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Bankruptcy Law Network 
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Post Frequency: 2.1/day Last Entry: March 18, 2011 at 11:35:04 Recent Entries: 627
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Proposal Renewed to Modify Mortgages in Bankruptcy
Posted on December 08, 2009Tomorrow, the House of Representatives is scheduled to take up the appropriately named Wall Street Reform and Consumer Protection Act (H.B. 4173). Of keen interest to us on Bankruptcy Law Network is a provision allowing for the judicial modification of mortgages in bankruptcy...
What?s an ?assisted person? and why do I care?
Posted on December 08, 2009The Bankruptcy Code was amended in 2005 to make it seem harder for people to file a bankruptcy case. Most people who file bankruptcy cases are just like you. Your debts constitute mostly “consumer debts”. For today, let’s think of a “consumer debt” as a debt you incurred for your personal reasons and not for [...
Helping family farmers in chapter 12 bankruptcy
Posted on December 08, 2009Lakelaw represents people from Chicago to Milwaukee. Here in Northern Illinois and Southern Wisconsin, there are not so many family farmers anymore. A lot of territory which used to be used to grow food and animals has now become subdivisions. Maybe the subdivisions are ghost-towns now that the real estate has melted down...
What You Need To Do Today to Prepare for Bankruptcy
Posted on December 08, 2009Some clients are easier to work with than others. Its all about being prepared. Here are some simple steps you can take to make your case less stressful on yourself and your bankruptcy lawyer. Stop using all of your credit cards immediately. Ideally, you will want to make sure that there was little to no purchase activity [...
Will You Owe Interest Or Penalties On Credit Cards That Are Charged After Filing Bankruptcy?
Posted on December 07, 2009Credit cards and loans owed at the time a bankruptcy case was filed are subject to being discharged in bankruptcy, but once a case is filed any new debts that come up after that file date are normally not. The date of filing serves as a cut off date in most Chapter 7 bankruptcy cases, [...
Chapter 7 Debtors Must Supply Trustee With Information About Child Support Payments
Posted on December 07, 2009In a recent Chapter 7 341 hearing, the Chapter 7 trustee asked my client if he had any child support obligations. My client does and the trustee proceeded to hand my client a form asking for the name, address, and telephone number of the custodial parent (client’s ex-wife) as well as the address and phone [...
Video: Getting a Bankruptcy Discharge
Posted on December 07, 2009Do I get a discharge if I stop making my chapter 13 bankruptcy payments? I did not reaffirm my mortgage in my chapter 7 bankruptcy, may I walk away? Bankruptcy discharge or dismissal, what is the difference?
Don?t Cave In and Apply for Department Store Credit Card
Posted on December 07, 2009Tis the season for Christmas spending, and this weekend I entered a Department Store against my will. I hate shopping, but that’s another story. At checkout, the cheery young sales associate asked me a simple question. ”Would you like to save 10% on your purchase today?” (I just love this sales pitch...
What do ?insider? and ?affiliate? mean and why do I care? ? First of a series
Posted on December 07, 2009The Bankruptcy Code is written in English – but sometimes it’s not in a language we understand. ”Insider” is one of the words defined in the Bankruptcy Code. So is “affiliate”. Why does it matter to you? Well, lots of people borrow money from friends, family and relatives...
#4 We Have a Post Marital Agreement ? Does That Change Anything?
Posted on December 07, 2009#4 We Have a Post Marital Agreement — Does That Change Anything? This continues the series ?I’m Filing, My Spouse Isn’t-What Happens?? The series is introduced here. After you are married, you may reach an agreement about who will be responsible for this or that expense or debt, or maybe who will get ownership of this or [...
Why Short Sales Usually Are a Bad Idea
Posted on December 05, 2009Many of my clients tell me that they want to do a short sale. A short sale is where the mortgage lender agrees to accept less than the full amount due to release the mortgage lien and allow the sale to occur. If you can’t afford your mortgage, this sounds like a pretty good idea...
Reading My Bankruptcy Papers
Posted on December 05, 2009How carefully should I be reviewing my bankruptcy papers before I sign them. Boy that sounds like a silly question. However after reviewing hundreds of cases with my own clients, reviewing papers filed by other lawyers and observing hundreds of more cases at 341 meeting, I think it is important one...
HAMP?s False Promises: Administration Admits That So Far, It?s a Failed Program
Posted on December 02, 2009The $75 billion HAMP program designed to induce mortgage lenders to modify home mortgages owed by financially troubled homeowners isn’t working, and now the Obama administration has admitted as much. Due to recent coverage of the HAMP program’s failures by major media outlets, public awareness of the issue has been rising...
What?s In A Name? U.S. Organization For Bankruptcy Alternatives (Misleading Name/Misleading Benefits?)
Posted on December 01, 2009Debt negotiation is sometimes argued as an alternative for bankruptcy. The only ones who benefit from this alternative most of the time are the debt negotiators, not the consumers. Consumers face high fees, tax consequences and ruined credit.
Surviving the Holidays Without Credit Cards
Posted on December 01, 2009Many people survive the expense of the holidays?the gifts, the travels, the parties and the wine?by relying on their credit cards. This is a bad idea for a number of reasons. The first and obvious reason, is because you will need to pay (ever higher levels of) interest on the money you ?borrow? to buy that present or bottle of wine...
Will bankruptcy stop the (property) tax sale of my home or other property?
