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Bankruptcy

Bankruptcy Law Network

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

Should Bankruptcy Be One of Your New Year?s Resolutions?

Posted on January 03, 2011
No one wants to file bankruptcy. No one does it for fun. It’s like going to the dentist (or proctologist, or urologist–take your pick). You do it only because you need to, and it will improve your life in the long run. So how do you know when the time has come? Here are some [...

Bankruptcy, Balance Sheets, and Fred

Posted on January 03, 2011
Filing bankruptcy if you have an interest in a corporation or a limited liability company requires some extra work for you and your bankruptcy lawyer. Preparing an accurate balance sheet listing the company’s assets and debts is a critically important part of this process...

Bankruptcy: The Meeting of Creditors. What Did The Trustee Say?

Posted on January 01, 2011
Every person that files a bankruptcy is required to attend a Meeting of Creditors. The meeting, also called a Section 341(a) meeting is held by a Trustee. The Trustee is an individual, usually an attorney or a certfied public account, who is responsible for reviewing the debtor’s bankruptcy to see if there are any assets [...

Illinois law prohibits employment discrimination after bankruptcy

Posted on January 01, 2011
The bankruptcy code give you limited protection against employment discrimination after bankruptcy. You can’t get fired from your existing job in the private sector. You can’t be discriminated against for a job in the public sector. But you could be excluded from consideration for a new job in the private sector...

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Am I Responsible for a Deceased Child Borrower?s Student Loan Debt?

Posted on December 31, 2010
On more than one occasion, I have represented individuals in Chapter 7 and Chapter 13 bankruptcy cases when the debt that prompted the filing was wholly or in large part co-signed debt. It seems that underwriting standards for most large loans have become tighter and nowhere is this more true than in the case of [...

Credit Card Horrors For Senior Citizens

Posted on December 29, 2010
As a consumer bankruptcy attorney I get to see trends coming before they become mainstream. Living in Southwest Florida, I get to deal with people from all walks of life. The generation that I find the most interesting is senior citizens. They face other demons besides financial ones...

HAMP Mortgage Modifications and Bankruptcy

Posted on December 27, 2010
HAMP, the Home Affordable Modification Program which can modify a mortgage, is no way to avoid bankruptcy. It’s a heart-breaker. It builds up false hopes and then destroys them. That’s my conclusion from reading the new Congressional Oversight Panel report...

Outgoing Governor Paterson Gives New York Debtors Something to Cheer About!

Posted on December 26, 2010
Gov. David Paterson has signed a bill that gives more protection to New Yorkers who file bankruptcy or who have been sued by bill collectors. The new law increases the exemptions that people can use to protect their property from forced sales by bankruptcy trustees and debt collectors...

A Christmas Cheer For Consumer Lawyers

Posted on December 25, 2010
Christmas is usually a slow time for consumer bankruptcy lawyers. The phones go quiet, a few cards come in, a fruit cake from a grateful client now and then. It gives us a chance to pause and consider what we do and why. Consumer Advocates Are Often Pariahs As a bankruptcy lawyer, I run a [...

Bankruptcy Basics: Bankruptcy Fraud can lead to Truth or Consequences

Posted on December 24, 2010
In earlier posts, two bankruptcies filed by debtors appearing in Bravo Television reality shows were discussed. Terese Giudice who appears on Real Housewives of New Jersey and Sonja Morgan who appears on Real Housewives of New York City each filed banruptcy...

Defaulting on Business Purchase Loan

Posted on December 23, 2010
I’ve been hearing from more and more people who have purchased small businesses on an installment basis from a previous owner and are now struggling to make the payments because of the downturn in the economy. What should you know and do if you are in this situation? First, it makes sense to try to [...

A Horse Trailer is Not a Home

Posted on December 21, 2010
Unusual situations often show up in bankruptcy court eventually. And sometimes they contain both humor and depression in equal measure. Recently the 8th Circuit Bankruptcy Appellate Panel was called upon to rule on whether a horse trailer could be a mobile home under Missouri law...

Save Now, Spend Less, Avoid Bankruptcy In 7 Easy Steps

Posted on December 20, 2010
“You can’t always get what you want”, sing the Rolling Stones, “but if you try sometimes, you might find you get what you need” by following these seven super not secret easy to follow steps to financial freedom and avoid bankruptcy...

How To Torpedo Your Own Chapter 13 Bankruptcy

Posted on December 20, 2010
Sometimes you have to wonder what planet people are living on. They hire a lawyer, pay good money (is there any other kind?) and proceed to act as if they’re handling their own bankruptcy case. I give you Exhibit A. My client, an intelligent and well-reasoned woman who makes a significant amount of money, hired [...

Bankruptcy Technical Corrections Act to President

Posted on December 19, 2010
On December 16th the House of Representatives voted to give final congressional approval to the Bankruptcy Technical Corrections Act (H.R. 6198). The Act primarily makes technical changes, such as correcting cross-references in the statute where the numbering of an existing provision was changed (e...

Is My Limited Liability Company Safe in Bankruptcy?

