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Bankruptcy

Bankruptcy Law Network

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

Fired Because of Bankruptcy Filing, Court Denies Relief

Posted on March 08, 2010
A Texas bankruptcy court ruled on December 30, 2009, that an employee who was fired after filing bankruptcy was not protected the bankruptcy code’s non-discrimination provision, 11 U.S.C. section 525(b). This section states as follows: No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has [...

Payday Loans: How to Borrow $300 and Owe $3000

Posted on March 08, 2010
If you?re filing bankruptcy, then chances are you may may have taken out a payday loan recently, according to a ?Do Payday Loans Cause Bankruptcy?? by Paige Marta Skiba of Vanderbilt Law School and Jeremy Tobacman from the University of Pennsylvania. In theory, I have no problem with the concept of payday loans...

There?s no shame in bankruptcy

Posted on March 07, 2010
Most bankruptcy lawyers keep tissues in their conference rooms. Many clients cry when they talk about filing their bankruptcy case. Sensitive attorneys are ready for this – we have tissues ready. People who are thinking of filing bankruptcy cases tell me that they are ashamed...

Attorney-Client Privilege in Bankruptcy: Unpleasant New Ruling Narrows Its Scope

Posted on March 07, 2010
There are only a handful of court cases discussing how, or perhaps even whether, the attorney-client privilege applies in a bankruptcy case. A North Carolina bankruptcy court recently considered this question, and it confirmed what many have feared: the attorney-client privilege in bankruptcy is narrow in scope, and it may hardly exist at all...

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Student Loan ?Undue Hardship? Must Exist at Time of Filing Bankruptcy Case

Posted on March 07, 2010
A recent California bankruptcy court decision addressed the question of when the circumstances creating “undue hardship” must arise to be condidered relevant in determining the dischargeability of student loans. This case, In re Zygarewicz, 2010 WL 710661 (Bky...

Filing bankruptcy without a lawyer brings double trouble

Posted on March 07, 2010
Representing yourself in a bankruptcy case has a non obvious downside: if the case develops problems, capable bankruptcy lawyers won’t step into a troubled case. The judge in yesterday’s calendar was urging any number of individuals who represented themselves (in Chapter 11 cases, no less) to get a lawyer...

How to file bankruptcy (#4 of a series)

Posted on March 06, 2010
Now that we’ve gotten almost through the first two pages of our bankruptcy petition, we’re ready to figure out the court where you will file your bankruptcy petition. You’d think this would be a piece of cake too. For people who don’t move around too much, this is not too much of a problem...

Bankruptcy ? How To File Bankruptcy (Part 3)

Posted on March 05, 2010
Bankruptcy – it’s easy, right? Anyone can do it, right? Read on. So, intrepid readers, we are still learning how to file for bankruptcy. We’ve gotten just part way through the second page in this, our third installment. After you read this third installment, you’ll almost be done with page 2 of your bankruptcy papers...

Credit after Bankruptcy

Posted on March 04, 2010
Will I ever get credit again? is the query from prospective bankruptcy clients. Before the Great Recession that we are living through, my answer was a confident, “Absolutely“. Now I’m not sure that what I’ve learned about bankruptcy and credit over 30 years of practice is of much use predicting the future...

How to File Bankruptcy ? #2 of a Series

Posted on March 04, 2010
People think it’s easy to file bankruptcy. You’d be surprised how many people try to do it themselves. And even more people pay so-called “petition preparers” who say that they know how to do it for them. Usually, they mess up...

Mortgage Mod Band-Aid on Gaping Wound, Need Bankruptcy Mod

Posted on March 03, 2010
Brett Weiss, BLN blogger and Maryland bankruptcy attorney, tells why the present mortgage modification programs are “Band-Aids on gaping wounds” and why changing the law to allow home mortgages to be modified in bankruptcy would be a solution to the mortgage foreclosure crisis.

New Bankruptcy Dollar Amounts after April 1, 2010

Posted on March 03, 2010
For bankruptcy cases filed after April 1, 2010, new dollar limits will apply. The changes can be viewed here: http://www.bkmass.com/misc/output.pdf. Most notably, the homestead cap will increase to $146,450. Also worth mentioning: the Chapter 13 debt limits and the dollar amounts of the federal exemptions will increase.

In Bankruptcy -Tell tell the truth, the whole truth and nothing but the truth

Posted on March 03, 2010
Here’s the deal when you file bankruptcy. You tell the truth. You disclose everything. You keep what is exempt. The trustee takes everything else and distributes that among your creditors. In exchange you get a fresh start. The idea of bankruptcy is to get a discharge of all your debts so you get a fresh start...

Don?t Lose Your Tax Refund In Bankruptcy

Posted on March 01, 2010
It is tax time again, and it bears repeating that tax refunds can be taken in bankruptcy if you aren’t careful. Many people mistakenly think that if they haven’t filed the tax return before filing, it isn’t something that needs to be put into the bankruptcy petition...

Do I have a choice where I file my bankruptcy case?

