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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 judge strikes back against zombie debt

Posted on April 04, 2010
The sale of debt discharged in bankruptcy to a collector violates the bankruptcy discharge. The decision in Laboy v. FirstBank Puerto Rico held the seller liable for attempts by its unrelated buyer some 15 years after the bankruptcy to collect a discharged account...

Bankruptcy: What Do I Do at My Meeting of Creditors?

Posted on April 04, 2010
After filing for bankruptcy, you will meet with a trustee. Be prepared. There is a way to act and not to act at a meeting of creditors. These tips will help you know what to do. Here’s what to do at your 341 bankruptcy meeting with the trustee. Be on time Dress reasonably – not too sharp but not [...

Bankruptcy: ?But I Don?t Want to File On?.?

Posted on April 03, 2010
Filing bankruptcy means listing all your debts, even those you eventually plan on repaying after bankruptcy, like debts to relatives or your mortgage and car payments. As I tell my clients, you need to list anyone in the Milky Way Galaxy to which you owe money...

Debt Canceled v. Discharged: A Taxing Matter

Posted on March 28, 2010
Under the US Bankruptcy Code, if a debt is discharged in a bankruptcy case, it does NOT count as taxable income. Bankruptcy-discharged debt is, therefore, much more powerful than merely canceled debt. While canceled debt usually creates an income tax liability, discharged debt does not...

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Individual Chapter 13, Court Allows Joint Second Mortgage Lien Strip

Posted on March 28, 2010
A second mortgage lien in the wife’s individual Chapter 13 bankruptcy case has been stripped by a Court, even though the mortgage and lien were in the name of the wife and her non-filing husband. Eastern District of Michigan bankruptcy Judge Rhodes wrote the opinion, stripping second mortgage liens, finding the debts totally unsecured, designated for [...

Can Student Loans Garnish My Paycheck?

Posted on March 26, 2010
Payments on student loans that are guaranteed ultimately by the federal government — the vast majority of student loan debt, in other words — can be garnished from your paycheck. And it can be done without going to court. But bankruptcy can stop the garnishment...

Bank of America?s Mortgage Writedown: Too Little, Too Late, and Too Confusing

Posted on March 25, 2010
Three years into the mortgage foreclosure crisis, a major lender has finally announced that it will reduce principal on “underwater” mortgages. Sort of. According to The New York Times, BoA won’t actually write down loans to the value of the property (which is more than it would get in a foreclosure)...

How to file bankruptcy ? #17 of a series ? the ?secondary presumption?

Posted on March 25, 2010
Dear readers – after almost a week, we’ve finally come to the end of the bankruptcy means test form. We’ve figured out your current monthly income, your current monthly disposable income, your allowances and your deductions. And we’ve established whether your are an “above-median income” debtor or not...

Chapter 11 May Be a Good Option for ?Land Rich, Cash Poor? Clients

Posted on March 24, 2010
Recently, I’ve met with a number of clients with the same situation: In addition to their homes, they also own several pieces of investment property, some without any mortgages on them. As a result of the economy, they have had trouble with their tenants paying rent, and haven’t been able to sell the properties...

How to file bankruptcy ? #15 in a series ? the ?multiplier?

Posted on March 24, 2010
We’ve been spending the last week or so showing you just how simple it is to complete the means test form. Now, we have just one little box that could lead you to pull your hair out. You need to consider you “projected chapter 13 payment” as well as the “multiplier” which applies to your “projected [...

Supreme Court Says Creditors Should Read Their Mail

Posted on March 24, 2010
Yesterday, a unanimous Supreme Court concluded that bankruptcy creditors ought to read their mail once in awhile. Perhaps even pay attention and act upon what they read there. Otherwise, they have only themselves to blame. This not so remarkable — yet important — decision involved a complicated — yet simple — case...

Before Filing Bankruptcy, Consider Changing Bank Accounts

Posted on March 24, 2010
There is a simple checklist of things that you need to prepare for filing for bankruptcy. The first is to change your bank account if you owe any money to the bank where your accounts are located. If you have a personal loan, a car loan, or even a credit card with that bank, it’s [...

How to file bankruptcy ? #14 of a series ? Prepetition Priority Claims

Posted on March 23, 2010
People think they can file bankruptcy by themselves. It’s easy. Just fill out the forms. Or get some petition preparer to type them out. I have one word in response. Ha! Here’s another good one in our continuing series demonstrating just how easy it is to file a bankruptcy case all by yourself...

How to file bankruptcy ? #16 of a series ? The ?presumption of abuse?

Posted on March 23, 2010
Congress really knows how to paint a bulls-eye on your behind. If you can afford to pay something under a chapter 13 plan according to the means test, you are presumed to be abusing the system by trying to file a chapter 7 case – a straight bankruptcy...

Chapter 13 plan too much?

