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

Foreclosure Court taints the legacy of Florida?s Senior Judges

Posted on October 15, 2010
Judges are put in a position to shape their communities for decades, and Florida?s Circuit Civil Judges are no different. They decide extremely critical issues facing Floridians ranging from real estate development to the death penalty. They create new families through adoption and end broken families through divorce...

Bankruptcy Means Test Gets Meaner

Posted on October 13, 2010
The bankruptcy means test gets meaner on November 1, 2010, when falling income guidelines go into effect. Consumers thinking of filing bankruptcy who may be close to the median income line should compare the BEFORE and AFTER figures. Filing bankruptcy by Halloween may be a good idea for some consumer debtors...

Foreclosures Stopped by Bank of America: Not Always Good News

Posted on October 13, 2010
Foreclosures by Bank of America have been stopped in all 50 states, which is good news for many homeowners frustrated by foreclosure-documentation problems. It is good that some of the mortgage industry’s widespread problems are being examined, but stalled foreclosures may not be beneficial for everyone...

Bankruptcy Planning: Ten Dumbest Things NOT to Do?Part Two

Posted on October 12, 2010
You’re considering bankruptcy, or just suffering through financial problems due to job loss, divorce, illness, other problems, or a combination of all of those things, and you want to avoid costly mistakes. Continuing my list of things NOT to do, here is part two...

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Tenancy by the Entireties May Protect Property in Bankruptcy if there is no Joint Debt

Posted on October 12, 2010
Tenancy by the entireties, in many states, is one of the most valuable ways for debtors to retain, or exempt, property in bankruptcy. Because entireties property can only be alienated (a fancy word for transferred or sold) by both spouses acting together, only joint creditors of both spouses can attach it to satisfy their debts, [...

Mortgage and Bankruptcy: Save Your Home!

Posted on October 11, 2010
If you are behind in the mortgage payment on your home, there are several things you can do. One way to stop a foreclosure is to file bankruptcy. Once filed, there is an automatic stay that goes into effect that keeps anyone from taking your property, including your home...

Lose in Court, Drive Happily into Sunset

Posted on October 10, 2010
Growing case law suggests that debtors should hope the bankruptcy court does not approve their car reaffirmation agreement. Huh?, you say. If you’ve agreed to reaffirm, and essentially waive the bankruptcy discharge as to the car loan in order to keep the car, why would you want the court to find that the car loan [...

Divorce Debt In Bankruptcy

Posted on October 08, 2010
We have lots of divorces and too much debt in America today. As an attorney who has done lots of domestic law work, I recall the time when the court divided the property between the husband and wife, including the value in their house. Well, those days are gone, as the song says...

Bankruptcy Is Not A Pizza!

Posted on October 07, 2010
Bankruptcy is not a pizza! You can not just walk into an attorney and say, “Hey I want a Chapter 7 with extra cheese” and call it a day. Bankruptcy is a very specialized area of the law and if you don’t hire the right attorney or know what you are doing if you are [...

Lawyer Fees Charged to Client?s Credit Card; Court Orders U.S. Trustee to Examine Every Case He Filed Since 2005

Posted on October 06, 2010
Failing to return phone calls from a bankruptcy client, failing to help the client confirm her chapter 13 plan, and other mistakes may prove costly to an Ohio lawyer, whose client wrote a letter of complaint to the bankruptcy court, sparking an investigation into the lawyer’s conduct in that and other bankruptcy cases...

If I Was Overpaid Unemployment Benefits And The State Wants Me To Pay It Back! Will Bankruptcy Help?

Posted on October 04, 2010
I was watching the news recently and it caught my attention that the State of North Carolina says that it had paid lots of people more than it should have in unemployment benefits. Because of this, the State will seek to recover the amount that it claims it overpaid...

Individual Chapter 11 Bankruptcy: Why Is It So Hard To Find a Lawyer?

Posted on October 04, 2010
Say the words “Chapter 11″ to most consumer bankruptcy attorneys, and after an initial look of fear in their eyes, you will quickly receive the name of one of the few attorneys in your state that actually handles individual and small business Chapter 11 bankruptcy cases...

Bankruptcy Appellate Panel Gets Student Loan Test Right

Posted on October 03, 2010
Bankruptcy lawyers and their clients are plagued by the Brunner test when trying to discharge student loans. While the Bankruptcy Code says that student loans may be discharged if the debtor shows ?undue hardship,? the Brunner test provides that student loans may only be discharged if the debtor shows: (1) inability, at his current level [...

Supreme Court to Decide Meaning of Key Means Test Provision

Posted on October 03, 2010
A little over a year ago, Bankruptcy Law Network contributor Cathy Moran wrote a post on this blog about the 9th Circuit’s decision in the MBNA v. Ransom case. At issue was the question of whether an above-median debtor could claim the “ownership deduction” in a means test calculation even if that debtor owned his [...

Bankruptcy Planning: Ten Dumbest Things NOT to Do?Part One

Posted on October 02, 2010
As a bankruptcy attorney, a recent headline offering to tell me the dumbest mistakes I could make if I owed too much debt caught my eye. Rarely does a potential bankruptcy client come to me as soon as they get into financial trouble; often they have done things to try and fix the problems themselves [...

