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Bankruptcy

The Debt Podcast

Hosted by Jay S. Fleischman, a bankruptcy and consumer lawyer located in New York City. Information and news designed to help you learn more about bankruptcy, debt relief, and consumer credit options.

Post Frequency: 4.9/day

Last Entry: November 23, 2010 at 18:33:08

Bankruptcy Is Not A Last Resort (Redux)

Posted on October 12, 2008
There are many worse things than filing for bankruptcy, and the notion that bankruptcy is a “last resort” is no longer good advice. I now put this in the category of “Myths About Bankruptcy”. Many people wait too long seek bankruptcy protection way, and give up things like their homes or retirement accounts that could [...

Automobile Accident Claims in Bankruptcy: The Often-Overlooked Federal Personal Injury Exemptions

Posted on October 12, 2008
In consumer bankruptcy cases where the debtor has an unresolved personal injury claim, or no-fault insurance claim, arising from an automobile accident, don’t forget to utilize all available sections of the federal bankruptcy exemptions to protect the debtor’s right to compensation...

Mainstream media feeds bankruptcy misinformation

Posted on October 12, 2008
It’s not just dubious sources that are feeding the misconceptions about bankruptcy, it’s the big boys. Business Week and AP both had stories this week replete with erroneous explanations and dubious analysis about bankruptcy relief after BAPCPA...

Maine Bankruptcy Court Sanctions Credit Union for Stay Motion

Posted on October 11, 2008
Judge Haines of the Maine Bankruptcy Court in re Hutchins, 393 B.R. 257 (Bankr.D.Me 2008) sanctioned a credit union for bringing a motion for relief from the automatic stay that was subsequently withdrawn. The credit union had failed to comply with local rules requiring a conference before the filing of the motion...

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Criminal Prosecution Exception to Stay Ruled Absolute

Posted on October 10, 2008
Judge Rosenthal of the Massachusetts Bankruptcy Court today ruled against a debtor seeking redress for alleged violations of the automatic stay that occurred in the course of a criminal prosecution for larceny. The debtor was a contractor who did not perform certain work for which he was paid...

Must a Chapter 13 Debtor Report Property Received During the Case?

Posted on October 08, 2008
A chapter 13 case can last up to to five years — a long time. What happens when the debtor receives a windfall while the chapter 13 case is pending? What if the debtor wins a $50,000 lottery payout, or inherits an interest in a house owned by a long lost relative? Is the debtor required [...

Jealousy Leads To Bankruptcy.

Posted on October 08, 2008
When analyzing the cause of bankruptcy more often than not it is jealousy that leads to bankruptcy. Credit card debt is more often than not due to people charging things that they cannot afford to pay cash for the purchase. Additionally the charges are for things that the person does not need...

Credit Reports after Discharge: What Should be Reported?

Posted on October 06, 2008
Generally speaking, upon Bankruptcy Discharge, credit reports should report a $0.00 balance on all debts that were discharged. They should also state “Discharged in Bankruptcy” or other similar language for each account discharged. Finally, there should be no additional reporting after the bankruptcy filing date...

Separated Spouses With the Same Attorney

Posted on October 04, 2008
Bankruptcy attorneys across the country are vigorously split over the practice of representing separated spouses. Those in favor point out that it is permitted, even contemplated by the Bankruptcy Code, and it allows debtors of limited income and assets to save bankruptcy fees and costs...

Biden, McCain, Palin, Obama And Bankruptcy.

Posted on October 03, 2008
Below is information that I have been able to gather with respect to the candidates about their views on bankruptcy. This article is NOT a political comment nor does it seek to convince you either way. I have always said that knowledge is power and now more than ever you must seek knowledge about the [...

Biden Backs Bankruptcy Reform

Posted on October 03, 2008
Economics was a major topic of the vice-presidential debate held on October 2, 2008. Both Governor Palin and Senator Biden spoke about the need for change and economic relief for the middle class. True to their party?s politics, each candidate had their own spin on how to accomplish such necessary relief...

Discharged Debts Filed In Later Bankruptcy Cases

Posted on October 02, 2008
Capital One was caught with its hands in your pockets. According to a press release today, the United States Trustee for Region One, including Massachusetts, filed a complaint against Capital One for filing 5,600 claims in bankruptcy cases for debts which were discharged in earlier bankruptcy cases...

What Does The Connecticut Debt Relief Agent Case Mean For Attorneys?

Posted on October 01, 2008
Debt Relief Agent Recently the U.S. District Court in Connecticut ruled that parts of the revised Bankruptcy Code were unenforceable. (See “Federal Court Strikes Down Bankruptcy Code Provisions“) But some parts of the case remain undecided...

A Better Offer for Wall Street

Posted on October 01, 2008
Okay, this is a serious blog about a serious subject. But once in a while you need a laugh, and Tiberius has posted an open letter with a “sweetened” offer to bail out Wall Street that is just too good to miss. This is just a sample: Dear Wall Street, Hi, this is the lobbyist for a [...

Amending the Bankruptcy Schedules: Sometimes It?s Best to Say ?No?

Posted on September 30, 2008
In a consumer bankruptcy case, sometimes the trustee will request, or even demand, that the debtor amend the schedules, based upon the trustee’s opinion that something has been omitted, or that something is incorrect. Usually, the trustee is right and the debtor makes the amendment...

