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Bankruptcy

Bankruptcy Law Network

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

Massachusetts Bankruptcy Court Holds Means Test Form Not Due on Conversion

Posted on December 18, 2009
Courts have divided on whether a new means test form is due upon conversion from Chapter 13 to Chapter 7. Most recently, Massachusetts bankruptcy Judge Rosenthal held that a new form is not due upon conversion. See In re Guarin, 2009 WL 4500476 (Bkrtcy...

How Does a Repossession Work?

Posted on December 18, 2009
Repossession can be a very scary process, which can also happen pretty quickly. Essentially, in New York State, when a borrower has defaulted on a car loan, the creditor has the right to repossess your car even if you are only a few weeks behind. And to do so, the creditor does not even need permission [...

What?s a ?Debt Relief Agency?? One of a series

Posted on December 17, 2009
Anyone who has been thinking of filing a bankruptcy case has seen that law firms who file bankruptcy cases call themselves “Debt Relief Agencies”. This isn’t an accident. This is Congress’ way of trying to protect you. Now, don’t you feel much better? I thought so...

?Were You Naked When You Filed Your Bankruptcy??

Posted on December 17, 2009
When you file your bankruptcy case, make sure you have all of your assets listed. Leaving property off of your schedules can get you in trouble with the court and, in some cases, can make you and your lawyer look downright silly. I was recently in bankruptcy court waiting for my case to be called...

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What?s a custodian? Get your car back in bankruptcy.

Posted on December 16, 2009
You may be able to get your car back in bankruptcy even if it has been repossessed before you file your case. That’s because the repo guy is a “custodian” under the Bankruptcy Code. A ”custodian” means: receiver or trustee of any of the property of the debtor, not in bankruptcy assignee under a general assignment for the benefit of [...

A Bankruptcy Riff on Christmas Songs

Posted on December 16, 2009
Do You Owe What I Owe? (To the tune of “Do You Hear What I Hear?”) Said the neighbor to the young man, “Do you owe what I owe? Bills up to the sky, young man, Do you see what I see? A choice, a choice, waiting in the night A new start to end the year alright, A fresh start for a [...

Who is a ?family fisherman?? One of a series

Posted on December 15, 2009
The Bankruptcy Code likes “family fishermen.” It’s not easy to make a living as a fishermen. In fact, statistics demonstrate that family fishermen have had a difficult time eking out a living. This is particularly important in coastal states such as Maine, Louisiana, Mississippi, Maryland, Florida and Alaska...

Does Working On A Mortgage Modification Stop Foreclosure?

Posted on December 15, 2009

Can I Keep Two Houses If I File Chapter 13 Bankruptcy?

Posted on December 15, 2009
Can you keep two houses if you file for Chapter 13 Bankruptcy? Like so many questions in bankruptcy, the answer is: It depends. When most people file a Chapter 13 bankruptcy they are generally doing so to either save a house from foreclosure, or because the person is an “over means” debtor which requires them to file a Chapter 13 bankruptcy [...

What is ?consumer debt? in bankruptcy? One of a series.

Posted on December 14, 2009
Back in 2005, Congress passed a new bankruptcy law called BAPCPA. Supposedly, this law would prevent bankruptcy abuse and protect consumers. It hasn’t worked out that way. Many people feel that BAPCPA helped bring about the financial meltdown which has been ruining our economy and the lives of millions of American families...

Divorce, Bankruptcy And Conflict Part 2

Posted on December 14, 2009
Divorce and Bankruptcy present a daily problem to all including the bankruptcy lawyer. Chapter 13 was designed to be a fluid bankruptcy in which it can change along with changes in the debtors lifestyle. The case can be modified, converted, dismissed, and dismissed and refiled...

#5 What About My Spouse?s Privacy?

Posted on December 14, 2009
#5 What About My Spouse’s Privacy? This continues the series ?I’m Filing, My Spouse Isn’t-What Happens?? The series is introduced here. It’s a pity, but your spouse simply won?t have much privacy here. It is part of the ?bankruptcy contract? so to speak ? you must fully and truthfully disclose, disclose, disclose, and in return you get [...

Pre-Bankruptcy Leased Vehicles Purchased After Expiration of the Lease: Are Such Agreements Enforceable?

Posted on December 14, 2009
It’s common for persons to lease a motor vehicle, rather than to purchase it using a traditional vehicle loan. It’s also common for such persons to file chapter 7 bankruptcy before the vehicle lease is finished. Often the debtor will continue making the payments on the vehicle, retaining it until the end of the lease [...

Planning a bankruptcy fresh start after the holidays?

Posted on December 14, 2009
It’s tempting to think you’ll just get through the holidays before facing facts and filing for bankruptcy. I’m all in favor of facing facts and righting the listing financial ship, but your ability to get a bankruptcy discharge can be impacted by your spending behavior in December...

What do you mean by ?cash? when completing my bankruptcy schedules?

Posted on December 14, 2009
One of the questions you will need to answer when you file your bankruptcy schedules is how much cash you have. This means how much cash you have in each and every bank account, savings account, money market account, buried somewhere, someone else is holding for you, that you have on your person, in your [...

