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Bankruptcy

Bankruptcy Law Network

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

What Are The Bankruptcy Laws To Be Aware Of?

Posted on July 20, 2010
The bankruptcy trustee can sell assets you no longer own under his avoiding powers for the benefit of creditors. What, you say? If it isn’t mine, what rights do my creditors have in those assets? It all depends on how you parted with property as to whether bankruptcy law allows the trustee to recover the asset [...

Does Bankruptcy Clear IRS Debt?

Posted on July 19, 2010
Bankruptcy can clear some types of tax debt. It will not clear a federal tax lien that has attached to your assets. However, when no tax lien has been filed, income tax debt can be discharged and cleared from your record if some very specific requirements are met in either a Chapter 7 or a [...

Is Bankruptcy the Right Option For My Business?

Posted on July 18, 2010
Filing bankruptcy for your business can end the frustration and stress of trying to keep the ?doors open? on a failing endeavor. But is it necessary? If you have a sole proprietorship, you can?t file bankruptcy just for the business without including all of your personal assets and debts...

Court Rules That Private Employers May Refuse To Hire Based Upon Bankruptcy Filing

Posted on July 14, 2010
In Rea v. Federated Investors, 2010 WL 370334 (W.D.Penn. Jan. 29, 2010), a U.S. district court held that section 525(b) of the bankruptcy code does not forbid a private employer from refusing to hire a job applicant solely because the job applicant filed for bankruptcy in the past...

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Bankruptcy and Love

Posted on July 14, 2010
As a bankruptcy lawyer, I’m often contacted by folks who ask, “Should I marry someone who is about to file bankruptcy?” Understandably, they don’t want to be on the hook for the debts of their future spouse. But then there’s love...

Why Are Some Creditors So Stupid? ?The Grand Illusion?

Posted on July 13, 2010
I’ve been thinking of some of the bizarre things I’ve seen creditors do lately. You’ll find a lot written about abusive creditors, mean creditors, heartless creditors, and law-breaking creditors here at Bankruptcy Law Network. But what about stupid, self-destructive creditors? It’s obviously bad to violate the Fair Debt Collection Practices Act or the Bankruptcy Code’s automatic [...

Do I Need An Attorney To File Bankruptcy?

Posted on July 12, 2010
Do you need an attorney to file bankruptcy? No! Absolutely not! There is no requirement that you be represented by an attorney when you file a bankruptcy! In fact, I found a website today that tells you how to do one yourself! Tips Catalog! Should you use an attorney to file your bankruptcy? Yes! Absolutely! There is no question that Americans [...

Should I Get A Bankruptcy Attorney?

Posted on July 12, 2010
Should I represent myself in a Bankruptcy is the all time question people ask themselves when considering bankruptcy. Is this a silly question? Absolutely not because Congress has mandated that attorneys inform you that you have the absolute right to represent yourself...

Considering Debt Settlement? Perhaps Bankruptcy Is Cheaper And More Efficient

Posted on July 11, 2010
Often people come to see me who have been working with a debt settlement company but are unable to manage the payments to the debt settlement company or get discouraged with the whole process. How can bankruptcy be better? To be clear, a debt settlement company is an entity that will take your money in monthly [...

The Secret To New Credit After Bankruptcy

Posted on July 09, 2010
It is said that filing bankruptcy ruins your credit rating. Said by whom? Said by lenders, of course. I know people can get credit again; I filed a third Chapter 7 bankruptcy for at least three individuals That good credit rating is in the rear view mirror, or about to be, by the time you contact a lawyer...

Wells Fargo?s Procedure of Freezing Accounts After A Bankruptcy Filing Invalidated

Posted on July 06, 2010
Last week, the Bankruptcy Appellate Panel (BAP) for the Ninth Circuit decided Mwangi v. Wells Fargo Bank, N.A. At issue was Wells Fargo’s national procedure of running a computerized comparison of all newly filed chapter 7 bankruptcy cases against Wells Fargo’s list of account holders...

Why Does a Chapter 11 Cost So Much?

Posted on July 05, 2010
When I give lectures on individual and small business Chapter 11 cases, I always advise new Chapter 11 attorneys to buy a thick towel for their desk. After I get a confused look from the audience, I explain: “It’s to protect your client’s jaw when it hits your desk after you tell them your fee!” All [...

Bankruptcy War.

Posted on July 04, 2010
Bankruptcy has become an epic war between debtors and creditors. These two groups are constantly battling for control of the debt in question. The debtors are seeking to either reject or modify the debt while the creditors are seeking to enforce the debt...

Bankruptcy Documents: ?Turn the Page?

Posted on July 04, 2010
A big part of filing bankruptcy is providing your bankruptcy lawyer with documents. After you and your bankruptcy lawyer decide bankruptcy is your best option, she’ll give you a list of documents she’ll need in order to file your case. At first, the list may seem intimidating, but it’s really not that bad...

Should I Reaffirm My Mortgage After Chapter 7 Bankruptcy?

Posted on June 29, 2010
Your mortgage company will probably ask you to reaffirm your mortgage after you file Chapter 7 bankruptcy. These days in our country, many homes with mortgages are underwater, worth less than what is owed on them. If you file Chapter 7 bankruptcy, your home is worth $200,000, and you owe $#240,000 on it...

Bankruptcy Fraud ? What Happens When You Are Caught?

