Chapter 7 cases for people who make over $350,000 a year...

McCain?s economic plan won?t stop foreclosures

Posted on October 16, 2008
John McCain supports bankruptcy reform . . . He just doesn?t know it. His own economic plan quotes a Tom Raum article published in the Tucson Citizen: But at the same time, McCain is calling for aggressive federal action to help keep 200,000 to 400,000 families from losing their homes...

Undoing Preferences before a Bankrupcty

Posted on October 15, 2008
Unlike fraudulent conveyances, which often can not be undone, avoidable preferences can often be “fixed” before a bankruptcy. The issue sometimes arises when a debtor pays back a family member before a bankruptcy case. This is unwise because if a bankruptcy case is filed within a year of the transfer, the trustee can [...

Are More Individual Bankruptcies On The Way ?

Posted on October 14, 2008
Bankruptcy filings are on the rise in Southwest Florida. The Bankruptcy Statistics speaks for themselves, but the real story is told by the Bankruptcy Attorneys. If you try to schedule a free consultation with a Bankruptcy Attorney in Southwest Florida, you may have to wait a couple of days to get in...

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