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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

#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 [...

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

Posted on February 08, 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...

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 [...

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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.

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 05, 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 05, 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 05, 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 05, 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 05, 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 05, 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 [...

Can I discharge gambling debts? The house has the odds.

Posted on January 31, 2010
Why are gambling debts different than other debts? ?Well if you took out a marker in Las Vegas, you’d better have been in a position to pay it. A Wisconsin resident learned his lesson the hard way not so long ago. ?Wisconsin has a strong public policy against the enforcement of gambling debts...

Will I Lose the Rental Property I Own If I File For Bankruptcy?

Posted on January 31, 2010
You may or may not lose your rental property if you file bankruptcy. The two most important issues are whether the property is producing a positive income and whether the property has any equity, as well as which chapter of bankruptcy you file. Maintaining a rental property is not without its costs...

Want a Shorter Chapter 13 Plan? Get a Divorce.

Posted on January 31, 2010
BAPCPA in effect punishes married Ch. 13 debtors if their non-filing spouse has a “decent” income. by forcing them into longer plans. One solution might be to get a divorce. Most courts hold that if your income is above the median income for your state, then your Chapter 13 plan must extend for five, not three, [...

Parker & DuFresne contributes $5,000 to Jacksonville Area Legal Aid

Posted on January 31, 2010
North Florida?s most needy citizens turn to Jacksonville Area Legal Aid for free legal assistance in all consumer matters. JALA operates on a shoestring budget and relies directly upon the government funding, volunteer services and private financial contributions...

Massachusetts Bankruptcy Judge Endorses Hybrid Plan

Posted on January 31, 2010
Massachusetts Bankruptcy Judge Frank K. Bailey recently endorsed a so-called hybrid Chapter 13 plan which proposed to modify a first mortgage on a multi-family home while, at the same time, extending the payment on the secured claim beyond the life of the plan...

Tax Refunds and Bankruptcy Part II

Posted on January 30, 2010
How do I protect the tax refund. In part one we discussed why the tax refund can be a problem in bankruptcy. The refund can be a part of the bankruptcy estate and the trustee can take part of your refund and pay your unsecured creditors. Here are some tips to protect most if not all [...

What Does this Chapter 13 Notice Mean?

Posted on January 30, 2010
A lot has changed in the consumer bankruptcy world during the last 20 years, but one thing is constant – the written notices issued by the clerk of court and by the Chapter 13 trustee’s office will cause panic and confusion in the minds of bankruptcy filers...

What are the debtor?s duties in a chapter 7 case?

Posted on January 30, 2010
Bankruptcy is like an obstacle course for debtors. You can’t become a debtor without first taking credit counseling from an approved not-for-profit agency. The credit counseling must be no more than 180 days prior to the bankruptcy case. Most courts want you to have taken the credit counseling at least a day before your case...

Move In With My Parents Or File Bankruptcy?

Posted on January 30, 2010
There’s No Place Like Home Many adults would love to return to childhood. A comfortable bed and three meals a day in exchange for a few chores. Financial stress was never part of the deal. Move out of the nest, however, and the pressures of life make their grand entrance...

Bankruptcy and Divorce

Posted on January 30, 2010
All too often money problems lead to divorce. So it?s normal that a bankruptcy (or two) will be part of the picture. Should you file bankruptcy first, or wait until the divorce is filed or concluded? A good question. The answer depends entirely on where you live and what issues need to be resolved in the [...

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