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

Show Mom How Much You Love Her by NOT Paying Her Back! (Part Two)

Posted on February 12, 2010
In part one, I examined why you should not repay mom prior to filing bankruptcy and discussed preferential transfers, or “preferences.” In this post I’ll tell you about what options you have if you’ve already paid her back. After all, much of what bankruptcy lawyers do is to provide solutions to these types of problems [...

Remedies for false bankruptcy involuntary bankruptcy petitions

Posted on February 12, 2010
You can get a false bankruptcy petition sealed if it is dismissed. And you may get attorneys fees, damages and costs as well.

Can a Wholly Unsecured Second Mortgage be Stripped Off in a Chapter 7 Bankruptcy?

Posted on February 11, 2010
If the amount of the first mortgage on a property exceeds the value of the property, it is generally accepted that in Chapter 13, or 11 or 12, a second mortgage or any other junior lien can be avoided, or “stripped off,” and treated as unsecured debt...

Can I be forced into bankruptcy?

Posted on February 11, 2010
It's rare, but it is possible for creditors to force you into bankruptcy. If you have less than 12 creditors, just one creditor can file an involuntary bankruptcy petition. Otherwise, three creditors must join in filing a bankruptcy case against you.

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What does a chapter 7 trustee do in my case?

Posted on February 10, 2010
Debtors are frequently scared of chapter 7 trustees. They don’t have to be. The general idea of bankruptcy is pretty simple. An honest debtor gets a discharge in bankruptcy. The price of a discharge in bankruptcy is that the non-exempt assets of a debtor may be sold (liquidated) and the proceeds distributed to creditors...

Social Security Income Does Not Have To Be Used To Pay Your Creditors.

Posted on February 10, 2010
In re Green 09-44481 of the Western District of Missouri Bankruptcy Court established that Social Security funds do not necessarily need to be used to pay one’s creditors. In this case the debtors have a surplus of income in the amount of $1,468...

What?s a financial management course and why do I need one to file bankruptcy?

Posted on February 09, 2010
If you don't take your personal financial management course, your case will be closed without discharge.

Bankruptcy Double Standard ?: Businesses and Individuals

Posted on February 09, 2010
As a consumer bankruptcy attorney, I am often asked: Why does it seem that in the United States Corporate Bankruptcy is deemed a good business decision and Personal Bankruptcy is deemed to be an Individual failure. My response is simple: ”Nothing can be further from the truth...

What Can I Keep When I File Bankruptcy in Virginia?

Posted on February 09, 2010
A Virginia resident who files Bankruptcy is entitled to keep certain property as exempt from the trustee and creditors. The major Virginia exemptions include: ? Up to $5000 in household goods and furnishings. ? Up to $1000 in wearing apparel. ? Up to $2000 in equity in a motor vehicle...

Show Mom How Much You Love Her by NOT Paying Her Back!

Posted on February 09, 2010
But I Love My Mother! I know you love your mother. I love mine, too. But if you’re in financial trouble, the best way to show her that you love her is to not pay her back–that is, until after your bankruptcy. Bankruptcy law can be counter intuitive...

#6 My Spouse Does Not Want To Cooperate! What Do I Do Now?

Posted on February 09, 2010
#6 My Spouse Does Not Want To Cooperate! What Do I Do Now? This continues the series I?m Filing, My Spouse Isn?t-What Happens? The series is introduced here. First, take a breath. The primary point in a bankruptcy is your good faith to fully and truthfully disclose all required information...

How to file bankruptcy ? first of a series

Posted on February 08, 2010
People frequently ask, “how do I file bankruptcy”? It’s easy to file a bankruptcy case. Lots of people do it themselves. It’s hard to do it right, however. Even some lawyers get it wrong. Before you can even think about filing bankruptcy, you have to take credit counseling from a credit counselor approved by the Office [...

What is Bankruptcy Credit Counseling?

Posted on February 08, 2010
Credit counseling is a requirement that must be fulfilled before an individual debtor is permitted to file a bankruptcy. The statute, passed by Congress in 2005 and made a part of the bankruptcy code as 11 USC §109(h)(1), reads in relevant part as follows: ?an individual may not be a debtor under this title unless such [...

Medical Malpractice Claims, Bankruptcy and Bankruptcy Trustees

Posted on February 07, 2010
Medical malpractice in bankruptcy can be complicated. But if handled carefully and properly, it can work out to the benefit of all concerned.

?Walking Away? from Your Home? Not Always a Good Idea

Posted on February 07, 2010
There have been a number of recent news reports about people choosing to “walk away” from their under water homes. One recent example is this CNN story: Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction...