Posted on June 22, 2010
The Topeka-Capitol Journal Online reported today one Debtor?s bankruptcy fraud criminal conviction yesterday in the U.S. District Court in Topeka, Kansas. His wife?s trial is reported as scheduled for August 2d. According to the article, James Moser: Concealed information about their option to purchase 16...

Should Chapter 13 Plan Require ALL The Debtor?s Disposable Income

Posted on June 22, 2010
At the same time the bankruptcy community is pondering the Lanning decision on what “projected disposable income” is in a Chapter 13, I read Judge Eugene Wedoff’s thoughts on whether Chapter 13 plans ought to require the payment of all of that disposable income to the trustee...

Debt Settlement Companies Come Under Increasing Scrutiny from Regulators

Posted on June 19, 2010
The lead article in the Economy section of the June 18, 2010 New York Times offers revealing insight into the practices of “debt settlement” companies. Debt settlement companies position themselves as alternatives to bankruptcy, suggesting that they have insight into “secrets that the credit card companies don’t want you to know...

Bankruptcy Fraud: ?Your Cheatin? Heart?

Posted on June 17, 2010
Bankruptcy fraud is an important issue. And there’s no shortage of posts here at Bankruptcy Law Network warning of the evils of cheatin’ the bankruptcy system. Craig Andresen, Bloomington, Minnesota bankruptcy attorney and BLN member, recently published an intriguing post entitled, “No, A Bankruptcy Lawyer Should Not Withdraw from the Case if the Client Won’t Tell [...

Divorce Attorney?s Fees Not Dischargeable in Bankruptcy; Debtor Intended to File Bankruptcy All Along

Posted on June 17, 2010
A Georgia bankruptcy court has ruled that a chapter 7 debtor could not discharge $35,625.00 in fees owed to her divorce attorneys. In re Bucchiarelli, 2010 WL 2033146 (Bky.N.D.Ga. Feb. 22, 2010), held that the debtor had planned on filing bankruptcy before hiring her divorce attorneys, and that she never intended to pay them for their services...

Entire Reverse Mortage May Be Paid Off in Chapter 13 Plan After Death of Debtor?s Mother, Court Rules

Posted on June 16, 2010
In re Brown, 2010 WL 1903771 (Bky.D.S.C. March 2, 2010), a recent South Carolina bankruptct court decision, held that the entire balance of a reverse mortgage could be paid off over the five year life of a chapter 13 plan. In this case, the debtor and her daughter had lived in the home belonging to the debtor’s mother [...

I?ve Been Sued?Is It Too Late To File Bankruptcy?

Posted on June 16, 2010
No, it is never too late. However, waiting until after a judgment is entered may not be a good idea. Once you file for bankruptcy protection, the automatic stay prohibits creditors from taking any action against you. If you have been sued, this means that the creditor cannot pursue the matter to judgment without asking the [...

The Biggest Landmine of All in the Bankruptcy Law?s Means Test

Posted on June 14, 2010
If you’re a higher income peron considering bankruptcy, think about this: the biggest landmine in the means test is one that’s not even in the means test itself. Instead, this landmine is present because of human nature, the attorney client relationship, and the unique legal issues contained in the means test...

Letters Threatening ?Share Loss? and ?Loss of Services? Did Not Violate Bankruptcy Protection, Court Says

Posted on June 10, 2010
A Tennessee federal court recently approved of a credit union mailing letters to a chapter 13 bankruptcy debtor threatening loss of shares and suspension of services, ruling that such informational letters did not violate the protection against collection activity upon a bankruptcy debtor...

New Mexico Bankruptcy Court Announces New Policy

Posted on June 10, 2010
The United States Bankruptcy Court, District of New Mexico issued a new policy yesterday, that will become effective August 1, 2010. It changes the local practice for requirements on Debtors’ Counsel concerning reaffirmations being proposed to the Court for approval...

Appeals Court Discharges $300,000 in Student Loans, Despite Purchase of Deck and ?Loaded? SUV

Posted on June 09, 2010
The 8th Circuit Federal Bankruptcy Appellate Panel recently upheld a Minnesota bankruptcy court’s discharge of $300,000 in student loans, even though the debtor’s husband was paying for a newly installed screened-in deck and had just purchased a luxury Chevrolet Suburban...

Motions for Relief From The Automatic Stay and Reducing Bankruptcy Costs

Posted on June 08, 2010
We all want to save money. Especially when you have filed for bankruptcy protection under chapter 13 and saving money is at a premium. One tip to save a lot of money is to ensure that you continue to make your secured debt payments if those payments are made directly to the secured creditor or, [...

Afraid to File Bankruptcy? You Might Already Be There.

Posted on June 08, 2010
Bankruptcy is a tough pill to swallow for anyone. The word means “failure” to people more often than it means “fresh start.” That’s good marketing by the credit industry, but it isn’t the truth. First, it is critical to understand when you really got into trouble...

Bankruptcy Lawyers And Learning The Ropes

Posted on June 08, 2010
Here at Bankruptcy Law Network we do what we can to pass along good information and, ultimately, leave you a little more “in the know” than you were before you got here. We know you’re just as likely to be a bankruptcy lawyer as a consumer in search of solid information, so sometimes we get [...

Credit Card Charges by Laid-off Debtor Held to be Reasonable; Debt Discharged

Posted on June 07, 2010
A recent Michigan bankruptcy court decision allowed the discharge of a chapter 7 debtor’s credit card debt, even though the credit card was used while the debtor was laid off from his job at a saw mill, just before the bankruptcy was filed. In an usual move, the court also invited the debtor to submit [...

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