Bankruptcy Automatic Stay Not Affected by Non-Dischargability

Posted on September 30, 2008
Divorce attorneys like to insert language in the divorce agreements or decrees reciting that certain obligations are not dischargeable in a subsequent bankruptcy case by one of the ex-spouses. Now there may be differing opinions on what parts of a divorce decree are or are not dischargeable in a bankruptcy, but such language does not [...

Federal Court Strikes Down Bankruptcy Code Provisions

Posted on September 30, 2008
Federal Debt Relief Agent After waiting more than two years for a decision, U.S. District Judge Droney of Connecticut ruled on September 9, 2008 that attorneys must be free to advise clients regarding their finances free from governmental interference...

Teachers That Pass The Bankruptcy Means Test One Month, Might Fail The Next!

Posted on September 29, 2008
Another example of one of the absurd results of the Means Test is seen in the calculation of CMI for school teachers which can show that a teacher’s yearly income up to 33% higher than it really is. In North Carolina, many school teachers are often paid for only 9 or 10 [...

Means Test and Old or High Mileage Cars

Posted on September 29, 2008
The Means Test is not a pretty part of the new bankruptcy filing requirements. Above Median Income filers need to compare their income and expenses against allowances based on the Internal Revenue guidelines for delinquent taxpayers. The new statute is not particularly clear on a number of issues, including two which concern the form’s three [...

Filing bankruptcy a point for life changes

Posted on September 29, 2008
The client came in to address just his overwhelming credit card debt and left prepared to restructure his business and relocate to his retirement home. Bankruptcy became an opportunity to address all of the client’s financial commitments and square them with his mid range plans for his life...

How to ?Fire? an Annoying Chapter 7 Trustee

Posted on September 28, 2008
Okay, the debtor in a bankruptcy case can’t really fire the chapter 7 trustee, even if the trustee is annoying or is engaging in troublesome litigation with the debtor. After all, the reason the court appointed the chapter 7 trustee is to maximize, within the limits of the law, the return of money from the [...

Documenting Income in Bankruptcy for the Self Employed

Posted on September 28, 2008
With the passage of the new bankruptcy laws in October, 2005, all debtors must now calculate current monthly income, which is a legal term of art under the new Bankruptcy Code. In a nutshell, current monthly income is the average monthly income for the previous 6 months preceding the Bankruptcy Filing Date...

Tax Refunds in Chapter 13

Posted on September 28, 2008
Post-filing earnings, minus reasonable living expenses, in Chapter 13 is property belonging to the creditors. This can include tax refunds. I used to counsel my clients to decrease their withholdings, which increases net pay and reduces the tax refund...

New Chapter 7 Trustee Due Diligence Documents: Southern District Of California

Posted on September 28, 2008
Effective September 10, 2008, are the new Chapter 7 Trustee Guidelines for the Southern District of California Bankruptcy Court. While not mandatory, failing to follow these guidelines will almost always result in having the case called at the end of the 341 Calendar, and hearing continuations...

Deadline: First Meeting of Creditors Means First Meeting

Posted on September 28, 2008
The time to challenge a debtor’s chapter 7 discharge for abuse is counted from the date of the first meeting of creditors, the Kansas District Court ruled on appeal. See In re Close, Case No. 07-2076-JAR, Bankruptcy case No. 06-20195-7, Turner UST v Close, (2008)...

Property Of The Estate In A Chapter 7 Bankruptcy

Posted on September 27, 2008
When you file a Chapter 7 bankruptcy, all of your assets become ?property of the estate.” That means that control over those things passes to the trustee assigned to your bankruptcy. Basically, the purpose of this rule is to allow the trustee to administer the property and sell anything worth more than your exemptions to [...

What Happens If I Fall Behind On My Mortgage Payments While I Am In a Chapter 13?

Posted on September 26, 2008
Remaining current on your mortgage payment after you file Chapter 13 is a requirement of your Chapter 13 confirmation order. In many areas of the country your ongoing mortgage payments must be made through the Chapter 13 Trustee. In the Northern District of New York courts, you generally make your mortgage payments directly to the [...

Why Are Chapter 13 Debtors Not Allowed To Borrow?

Posted on September 26, 2008
In most bankruptcy courts a Chapter 13 debtor is not allowed to borrow money without the court’s permission, based either on a court order or local rule. This tradition has existed in most places for as long as anyone can remember. Why? It may come as a surprise to most people but the Bankruptcy Code does [...

Bounced A Check To Your Chapter 13 Bankruptcy Trustee?

Posted on September 26, 2008
New York bankruptcy lawyers know that our bankruptcy trustees never have to deal with the headache of a bounced check. Why? Because our Chapter 13 trustees accept only money orders or certified funds for Chapter 13 Plan payments. Chapter 13 trustees in other parts of the country are accustomed to automatic wage deductions, and yet others allow [...

What Happens In A Chapter 13 If I Get Sick Or Lose My Job And Can?t Afford To Make My Plan Payments?

Posted on September 25, 2008
When you propose a Chapter 13 plan for three or five years, your intent is to comply with the terms of the plan. Three or five years can be a long time, though, and often there are changes that you did not anticipate. One of the benefits about Chapter 13 is its flexiblity which can often accommodate the [...

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