Bill collectors participate in contests to collect money from you ? the consumer!

Posted on February 07, 2010
For the last several weeks LTD Financial Services and United Recovery Systems have been running ads in the Houston Chronicle for Collectors. While this is no big surprise what with the economy like it is, it is surprising to see them admit to some of the benefits they offer: “great bonus program, plus full benefits”, “above industry [...

File Bankruptcy: Keep Your Home / Walk Away From Your Home

Posted on February 07, 2010
“Will I lose my home if I file for bankruptcy?” This is one of the most frequently asked questions I hear from prospective bankruptcy clients. More and more that the answer is “Yes you may very well lose your home but you will not lose it because of the bankruptcy...

Protect your privacy in bankruptcy ? Redact!

Posted on February 06, 2010
Your bankruptcy petition is a public record. Anybody, and I mean anybody, can learn an awful lot about you by looking at your bankruptcy papers. Protect yourself by insisting on redaction.

It?s My Tax Refund and I Want It Now

Posted on February 06, 2010
Because so many income tax filers are afraid to owe the IRS, they have more taxes deducted from their paychecks throughout the year than is required. They would rather pay a little extra in taxes each pay period than to find themselves in a jam on April 15...

The Dreaded 1099C -Forgiveness of Debt

Posted on February 06, 2010
1099 C forgiveness of debt is really income to you in the year the debt was written off. WHAT? You bet. A creditor is required by law to issue a 1009 C to any individual that settles a debt or has a debt written off that is in excess of $600. This is a very big trap [...

My Car Was Repo?d! Can I Get It Back By Filing Bankruptcy?

Posted on February 05, 2010
We all know that if you do not make your car payments, at some point the car creditor is likely to have your car repossessed. We know from the multiple posts on this blog that once a bankruptcy case is filed, the automatic stay prohibits a creditor from repossessing the car...

Company Payroll Tax Liability Not Dischargeable in Bankruptcy ? Might You be Liable?

Posted on February 05, 2010
It is well established law that “trust fund” withholding tax liability may not be dischargeable in bankruptcy. What you may not know is that business owners or even senior employees who are not owners may be held personally responsible for payment of withholding tax debt, and such debt is not dischargeable in a personal bankruptcy [...

What happens in bankruptcy if I have a medical malpractice claim?

Posted on February 05, 2010
If you have a medical malpractice claim when you file a bankruptcy case, you must disclose it in your bankruptcy papers. Tell your bankruptcy lawyer everything.

The Worse Kind of Debt You Can Have: Student Loans (Part Three)

Posted on February 05, 2010
In parts one and two, I discussed how (1) the definition of student loans is incredibly broad, and (2) the history of how student loans have been come increasingly difficult to discharge. In this post, I?ll address the predominant legal standard used by almost all bankruptcy courts to determine ?undue hardship...

Free Credit Report.Com Not So Free

Posted on February 04, 2010
It is very important for an individual to see their own credit report as they make financial decisions. Bankruptcy lawyers look over their clients credit report for information as to who is owed, type of debt, responsible party, payment history, etc...

Disclose property in foreign countries when filing bankruptcy

Posted on February 04, 2010
It's an extremely bad idea to leave out any property you own from your bankruptcy petition, even if it is in a country far away

Will New Credit Card Rules Cause a Spike in Bankruptcy?

Posted on February 03, 2010
On February 22, 2010, a number of new regulations will go into effect requiring changes in the business practices of credit card issuers. These new rule, part of a law called the Credit CARD Act of 2009, includes several provisions designed to benefit consumers, including: limits on interest rate hikes on existing balances a 45 day [...

Bankruptcy filing catches refund on unfiled tax return

Posted on February 03, 2010
The bankruptcy estate consists of not only assets in the possession of the debtor but also their rights to stuff they don’t yet have. So if you will be entitled to a refund for 2009’s taxes and you file before you receive the refund, that right to payment is part of the bankruptcy estate...

Can a dead person be bankrupt?

Posted on February 03, 2010
We recently filed a chapter 13 case for a married couple. Suddenly and tragically, the husband died. What could we do? Well, it turns out to be not so simple. Married People Filing Jointly Really are Two Cases with One Bankruptcy Case Number Most of the time, married couples think of themselves as filing just one case...

You Really Want Me To Eat Beans And Rice For A Month?

Posted on February 02, 2010
I hear the sentiment all the time, you really want me to eat beans and rice for a month? This is Dave Ramsey’s philosophy for getting out of debt. He says you have to be willing to do what you have to do to get out of debt and this may necessitate being frugal with [...

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