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Bankruptcy

Bankruptcy Law Network

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

Yes, you can reorganize a small business in chapter 11

Posted on February 25, 2010
Some “experts” have commented on how hard it is to reorganize a business in Chapter 11. However, it is possible. Recently, we have been representing a small manufacturer of industrial equipment. They had well under a million dollars in debt...

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

Posted on February 25, 2010
Reaffirmation agreements are the subject of great debate. Secured creditors, like auto lenders, want you to sign them if you file Chapter 7 bankruptcy. Reaffirmation agreements prevent debt from being discharged, and lenders like that. But because your discharge is the Holy Grail of the bankruptcy process, you need to weigh your options very carefully [...

Chapter 7 Bankruptcy, or Debt Settlement?

Posted on February 24, 2010
“Don’t ruin your credit by filing bankruptcy!” “The secret the credit card companies don’t want you to know!” “If you owe at least $10,000 in credit card debt, you are eligible for our program!” “Recent changes in federal law require credit card companies bailed out by the federal government to settle their debts with you!” Hey, when something sounds [...

Provide Bank Statements to your Bankruptcy Attorney

Posted on February 24, 2010
When you are filing a bankruptcy case, you have many duties. More duties than we can cover in one post. Your bankruptcy lawyer should make it easy for you. It’s important that your bankruptcy papers are true. One of the questions in your bankruptcy papers asks how much money you have in the bank and in [...

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Bankruptcy And Foreclosure

Posted on February 23, 2010
There is no ?cure? for a foreclosure of your home, but bankruptcy can certainly help. If you haven?t lost your house yet, but are behind in the payments, go talk to a competent bankruptcy attorney as quickly as you can. There might be a way to save the home in a Chapter 13 bankruptcy...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 6

Posted on February 23, 2010
You have to list people to whom you are paying alimony or child support in your bankruptcy papers. Your ex-spouse to whom you are paying domestic support obligations are special creditors. They are priority creditors. You have to list them in your bankruptcy papers even if you are up to date with all payments...

Should I settle some debts before bankruptcy

Posted on February 23, 2010
Two of his creditors were willing to settle the debt for a substantial discount, my client reported. Could he accept a reduced payoff before he filed bankruptcy? There is no bar to compromising with creditors before a bankruptcy filing. Debtors under California state law are free to pay one creditor over another...

Take your Financial Management Course, But Wait to File the Certificate

Posted on February 23, 2010
While it is necessary to take your Financial Management course (also called Debtor Education or the Second Credit Counseling course) after you file bankruptcy – it is a requirement to receive your discharge – it’s also a good idea to wait to file the certificate until the deadline...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 5

Posted on February 22, 2010
It’s stunning how many ways debtors mess up their bankruptcy cases. For example, when married people file a bankruptcy case without their spouse, there are many opportunities to make a muck of it. First of all, when you file your bankruptcy case without your spouse, you still have to disclose your spouse’s income both on the [...

My Income Is Not Enough To Cover My Expenses?Will Bankruptcy Help?

Posted on February 22, 2010
If your income is not enough to cover your expenses, will a bankruptcy filing help you? Depending on what expenses you are talking about, probably not. Unfortunately, I’ve had many discussions with people seeking information about bankruptcy only for them to leave disappointed when I tell them that a bankruptcy filing will not help...

Will Filing For Bankruptcy Stop A Lawsuit?

Posted on February 22, 2010
Filing for bankruptcy is often used to put an end to standard collection lawsuits, and can provide relief in many other types of suits.

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 4

Posted on February 21, 2010
There are so many ways you can really honk off your bankruptcy trustee. What you really want is to be invisible to your bankruptcy trustee. So how else can you really perturb (isn’t that a nice “p” word?) your bankruptcy trustee and foul up (isn’t that a nice “f” word?) your bankruptcy case? A really good [...

Debt Limits for Chapter 13 Eligibility to Increase on April 1, 2010

Posted on February 21, 2010
With the recent housing boom and bust, many people find themselves with debt in excess of the eligibility limits for Chapter 13, which since 2007 have been $1,010,650 in secured debt, and $336,900 in unsecured debt. But on April 1, 2010, those debt limits (along with most other dollar amounts in the Bankruptcy Code, [...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 3

Posted on February 20, 2010
It’s tax return season. Most of the time, you are not thinking of your income tax refund when your visiting your bankruptcy lawyer’s office. The one exception is if your attorney is asking you to pay your fee with it. Why should you care about your income tax refund when you are filing bankruptcy? Because on [...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? one of a series

Posted on February 19, 2010
When you file a bankruptcy case, your bankruptcy trustee wants data. Depending on the district you live in, it could be a little or a lot. You have a duty to cooperate with the trustee. Not only that, it’s common sense. The trustee is the main thing which stands between you and your discharge...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? first of a series

Posted on February 18, 2010
When you file a chapter 7 bankruptcy case, you want to get your discharge – fast. That means just after 60 days from the time you have your first meeting of creditors. And that happens about a month after you file your case. Usually, it is only the chapter 7 trustee who might stand in the [...

