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Bankruptcy

Bankruptcy Law Network

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

Chapter 20: San Diego Bankruptcy Court allows Lien Stripping in Chapter 13 after Chapter 7.

Posted on June 21, 2009
The Southern District of California Bankruptcy Court in San Diego recently issued a ruling that allowed a junior lien to be removed in a Chapter 13 case, even though the debtor was not eligible to obtain a discharge. Discharge was not available since the debtor previously filed a chapter 7 petition and the new bankruptcy laws [...

Should I file bankruptcy before I get married?

Posted on June 20, 2009
In June, people’s thoughts turn to marriage. These days, people’s thoughts also turn to bankruptcy. Clients ask me, “Should I file my bankruptcy case before my wedding?” It’s a good question. The answer is not always simple...

Fees From A Creditor Who Tried To Dismiss Your Case

Posted on June 20, 2009
Creditors can argue that your case should be dismissed for abuse, a term not defined in the Bankruptcy Code; It generally means that you’ve been a bad boy. There’s a presumption of abuse when you flunk the Means Test and show that you have means to pay some of your debt...

Bankruptcy and Reverse Mortgages

Posted on June 19, 2009
Senior citizens with fixed incomes frequently think about filing for bankruptcy. Even though we have experienced a horrible mortgage meltdown, many retired people have actually paid off their houses and, at least in theory, still have equity. Yet their social security income is not enough to live...

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Bankruptcy Erases Most Judgments

Posted on June 19, 2009
It often happens that a creditor gets a judgment against you before your bankruptcy case is filed. That judgment is erased by the filing, unless it’s a type of debt that isn’t discharged anyway (fraud, theft, intentional injury, and the like)...

How to Value a Car for Chapter 13 Plan ?Secured Claim? Purposes

Posted on June 19, 2009
Ever wonder how a bankruptcy court would rule, if you actually had a hearing on the question of how much a car is worth in chapter 13? Did you doubt you could really get a court to reduce the amount of the secured claim to take into account the car’s need for expensive repairs? Maybe [...

Force Placed Insurance Only Protects The Lender

Posted on June 19, 2009
I often find that when asked about their insurance, my bankruptcy clients tell me that they are “covered by insurance from the mortgage company.” Bankruptcy or not, be very clear about this: if your insurance lapsed and you were notified by your mortgage company that they have obtained insurance for you, this insurance covers their [...

California Foreclosure: 90 More Days Added under 2923.52(a)

Posted on June 19, 2009
Good news for California Homeowners who are in default on their mortgages. On February 20, 2009, Governor Schwarzenegger signed ABX2 7 and SBX2 7. These new laws provide additional time for borrowers to work out loan modifications who are presently facing foreclosure...

New Massachusetts Bankruptcy Means Test Decision

Posted on June 18, 2009
Judge Feeney, Massachusetts Bankruptcy Judge, days ago issued an important decision on an issue of whether a Chapter 13 debtor would be allowed a means test deduction for a payment of a secured debt when the payment was not being paid due to lien avoidance...

How Long Will My Chapter 7 Take?

Posted on June 17, 2009
In general, a simple, no asset Chapter 7 bankruptcy case will usually go on for about 4 months, but the case could be open a lot longer. When filed, the Court sends out a Notice of Filing to all parties in the case, notifying everyone of the filing and of the deadlines involved...

New York News Report Debunks 5 Myths of Bankruptcy

Posted on June 16, 2009
Hat tip to my New York colleague, David B. Shaev, for the excellent coverage and honest statements. Finally, the news media gets their information about bankruptcy right!

Beware Of Letters (Ads) For Bankruptcy Financial Mangement Class

Posted on June 16, 2009
Some companies are sending letters to bankruptcy debtors for the 2nd bankruptcy course that must be taken in bankruptcy. These letters can be misleading and many debtors believe, after reading the letter, that they must take the course from that particular company...

Statements Received After Discharge May Violate Bankruptcy Code Even If Creditor Includes A Disclaimer

Posted on June 16, 2009
If a creditor sends a letter to you after your discharge, they may be violating the Bankruptcy Code - even if they include language saying it’s just for informational purposes. The recent case of In re BIRAKOYE NASSOKO, Case No. 07-11966 (ALG) (SDNY 2009) involved a car lender that sent a consumer a payment demand comtaining [...

Means Test Vehicle Ownership Expense: Another Appeals Court Says ?Yes? Even When There?s No Car Payment

Posted on June 15, 2009
The U.S Court of Appeals, Fifth Circuit, recently ruled that on the means test’s Form B22A, a vehicle ownership expense is allowed even when the debtor has no car payment. The court’s ruling in In re Tate, No. 08-60953 (5th Cir. June 10, 2009), agrees with the only other circuit court opinion on this issue, In re [...

HELOC in bankruptcy: dischargeable?

Posted on June 15, 2009
The borrower’s personal liability for a home equity line of credit or a standard second position home mortgage is dischargable in bankruptcy. A reader of my website Bankruptcy in Brief, emailed me about conflicting input she was getting in her self prepared bankruptcy case...