Posted on March 23, 2010
A Chapter 13 bankruptcy plan calls for regular payments; if you can’t continue to make those payments, consider converting your case to Chapter 7. By converting, you get the continued protection of the automatic stay and a discharge of dischargeable debts within a couple of months...

How to file bankruptcy ? #11 in a series ? Deductions for Debt Payments

Posted on March 22, 2010
Sometimes the “Means Test” is called the “mean test”. Why? Congress seems to say that it cares a great deal how you spend your money but if you are already spending it paying your creditors, then everything is OK. Why is this so? Well, as a matter of policy, Congress decided that money you are paying [...

How to file Bankruptcy ? #10 in a series ? ?Other Necessary Expenses?

Posted on March 22, 2010
The Means Test is so much fun when you are filing for bankruptcy. Last time, we talked about mechanical amounts, are allowances, which can be deducted from income under the means test. You don’t need to look at your own records or spending to figure out allowances in most cases...

How to file bankruptcy ? #13 in a series ? Cure Amounts

Posted on March 22, 2010
So you thought we were done with the Means Test? Ha! If y0u’re planning to file a bankruptcy case, it might be that you are behind in your payments under your mortgage. In that case, you can and should deduct the amount of money you’d have to pay to “cure” the default in your mortgage...

Discharges And QDROs

Posted on March 20, 2010
QDRO: That nasty Qualified Domestic Relations Order that divvies-up a pension after a divorce. Bankruptcy: That other nasty procedure that may, or may not, get rid of all your debts. Okay, listen up. No bankruptcy can get rid of a family support order...

It?s Not Nice To Fool Your Bankruptcy Attorney!

Posted on March 20, 2010
Back in the 1970’s there was a margarine sold under the brand name Chiffon. (Or so I’ve been told. The ’70’s were a little before my time). According to the commercials, the margarine tasted so much like butter that it fooled Mother Nature...

How to file bankruptcy #9 of a series ? Allowances

Posted on March 19, 2010
So we’re still looking at that creation of Congress – lovingly known as form B22A. Once we calculate your “current monthly income” and we compare it to the “applicable median income”, we know whether your chapter 7 case is presumed abusive...

Why Does My Lawyer Want Something Useless?

Posted on March 19, 2010
Bankruptcy law used to make sense. Then Congress and the previous Administration intervened and decided it needed to make a little less sense. One of the ways it doesn’t make sense is in some of the paperwork we have to ask you to give us, as your lawyer...

I DECLARE BANKRUPTCY! What Is Really Involved?

Posted on March 18, 2010
I DECLARE . . . BANKRUPTCY! So said Michael Scott in the sitcom television show “The Office.” [For video, click here I declare bankruptcy! ] With that, he was absolved of his debts. As we know and as Michael’s co-workers know but apparently Michael did not know, there is more to it than that...

How to file bankruptcy ? #8 in a series ? ?Applicable Median Family Income?

Posted on March 18, 2010
So how do you figure out if your “current monthly income” – the average income you have for the past six months is above or below the median income for a family your size. Well, like so many other things in life, our government has told us what this means...

UNBUNDLED LEGAL SERVICES IN BANKRUPTCY ? PART ONE

Posted on March 17, 2010
This introduces a series on what can be called unbundled law. Others call it an à la carte approach to offering legal services to individuals. The main difference with this approach is that a client represents herself for some portion of her participation in a legal matter rather than having an attorney represent her for [...

Can?t make Chapter 13 bankruptcy payment?

Posted on March 17, 2010
When you can’t make the payments on a confirmed Chapter 13 plan, there are hard choices to make. There are several alternatives that we’ll explore over the next week. My usual favorite option, however, is a hardship discharge under §1328(b)...

How to file bankruptcy ? #7 of a series ? What?s income for the means test?

Posted on March 17, 2010
Most people find the Means Test a pain the butt. I do. One thing clients don’t understand is why their spouse’s income matters even if their spouse isn’t filing a bankruptcy case. That’s because Congress says it matters. If you are receiving support in your household from your spouse, then you’re supposed to have that much [...

States Are Delaying Payment Of Tax Refunds

Posted on March 16, 2010
Many people considering bankruptcy are being affected by the decision of several states to delay sending out tax refunds. One of these states is my state of North Carolina, and I expect to see two different situations come into my office. First will be the people who were planning on using the tax refund to [...

How to file bankruptcy ? number 6 of a series ? the Means Test

Posted on March 16, 2010
Every individual who files a bankruptcy case must file a means test form. It doesn’t even matter if you are exempt from the means test, you still have to fill out the form. It’s complicated. (I thought that was only for relationships on Facebook – maybe not)...

How to file bankruptcy ? number 5 of a series

Posted on March 15, 2010
Dear readers, we’ve gotten through the bankruptcy petition. It took us four separate blog-entries just go get through the bankruptcy petition. Of course, before you can even file a bankruptcy petition, you’ll need to take credit counseling first...

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