Why Bankruptcy Is A Better Choice Than Debt Settlement? A Case Study!

Posted on October 02, 2010
You can’t turn on a radio or watch TV without hearing or seeing commercials for debt settlement companies that suggest that they are a better choice than bankruptcy. Many, including myself, believe that these companies are scams. There have been several articles on the Bankrptcy Law Network site that discuss the problems with debt collection companies, [...

New U.S. Trustee for Texas ? Region 7

Posted on October 02, 2010
The United States Attorney General has appointed Judy A. Robbins as the new United States Trustee for Region 7. The United States Trustee Program is a component of the U.S. Department of Justice that supervises the admistration of bankruptcy cases. Region 7 covers the Southern District of Texas and the Western District of Texas and has [...

Is Chapter 13 An Option For A Small Corporation Or A Limited Liability Corporation (LLC)?

Posted on September 29, 2010
A small business may need to file a bankruptcy to protect its owner and its assets while continuing to operate. The sole proprietor (an individual ?doing business as?) can file a Chapter 13.and include his business. One exception to this rule is if the small business is operating as a corporation...

Credit Scores And Reaffirmation Agreements

Posted on September 28, 2010
Reaffirmation agreements have been the source of significant debate since the bankruptcy amendments of 2005. One issue that strikes fear in the hearts of debtor’s counsel is whether to allow a client to reaffirm a mortgage obligation. This is a huge issue because of the real estate market and the uncertainty of the economy...

You Can Modify a Mortgage on a Your Home in a Chapter 13 Bankruptcy!

Posted on September 27, 2010
You can modify (or cramdown) a mortgage on your residence in a Chapter 13 under current bankruptcy law if certain conditions are met. While the general rule is that you cannot modify mortgages on your home in a Chapter 13, you can if either of two separate instances exist...

Want Copies of Your Bankruptcy Documents?

Posted on September 27, 2010
If you filed for bankruptcy, you can get a copy of all your documents for a few dollars, or even free. I saw an online ad today that said something like this: Get the official bankruptcy documents you need instantly ……….for the low low price of $14...

Employer and Company Credit Cards

Posted on September 27, 2010
Are you responsible for a credit card supplied and reimbursed by an employer? The answer is often “yes”, which leads to painful complications. You are very likely responsible if you signed the credit card agreement. Another warning sign is if you must pay the bill and then get reimbursed...

Means Test Figures Changing Again

Posted on September 26, 2010
The income figures used for determining bankruptcy eligibility are changing again November 1, 2010. The numbers come from the Census Bureau, which reports median family income by state. The U.S. Trustee takes that data and updates the bankruptcy means test...

Social Security Excluded From Chapter 13 Plan Payments

Posted on September 25, 2010
Social Security Income is heavily protected from your creditors outside bankruptcy. And Congress has repeatedly emphasized that it should remain protected from creditors inside bankruptcy as well. An open question has remained, though. When a person files Chapter 13, one of the requirements is, generally, that their income — after their reasonable and necessary living [...

Mortgage Cramdown ? Yes!

Posted on September 23, 2010
Judicial mortgage modification, also known as mortgage cramdown, would NOT disrupt the residential mortgage lending market, but would prevent home foreclosures Says who? Says a Federal Reserve Bank of Cleveland study just released.. See the L. A. Times article by Lew Sichelman for a more readable explanation of mortgage cramdown...

Who will find out if I file bankruptcy?

Posted on September 23, 2010
This is a question we hear a lot: who will find out if I file bankruptcy? It’s a good question with a pretty simple answer, but like a lot of things about bankruptcy, people tend to worry about it. First of all, bankruptcy is a court proceeding...

Bankruptcy Basics: How Much Does Filing For Bankruptcy Cost?

Posted on September 22, 2010
How much will it cost me should not be the first question asked when a debtor calls a bankruptcy attorney. Costs can vary by state and by the difficulty of a bankruptcy case. Attorney fees are a necessary expense in bankruptcy, along with the filing fee, credit counseling class.

Bankruptcy Court ? Getting Through The Ordeal

Posted on September 21, 2010
When I first went into practice I had never been to bankruptcy court; in fact, I didn’t even know where it was. And though just about 15 years has passed since that first New Yorker asked me to represent her in a Chapter 7 bankruptcy, that unsettled feeling of walking into bankruptcy court for the [...

Bankruptcy and Collectibles ? What Can You Keep?

Posted on September 21, 2010
Many Chapter 7 bankruptcy debtors worry that they will loose all their belonging, including their “valuable collectibles”. Depending on how you look at it, most debtors turn out to be lucky because they get to keep their collections. That is because most collectibles have little resale value and fall within the allowed exemptions in bankruptcy...

Payday Lender Must Disclose EFT Authorization

Posted on September 20, 2010
Payday Loan lenders could be sued in Illinois for failing to disclose the existence of an Electronic Funds Transfer [EFT] agreement in the loan disclosure box, so says the 5th Division of the First District Appellate Court of Illinois in the case of Randle v...

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