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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

Drive Financial Services, L.P versus Jordan Affirms Use of Till Interest Rate

Posted on March 20, 2008
In Drive Financial Services, L.P. v. Jordan the United States Court of Appeals for the Fifth Circuit was called upon to address whether changes made to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) which gave greater rights to secured motor vehicle creditors superseded the decision of the United [...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Retirement Contributions and Loans?

Posted on March 20, 2008
There are many ways a bankruptcy trustee can try to increase the amount your spouse’s creditors will get paid in the bankruptcy. The trustee can look at any single expense of the household and try to attack it as being unreasonable. If s/he tries to take the position that you, the non-filing spouse, should not [...

What Do I Do If?I?m Facing Foreclosure?

Posted on March 20, 2008
You’ve gotten the letter from your mortgage company. It’s threatening foreclosure. What do you do? The first thing *not* to do is to ignore it. Putting your head in the sand won’t make the problem go away, and can result in your losing your home...

What Do I Do If?I Can?t Pay A Lawyer To File Bankruptcy

Posted on March 20, 2008
Probably the most common question I get asked at pasties when I tell people I’m a bankruptcy attorney is, “How do your clients pay you if they’re going to file for bankruptcy?” (The second question usually is, “Can I have one of your business cards?”) It’s a good question, though...

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Can I Protect My LLC From Tax Debts If I File a Chapter 13?

Posted on March 19, 2008
You can try. You will be held personally liable for some of your LLC?s tax debts. Examples include sales tax, and the trust fund portion of employee withholding taxes. If you file a personal Chapter 13 (an LLC cannot file a Chapter 13), you can put your personal liability for the LLC?s taxes into your [...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Income & Expenses?

Posted on March 19, 2008
When your spouse files for bankruptcy, s/he must complete income and expense schedules that detail your household income and expenses. Even though you are not part of your spouse’s bankruptcy, your income and expenses must be shown on the schedules...

Washington Post Says We Are Headed Towards A Boom In Bankruptcy Filings

Posted on March 19, 2008
The Washington Post headline reflects what business bankruptcy attorneys are telling me. Businesses are in trouble and many will be faced with difficult decisions about closing, selling or restructuring companies. This is just another reason that personal bankruptcies will also rise this year...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Ability to Pay For My Kid?s Education?

Posted on March 19, 2008
If your spouse files a bankruptcy, will that affect your ability to pay for your children’s continuing education? It all depends on what level of education your children are attending. The new (now nearly 2 1/2 years old) bankruptcy law specifically allows a debtor to deduct from the means test a certain amount for education expenses [...

Exemptions Are Forever, Even Against Debts Which Survive Bankruptcy

Posted on March 18, 2008
Most of us are aware that in a bankruptcy case, some or possibly even all of your property and possessions can be claimed exempt. Such property is protected from being taken by your creditors, or by the trustee, in your bankruptcy. Congress allows use of exemptions to enable individual bankruptcy debtors to obtain a fresh [...

What Are the Rights and Responsibilites of Chapter 13 Debtors and Their Attorneys After the Case is Filed?

Posted on March 18, 2008
Bankruptcy Judge Robert E. Littlefield, Jr., from the Northern District of New York outlines the rights and responsibilities of Chapter 13 debtors and their attorneys in a recently filed Administrative Order. After the case is filed, he suggests that: The debtor agrees to: 1...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Tax Returns?

Posted on March 18, 2008
Why should your tax returns be affected if your spouse files a bankruptcy? If you file a separate tax return from your spouse, there should be no effect at all. If you file a joint tax return, however, you should be aware of the following: 1. Your last (if joint) tax return must be sent to [...

What are the Rights and Responsibilites of Chapter 13 Debtors and Their Attorneys Before The Case is Filed?

Posted on March 18, 2008
Northern District of New York Bankruptcy Judge Robert E. Littlefield, Jr. recently filed an administrative order outlining the rights and responsibilities of Chapter 13 debtors and their attorneys. Before the case is filed, he suggests that: The debtor agrees to: 1...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Personal Property?

Posted on March 18, 2008
If it is clear what personal property is yours and what belongs to your spouse, then when your spouse files a bankruptcy there should be little or no detrimental effect on your personal property. Of course, to the extent your spouse’s personal property is not protected by a bankruptcy exemption, a Chapter 7 trustee can take [...

Bankruptcy Filings Continue to Rise!

Posted on March 18, 2008
Throughout the country the number of people filing bankruptcy continues to rise. In the Northern District of New York, there was a 32.5% increase from 2006 to 2007. The Northern District of New York encompasses an area from The Thousand Islands and the St...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Bank Account?