In a Chapter 13 Bankruptcy, Pay Early and Pay Often

Posted on December 14, 2009
The Bankruptcy Code requires Chapter 13 debtors to make their first plan payment within 30 days of filing their case, but they should make their first payment as early as possible. If you file Chapter 13, you are required to make your first payment within 3o days of filing your case...

You Mean My X-Wife Will Find Out About My Bankruptcy?

Posted on December 13, 2009
Divorced debtors should take extra care to insure that all information on their bankruptcy schedules is completely accurate. When a client?s been divorced, that raises red flags for me. Are there ?hold harmless? type debts that might not be dischargeable in Chapter 7? Should we consider a Chapter 13? How much alimony is the debtor required [...

What?s a ?community claim?? ? One of a series

Posted on December 13, 2009
Wisconsin, not to mention quite a few of the states in the West and Southwest, recognizes “community property” between husband and wife. Usually we think about “community property” in connection with a divorce and matrimonial proceedings...

Can I Buy A New Car While I Am In Chapter 13 Bankruptcy?

Posted on December 12, 2009
Because of the fact that a Chapter 13 bankruptcy will normally take 36 months to 60 months to complete it is a common occurrence that a debtor’s car will need to be replaced during the life of the Chapter 13 Plan. Generally speaking (and assuming you qualify for a car loan) the Court will approve the [...

How Long Will My Chapter 7 Case Take?

Posted on December 12, 2009
Chapter 7 bankruptcy is a fairly quick process that generally lasts about four months after you file your case. Your case will be filed electronically. A few minutes after the case is filed, you will be given a hearing date. This hearing is called a 341 hearing (after section 341 of the Bankruptcy Code) or a [...

What kind of ?claims? are there in bankruptcy? One of a series

Posted on December 12, 2009
People considering bankruptcy must tell their lawyer every claim that anyone has against them. A claim is basically a right to payment. Somebody who holds a claim is a “creditor”. Claims can come in many varieties. Claims may be: reduced to judgment or not A judgment is a court order to pay money immediately to the creditor – who as [...

New bankruptcy cram down legislation? Don?t bet on it!

Posted on December 11, 2009
Joe Congress is such a flirt. As has been reported earlier this week on BLN, the House of Representatives is beating a dead horse ? modification of mortgages in bankruptcy. This is the same piece of legislation that got nowhere in the Senate earlier this year...

Divorce and Bankruptcy Conflicts Part 1

Posted on December 11, 2009
Your sitting at your desk at the next client comes in. A couple sits down in front of you and you begin the interview. Fifteen or Twenty minutes into the interview you suspect something is up and the couple announce not only do they wish to file bankruptcy but they are going to get a [...

The Supreme Court looks at a ?discharged? student loan

Posted on December 11, 2009
The United States Supreme Court just heard the Espinoza case. You may have heard about it in the news. The debtor filed a chapter 13 case. In his plan, he called for his student loan to be paid in full, without interest. And the debtor did just that...

What?s ?bankruptcy assistance? and why do I care? ? One of a series

Posted on December 10, 2009
You may remember from an earlier post that you are probably an “assisted person”. Another of our posts explained to you that your bankruptcy lawyer seems to be a “Debt Relief Agency”. What do “Debt Relief Agencies” do for “assisted persons”...

If I File Bankruptcy, Do I Have to go to Court?

Posted on December 09, 2009
I know very few people who ENJOY going to court. In seventh grade, however, I remember taking a trip to the local courthouse just to see a trial in action. Unfortunately, I walked in on a family court matter and I could feel the enormous stress. When I think of court, I think of uncertainty...

$480,000 Student Loan Debt Disqualifies Applicant From Obtaining License to Practice Law

Posted on December 09, 2009
A panel of New York state court judges has once again denied Robert Bowman’s application to be admitted to the practice of law in that state, citing lack of “character and fitness” due to his unusually large student loan debt of $480,000...

Cold Weather Rule In Missouri

Posted on December 09, 2009
It is critical that you be aware of the Missouri Cold Weather Rule this winter season. The Missouri Attorney General has outlined the information to help keep you warm. Unfortunately many will try and light bar-b-que’s inside their homes or kerosene heathers because they are unaware of this rule...

When Will My Chapter 7 Bankruptcy Case Be Over?

Posted on December 09, 2009
If you filed your Chapter 7 bankruptcy case today, you would reach the finish line in about 100 days. But what happens during those 100 days? Here is the typical process: Your 45-50 page bankruptcy petition is filed electronically with the court. A trustee (another lawyer) is assigned to your case to review the petition...

What?s a ?claim? in bankruptcy? ? One of a continuing series

Posted on December 09, 2009
The point of bankruptcy is to get out of debt. You get out of debt by getting a “discharge” in bankruptcy. What’s the point of getting a discharge? Well, if you get a discharge in bankruptcy, you are no longer liable to pay any creditor on account of a “dischargeable claim...

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