Posted on March 01, 2010
Clients move around a lot. We have a client who is a Franciscan brother. He moves all over the country whenever his superiors tell him to do so. He considers Wisconsin to be his home but he hasn’t been there for a long time. He can file a bankruptcy case in Wisconsin...

How to file bankruptcy ? one of a series

Posted on February 28, 2010
A few weeks ago, we explained how simple it is to file a bankruptcy petition. Were you just a little confused? I’m sorry to say Congress intended to make it confusing for you. Let’s go into a little more detail here. Here’s the information you need just to complete the first page of your bankruptcy [...

Chapter 13 Debt Limits Increase By 7%

Posted on February 28, 2010
Debt limits for Chapter 13 increase April 1, 2010, to $360,475 of unsecured debt and $1,081,400 of secured debt. This change represents an increase of about 7% over the Chapter 13 debt limits in effect prior to the change. Congress limited the amount of debt owed by the debtor in a Chapter 13 case but adjustments to the [...

Commissions, Wages, and Accounts Receivable

Posted on February 28, 2010
An individual filing for bankruptcy protection may have an asset in the form of compensation not yet received for work done before the filing. It can be wages, sales commissions, or accounts receivable for a self-employed filer. It can even be work in progress but not yet billed...

Learning Important Life Lessons.

Posted on February 28, 2010
Ralph Waldo Emmerson said; “In order to learn the most important lessons of life, one must each day surmount a fear.” How true this statement is especially if you are considering filing bankruptcy. The life lesson we must each face as adults is how to handle our finances...

Getting A Tax Refund? Just Say No To The Refund Being Loaded On A Credit Card!!

Posted on February 28, 2010
Recently, I discussed why consumers needed to rethink getting their tax refund quickly with a refund anticipation loan. The same tax prep companies that push the refund anticipation loan have a relatively new tool to help them make even more money (like the high interest is not enough?) from taxpayers...

What?s credit counseling and why do I need it to file bankruptcy?

Posted on February 27, 2010
An individual cannot file a bankruptcy case without first taking a credit counseling and budget course.

Reaffirmation Agreements: ?Let Them Eat Steel!? (Part Two)

Posted on February 27, 2010
In part one, I discussed some recent Bankruptcy Law Network posts on reaffirmation agreements. For part two, though, we’ll focus soley on the reality of a typical auto loan scenario. Forget About the Law “What?” you say. “This site is all about the law!” That’s true, but reality is more important...

How Will the New Credit Card Laws Affect Me?

Posted on February 27, 2010
The first of two credit card reforms went into effect earlier this week. The other reform will not be effective until July 2010. Together, the new laws should provide considerable help to you and other consumers by eliminating some of the worst practices of the credit card companies...

Why Should Consumers Not Use Refund Anticipation Loans?

Posted on February 27, 2010
We are a modern society…we want it now, we want it quick, we don’t like to wait. Tax preparers know this. Over the years, some tax preparation agencies have offered a refund anticipation loan (RAL) or to put a consumer’s refund on a plastic card that is similar to a debit card...

If I File For Bankruptcy Do I Have To Include My Spouse?s Income?

Posted on February 27, 2010
There are times when only one spouse in a marriage will want to file for bankruptcy. Some of the factors to consider in determining whether spouses should file a joint or separate bankruptcy are discussed by New Mexico Bankruptcy Attorney Gini Nelson in her article Must the Non-Filing Spouse?s Information Be Disclosed? Unfortunately, even when only one spouse files for bankruptcy, the bankruptcy code requires that [...

Homes In Massachusetts Trusts Protected By Homesteads

Posted on February 27, 2010
Upsetting a common understanding of an incomprehensible statute, a Massachusetts bankruptcy judge ruled that a home owned by a trust may be protected by a homestead. The February 23, 2010 In re Rodrigues decision (Bankr.D.Mass., Case No. 09-11960-JNF) (Feeney, J...

Why Using Cash Helps

Posted on February 27, 2010
Bankruptcy lawyers preach using cash, not plastic, to pay for everything you can. Most people listen but they don’t actually do it. But why should they? You don’t spend money if it’s money. It’s that simple. Scientists and casinos have known for a long time that people will spend more if they don’t see actual currency leaving their [...

Will Settling Some Debt Make My Bankruptcy Look Better?

Posted on February 26, 2010
Sometimes it’s hard to give up old habits. Paying debts feels right. Even when it’s right and necessary. filing bankruptcy still feels like it out to be “wrong.” So sometimes folks ask us if it would look better — to the court and to future lenders — if they paid off or settled some debts before [...

Chapter 13 can save an investment property ? Lien stripping in action

Posted on February 26, 2010
Today, a Wisconsin client asked what we could do to help save his investment property. It’s worth only about $70,000. It has a first mortgage for $80,000 and a second mortgage for $30,000. Our client bought the property at the top of the market...

Are Legal Fees For Visitation Cases Protected As DSOs?

Posted on February 26, 2010
Bankruptcy law generally prevents the discharge of a debt that is in the nature of support (like child support or alimony) as a “domestic support obligation.” This principle has been extended to protect legal fees charged to an opposing party during litigation over these issues as well...

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