Posted on March 17, 2008
If your husband (for example) files a bankruptcy, and you have bank accounts in your name only, there should be no affect on your accounts. However… if the money deposited in your account really belongs to your husband (for example, if his paycheck gets deposited into your account), then it is possible that the Chapter 7 trustee in [...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Real Property ? Chapter 13

Posted on March 17, 2008
Unlike a Chapter 7, if your spouse files a Chapter 13 bankruptcy, your real property, even if it has exposed equity, will usually not be taken by the trustee. As long as your spouse’s creditors get at least as much through the Chapter 13 case as they would have received if it was a Chapter 7 [...

Reform Bankruptcy Law or Bail Out the Big Boys?

Posted on March 17, 2008
This blog has consistently railed against bailing out the banks and mortgage companies that caused the sub-prime crisis, now spreading throughout the world economy. As panic slowly spreads, the calls from the banks and mortgage companies for Federal money become deafening...

Bank Statements: Maybe You Can?t Be Required to Produce Them After All

Posted on March 17, 2008
Your bankruptcy lawyer has probably told you that you are required to bring a bank statement to your meeting of creditors, for examination by the trustee of your bankruptcy case. But what if the trustee has demanded that you bring more than just the most recent bank statement? What if the trustee has demanded six [...

Why Saving Money Using A Bankruptcy Petition Preparer Doesn?t Save Money!

Posted on March 17, 2008
Recently, I attended a meeting of creditors for Chapter 13 debtors. There were two people there, each all alone, sitting nervously, waiting for their names to be called. Each had used a paralegal to “type” up their bankruptcy papers. Paralegals who type up bankruptcy papers have a special name: Bankruptcy Petition [...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect My Real Property ? Chapter 7

Posted on March 16, 2008
How will your real property be affected if your spouse files a Chapter 7 bankruptcy? -In New York State, which is not a ?community property? state, if the property is only in your name, and his name was never on the deed, then his filing Chapter 7 bankruptcy shouldn?t affect the property at all...

Bankruptcy Hearings in the Southern District of California: Part II of II

Posted on March 16, 2008
In my last Blog, I discussed who must attend the meeting of creditors, how long they last, and the general background of trustees, in the Southern District of California. In this part II, we discuss who attends these hearings and the questions asked...

Bankruptcy Hearings in the Southern District of California: Part I of II

Posted on March 16, 2008
What questions will they ask me at the court hearing I must attend? How long does it last? Will the Judge deny my case at the hearing? Do I need to attend? These questions, and many more, seem to be asked by every debtor I meet! So lets get to the bottom of this...

My Husband (or Wife) is Filing a Bankruptcy?How Will It Affect Me?

Posted on March 16, 2008
When your spouse files a bankruptcy it could affect you in several ways. In January, Atlanta bankruptcy attorney Jonathan Ginsberg wisely suggested on these pages that a non-filing spouse should consider hiring her own lawyer. In a series of articles, I will discuss several matters that should be considered if your spouse is filing for [...

The One Thing I Really Want Bankruptcy Clients to Do is?.

Posted on March 13, 2008
My clarion call to my bankruptcy clients is, “get me all the information“. More than ever before, the process of filing bankruptcy requires gobs of detail about income and how the debtor spends that income, both before the case is filed and in the future...

The One Thing I Really Want Bankruptcy Clients To Do Is ?

Posted on March 12, 2008
The one thing I really want bankruptcy clients to do is seeking help from a bankruptcy lawyer as soon as they can. Please! Stop me from repeating the following line: “I wish you had come to see me earlier because I could have saved you from doing ________...

Bankruptcies soar in Florida

Posted on March 12, 2008
According to a recently released report from the Clerk of the Middle District of Florida, the MDFL is the sixth busiest bankruptcy court (out of 90 courts) in the nation. The five courts busier than the MDFL are Eastern District of Michigan, Northern District of Georgia, Central District of California, Northern District of Ohio and [...

Bankruptcy Liability Discharge: In Personam vs. In rem. PART II of II

Posted on March 09, 2008
In my first Blog, we explained the differences between in personam and in rem liability and how a discharge affects in personam liability, but not in rem liability. In this part II, we get a little more technical on what the elimination of the in personam liability is all about...

Bankruptcy Liability Discharge: In Personam vs. In rem. PART I of II

Posted on March 09, 2008
What the heck does that mean? Sounds like Latin. Well, it is. And it is the this very threshold foundation of Bankruptcy that sometimes confuses people the most. When one gets a discharge, what exactly does that mean? In its most basic sense, a Bankruptcy Discharge removes the personal liability of the underlying legal obligation...

Bankruptcy and the price of procrastination

Posted on March 09, 2008
Waiting to file bankruptcy cost one of my clients over $30,000 in payments to his Chapter 13 plan. Despite having discussed bankruptcy with me for several years, he put his head in the sand and waited until there was a wage garnishment crisis. When the dust settled, the price of his Chapter 13 plan was [...

Lien Removal After Bankruptcy

Posted on March 09, 2008
As noted in my earlier note, there are three types of liens that can attach to your property. After filing for bankruptcy and discharging a debt associated with the lien, you can remove the lien from the property under certain circumstances. It depends on the type of lien and the value of the property...

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