Bankruptcy trustees and you ? one of a series

Posted on February 17, 2010
Debtors frequently feel like bankruptcy is an obstacle course. The goal is to receive a bankruptcy discharge. Along the way, there are many hurdles to pass. Clients often ask whether they have to go to court in bankruptcy cases. The answer is hardly ever...

Appeals Court: Failure to Amend Chapter 13 Papers Prevents Lawsuit From Going Forward

Posted on February 17, 2010
If a chapter 13 debtor suffers employment discrimination years after filing her bankruptcy, and then fails to amend her bankruptcy papers to say she can sue her employer, “judicial estoppel” prevents her from ever suing her employer over the discrimination...

How Much Must I Owe Before I Can File Bankruptcy?

Posted on February 17, 2010
Is there a minimum amount of money that you must owe before you can file bankruptcy? No but the answer to this question is more nuanced than that. Technically, there is no minimum amount of debt that you must owe before you can file bankruptcy. But, when you consider that many attorneys charge anywhere from $1,500...

Bankruptcy Code 502(k): stupidest consumer protection ever!

Posted on February 16, 2010
You really have to hand it to Congress. When they want to protect the consumer they really know how to do it. Remember how the Bankruptcy Abuse Prevention Consumer Protection Act was supposed to protect consumers? Yeah, right! For the past five years, I’ve been looking for any evidence of consumer protection in this Act...

Student Loan Disasters

Posted on February 16, 2010
What with the residential mortgage meltdown and credit card defaults, student loan debt can get lost in the shuffle. But $740 billion of it is out there, and with jobs hard to come by, repaying student loans can be tough, or, impossible. Even doctors are having trouble repaying student loans, as shown in a Wall Street Journal [...

You Are Ready To Retire. Is It Time To Consider Filing Bankruptcy?

Posted on February 15, 2010
Don't wait until you are ready to retire to consider filing for bankruptcy. You should look into your options while you still have time to prepare for your future.

Prepare to Pay Extra if You Fall Behind on Mortgage Payments While in Chapter 13

Posted on February 15, 2010
In the Northern District of Georgia, where I practice, Chapter 13 debtors pay their mortgage payments directly to the mortgage lenders, rather than sending their mortgage payments to the Chapter 13 trustee for subsequent disbursement to the mortgage lender...

Charlotte Chapter 13 Creditor Meetings Location

Posted on February 15, 2010
The location of Charlotte NC bankruptcy Chapter 13 Creditor Meetings has moved from the Chapter 13 Trustee’s office on Park Rd to the United States Bankruptcy Administrator’s Office at 402 West Trade St, Charlotte NC 28202. The Charlotte bankruptcy creditor’s meeting room is in the building is across from the United States Federal Courthouse...

Senior Citizens Filing For Bankruptcy in Record Numbers

Posted on February 15, 2010
The American Bankruptcy Institute reported 1.4 million consumer bankruptcy filings in 2009. A lot of those who filed were senior citizens. This is a definite shift from past decades where seniors were among the least likely to file for bankruptcy relief...

Chapter 13 is a payment plan with IRS

Posted on February 15, 2010
Ever dream of dictating realistic repayment terms to the IRS for your back taxes? Welcome to Chapter 13. Even better, under bankruptcy law, you may have to pay far less to the taxing authorities than you owe. Chapter 13 is a reorganization plan for an individual with regular income...

Redemption ? buying your car back for a discount.

Posted on February 15, 2010
If you can put your hands on a little money – maybe from your friends, family or relatives – maybe from otherwise exempt funds – you may have an opportunity to pay off your car loan at a big discount and keep your car. The way to do this is called redemption...

Why do I have to reaffirm my car loan?

Posted on February 14, 2010
Your car is one of your most important possessions. You want to keep it when you file a bankruptcy case. Most people have some sort of a car loan. Automobile finance companies are very interested in your bankruptcy case. Most times in bankruptcy, they want to repossess your car right away...

Bankruptcy And The Loss Of A Business

Posted on February 13, 2010
When a business fails, the owners often find that they have to file bankruptcy. If the business was a sole proprietorship or a partnership, the owners are personally liable for its debts. And if it was a corporation or a limited liability company, the owners often had to guarantee loans or purchases, and therefore remain [...

Can I keep my car when I file bankruptcy?

Posted on February 13, 2010
People think that when they file bankruptcy they will lose everything. That’s hardly the case. People always ask if they can keep their car. In most cases, they can. I always ask my clients if they own or lease their car? Leased cars You can continue to lease the car after bankruptcy if you continue the payments on the [...

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