Posted on December 18, 2010
Limited liability companies, called LLCs for short, have become a popular method of organizing business relationships. Nearly unknown until the early 1980s, all 50 states have now adopted statutes that permit this business format. While LLCs can file bankruptcy, it is much more common for members who own LLC interests to seek relief from creditors [...

Lien Stripping in Chapter 13 Bankruptcy Alive and Well in the 4th Circuit

Posted on December 15, 2010
Today the 4th Circuit Court of Appeals entered a very brief opinion that is great news for bankruptcy debtors, holding that junior liens — second mortgages, home equity loans, etc. — can be “stripped off” of a Debtor’s principal residence in a Chapter 13 case when they are wholly unsecured by any equity in the property...

The Jacksonville bankruptcy bar loses a good man

Posted on December 15, 2010
The Jacksonville bankruptcy bar has lost an honorable advocate for creditor rights. Sadly, Raymond Magley, Esquire of Smith, Hulsey & Busey passed away on Friday, December 10th after fighting brain cancer since being diagnosed this past January. He was 50 years old...

New U.S. Trustee for Northern Illinois, Wisconsin Appointed

Posted on December 14, 2010
Patrick S. Layng has been appointed the new U.S. Trustee for Region 11, which covers the Northern District of Illinois and the Eastern and Western Districts of Wisconsin. According to the press release from the Executive Office for U.S. Trustees, for the past six years, Layng has been a “Regional Criminal Coordinator for the U...

After You File Bankruptcy, What Happens If A Creditor Contacts You?

Posted on December 13, 2010
What happens if a creditor contacts someone after bankruptcy? Under the bankruptcy laws, creditors can’t take any action to collect a debt once a case has been filed. If a bankruptcy case is still open, then the creditor is violating the automatic stay in the active case, and may be santioned for doing so...

Bankruptcy Revenge

Posted on December 11, 2010
The most important impact of filing Bankruptcy is the automatic stay. That provides a guard against any collection activity including garnishments, foreclosures, and harassing collection companies. The second dramatic thing that happens is, most often, a dip in one?s credit score...

When Chapter 13 Plan Hits Trouble

Posted on December 11, 2010
Have the wheels come off your Chapter 13 plan? All is not necessarily lost if you find you can’t make the monthly payment in a confirmed Chapter 13 case. There are several options to letting the case get dismissed for non payment. Plan modification The Bankruptcy Code allows a debtor to modify the terms of [...

Christmas and Mortgage Payments: Don?t Confuse Priorities!

Posted on December 10, 2010
Being in bankruptcy means remembering priorities. A big priority is keeping a roof over your head. As I have in the past, I will suggest that this is even more important than Christmas. If you have had to file bankruptcy, your budget is probably already tight...

Credit Cards and the Christmas Holidays ? a Dangerous Combination

Posted on December 09, 2010
Season?s Greetings ? and a word of caution. This is a wonderful time of year, a time for giving thanks, for counting blessings, for sharing joy and for giving to others. The natural desire to express our love through gifts burns strong in our hearts (and the fire is stoked by incessant advertising...

Reaffirming A Mortgage?

Posted on December 08, 2010
Reaffirming is the only way to remain liable on a debt that is otherwise dischargeable in a Chapter 7 bankruptcy. At least in Michigan, signing a reaffirmation agreement is never a good idea, unless the bank is changing the terms to your advantage. If you keep up the taxes and insurance, and make the payments, [...

Success In Bankruptcy Means You Focus On What You Gain And Not What You Have Lost.

Posted on December 07, 2010
In order to succeed in bankruptcy it is critical for you to focus on what you have and not what you have lost. The holiday season is always tough for debtors regardless if they are in a Chapter 7 or Chapter 13. People have a tendency to worry about living in the holiday moment and [...

Loan Modifications to Avoid Bankruptcy? 7 Tips to Help.

Posted on November 25, 2010
Since the mortgage market collapsed, loan modifications to avoid foreclosure have become industry and government policy. Many people hope to modify their mortgages to avoid having to give up their homes and file bankruptcy. The process is deceptively simple to get involved in – and easy to get burned by, even if you are working [...

Exemption Planning Further Clarified

Posted on November 24, 2010
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Bankruptcy Basics: Your Bankruptcy Attorney Fee Depends on Accuracy, Honesty!

Posted on November 23, 2010
In “How Much Will A Bankruptcy Cost Me?“ I discussed the Teresa Guidici Chapter 7 bankruptcy filing. Mrs. Guidici appears on a reality television show on the Bravo network, “Real Housewives of New Jersey”. Mrs. Guidici and her husband have serious issues facing them about the accuracy of the schedules filed with the Court...

The Old Bankruptcy Law Is Dead

Posted on November 20, 2010
The New Bankruptcy Law [is] Five Years Old, so says Susanne Robicsek in her October 17, 2010 anniversary blog about bankruptcy reform legislation enacted in 2005. Tragically, now the old bankruptcy law is dead, in that all cases filed under the prior law have concluded, or should have by now...

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