Bankruptcy and Foreclosure Defense Attorney Opens New Southern Illinois Office

Posted on June 15, 2009
Bankruptcy and Foreclosure Defense attorney Andy Miofsky announces the opening of his new office in Mt. Vernon Illinois. ?Clients from deep Southern Illinois are driving 90 minutes or more to my Granite City office for a consultation, so I know there is a need that isn?t currently being met in that area,? reports Andy Miofsky...

Reject Commercial Leases Quickly, Says 8th Circuit BAP

Posted on June 15, 2009
If you have a commercial lease in bankruptcy, it pays to reject it quickly according to the Eighth Circuit Bankruptcy Appellate Panel. When a business or individual with a lease on commercial real estate, like a store or (in this case) farmland, files bankruptcy, the debtor or trustee has the right to assume or reject the [...

Appeals Court Holds More Than Mere ?Mistake? Required for Imposition of Constructive Trust; Bankruptcy Trustee Entitled to Mistaken $90,000 Deposit into Debtor?s Account

Posted on June 12, 2009
The Eighth Circuit Bankruptcy Appellate Panel recently reversed a Minnesota bankruptcy court’s ruling that under Minnesota law, a chapter 7 trustee was not entitled to $90,000 which had been mistakenly deposited by a bank president into the debtor’s bank account before he filed bankruptcy...

Bankruptcy and Older Folks

Posted on June 10, 2009
I’ve been having more and more potential clients who are older come see me asking about bankruptcy. Sometimes, bankruptcy is a good solution for these people. Sometimes though, bankruptcy is not a good option. And quite often, very few good options remain to deal with your debt...

Bankruptcy Judge Can Order Conversion from Chapter 13 to Chapter 7

Posted on June 10, 2009
Your decision to file for bankruptcy should involve a great deal of thought and discussion with both your loved ones as well as your legal counsel. Once filed, a bankruptcy carries with it some significant consequences. First, your credit will be affected if you are bankruptcy for one day, one month, one year, or longer...

When Preparing for Bankruptcy, You Can?t Be Too Careful

Posted on June 09, 2009
I was sitting in bankruptcy court this morning, waiting for my cases to be called, when something unusual caught my attention. The trustee who was presiding made a very sarcastic remark. Now, I have to tell you, for some trustees that wouldn’t seem unusual...

What Happens If A Creditor Contacts Me After My Bankruptcy?

Posted on June 09, 2009

Can?t Access ECF? Another Possible Problem and Its Solution

Posted on June 08, 2009
Last month I wrote a post about problems I had been having accessing the Bankruptcy Court’s ECF system and a workaround to solve that problem. In that post I spoke about a problem that arises when your browser sees the ECF bankruptcy pleading filing screen as a disallowed pop-up, thereby leaving you with a blank [...

What Happens if I Stop My Chapter 13 Payment?

Posted on June 07, 2009
If you stop making Chapter 13 payments and do nothing else, your bankruptcy case will be dismissed and the court will not enter a discharge order. This means you will lose the benefits of your bankruptcy and will no longer be protected from your creditors...

Attorney Liens in Bankruptcy

Posted on June 06, 2009
It is not uncommon for debtors to have attorney fee claims against themselves and/or future property of the estate. The most common example is an attorney fee lien agreement on a personal injury case. In the event of recovery in those cases, the attorney typically receives 33% or more of the gross settlement or judgment...

What Is The U.S. Trustee?

Posted on June 06, 2009
Congress established the Office of the U. S. Trustee as part of the Bankruptcy Reform Act of 1978 to act on behalf of the executive branch and regulate or supervise certain aspects of the bankruptcy process. According to the official website the US Trustee program consists of the Executive Office for U...

The stigma of bankruptcy

Posted on June 05, 2009
Why is it that consumers and small business owners see bankruptcy as a mark of shame to be avoided at all costs when bankruptcy is touted as a new beginning and a positive step for corporate America? Is there really anything different about “bankruptcy” when the debtor is General Motors than when it is Joe [...

Chapter 13 Plans Which Vest Property of the Estate in the Debtor Too Early Can Result in Loss of Assets

Posted on June 05, 2009
A recent Idaho bankruptcy court decision, In re Jackson, 2009 WL 562621 (Bky.D.Idaho March 5, 2009), shows how critical it can be to correctly choose, in a chapter 13 plan, whether property of the estate should or should not vest in the debtor upon confirmation of the plan...

Bankruptcy Debtor Education Class (2nd Course)

Posted on June 05, 2009
When you file a bankruptcy case, you may get a letter from a company that makes it seem as if you have to take a course from them, now that you have filed for bankruptcy. You don’t. Read the letter carefully, because it might be an advertisement for the Financial Management Course that is given [...

Eugene Melchionne, Connecticut Bankruptcy Lawyer, Elected To Lead Bankruptcy Law Network

Posted on June 04, 2009

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