Posted on November 30, 2009The simple answer is yes. Filing bankruptcy will stop the sale of the property – if filed before the time of the sale and the taxing entity is notified of the bankruptcy filing. If a person is substantially behind on his or her property taxes, he may want to file a Chapter 13 which gives the him up [...
Your Small Business: When Do You Call It Quits?
Posted on November 30, 2009One of the hardest decisions a small business owner will ever face is whether to shut down a business that is losing money. It is an emotional decision because of the blood, sweat and tears that it takes to go into business for yourself. But it is also a financial decision, fraught with uncertainties and [...
Means Test Does Not Apply to Individual Debtors
Posted on November 30, 2009One of the many advantages for an individual choosing to file a Chapter 11 bankruptcy over a Chapter 13 Bankruptcy is that the 707(b) ?means test? is not incorporated into the calculation of disposable income for individual Chapter 11 debtors. Indisputably, the greatest change to the bankruptcy code in 2005 was the addition of the Means [...
They Went Broke (Increasing Numbers Every Month)
Posted on November 30, 2009The troubled economy continues to result in increased bankruptcy filings, even in the tourist or retirement areas. Bankruptcy filings are increasing each month at a rapid pace.
What Is Household Size?
Posted on November 30, 2009The Means Test is one of the biggest changes to Bankruptcy Law passed since Chapter 13 Budget Plans were first formalized in 1938. The means test is supposed to determine whether there is income available for creditors after certain allowable expenses are deducted...
Easy Bankruptcy: File In July
Posted on July 10, 2009The easiest month to file bankruptcy is July. Consumers filing bankruptcy under Chapter 7 or Chapter 13 need to complete a Means Test of average income derived during the last six months. If you file in July, you need to look at your income during the first six months of the year - January through and including [...
Should You Withdraw Money From Your Pension To Pay Your Debts?
Posted on July 09, 2009Thinking about filing bankruptcy? Wondering if you should just take money from your pension to pay debt? Don’t do it until you watch this video. LinkedTube If you liked that post, then try these...Chapter 15 and Bear Stearns by Brett Weiss, Maryland Bankruptcy AttorneyAutomatic Stay: The magic shield may not be automatic anymore...
What To Do When Creditors Are Calling While You Are In Chapter 13 Bankruptcy
Posted on July 08, 2009In Chapter 13 bankruptcy, creditors are normally not allowed to call, write, bill, or otherwise contact you. You are protected by the automatic stay in your bankruptcy case. But if you see a creditor’s number come up on your caller ID, don’t ignore it...
Debtor With Unrelated Roommate Lived In ?Two-Person Household?; Roommate?s Income Not Counted in Means Test
Posted on July 07, 2009A recent Minnesota bankruptcy court ruling makes it easier for persons with roommates to claim a two-person household, while simultaneously excluding the roommate’s income from use in the means test. This is important because in some cases, this can result in the debtor’s income being below the state’s median income for a two-person household, thereby relieving the [...
8th Circuit BAP Resolves Iowa Court Split on Tools of Trade
Posted on July 07, 2009Iowa bankruptcy courts have been split for a decade over a simple question: Can a consumer exempt a motor vehicle under state law and strip a non-purchase money lien on the car as a tool of trade under bankruptcy law. That split was resolved in favor of consumers by the 8th Circuit Bankruptcy Appellate Panel [...
Should You File Bankruptcy If You Have No Assets?
Posted on July 07, 2009Protection of your assets is one of the most important reasons to file for bankruptcy. Even if you don’t have any assets now, filing a Chapter 7 or Chapter 13 bankruptcy can protect your future assets. Under state laws, creditors can sue you and take your property, but most states have laws called “exemptions” that [...
Mortgage Loan Modifications Dropping
Posted on July 07, 2009Mortgage loan modifications are dropping, according to a July 5, 2009 article in the New York Times, Alan M. White, an assistant professor at the Valparaiso University law school in Indiana, analyzed data on 3.5 million mortgages written in 2005 through 2007...
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Developments in Portland and Spokane Catholic Church Bankruptcy Cases
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What can be done to stop "Harry T. Keane Jr" from persuig his Entertainment Fraud Business ?
Harry Keane in the Dallas Tx area is a fraud. He cannot tell the truth. His whol...
How do you recover money from a stop payment placed on a personal check given to you?
you can always take them to small claims court and sure them for 3 times the amo...
Protection from damages from Internet advertising fraud for owners of an Incorporated company?
The "corporate veil" that ordinarily protects business owners and managers from ...
Does a Chapter 7 bankruptcy discharge a secured mortgage loan?
Yes if you file they cannot sue you to the knowledge I know. My brother is in re...
Once a storage company takes possession of a stored asset and attempts to sell it to satisfy delinquent storage fees, can they continue to charge for storage?
what we found out is that the guy held onto the car since 99 and now wants all s...
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What can be done to stop "Harry T. Keane Jr" from persuig his Entertainment Fraud Business ?
Harry Keane in the Dallas Tx area is a fraud. He cannot tell the truth. His whol...
How do you recover money from a stop payment placed on a personal check given to you?
you can always take them to small claims court and sure them for 3 times the amo...
Protection from damages from Internet advertising fraud for owners of an Incorporated company?
The "corporate veil" that ordinarily protects business owners and managers from ...
Does a Chapter 7 bankruptcy discharge a secured mortgage loan?
Yes if you file they cannot sue you to the knowledge I know. My brother is in re...
Once a storage company takes possession of a stored asset and attempts to sell it to satisfy delinquent storage fees, can they continue to charge for storage?
what we found out is that the guy held onto the car since 99 and now wants all s...
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