Bankruptcy

How to Protect Yourself from Vehicle Repossession In Case of Coronavirus Layoff

Posted on March 31, 2020
If you have lost your job due to the coronavirus crisis, you are likely in survival mode. Your immediate goal should be to ?shelter in place? to protect your health and that of your family. Beyond that, whatever funds you have need to be allocated to food and shelter...

What Can You Do if Your Lawyer Failed to Ask for a Reaffirmation Agreement from Your Mortgage Company?

Posted on March 25, 2020
Recently I received an email from a woman who filed bankruptcy several years ago and who recently discovered that her lawyer had not requested or filed a reaffirmation agreement. She has been current on her mortgage before, during and after her bankruptcy but because there was no reaffirmation agreement filed, the mortgage lender is not […]The post What Can You Do if Your Lawyer Failed to Ask for a Reaffirmation Agreement from Your Mortgage Company? appeared first on theBKBlog.

How do You Protect Yourself Financially During the Coronavirus Pandemic?

Posted on March 18, 2020
How can you best protect yourself when the national and local economies are rocked by unexpected disruptions? Almost overnight, the spread of the COVID-19 coronavirus has decimated dozens of industries – food service, hospitality, retail, transportation, education, government and any business that relies on face to face interaction...

How Should You Deal With Creditors If You Lose Income Due to the Corona Virus?

Posted on March 17, 2020
How should you handle your creditors if you experience an unexpected drop in income, a layoff or loss of that part time job that was keeping you afloat? In March, 2020, the economy in Georgia and throughout the United States took a huge hit with the spread of the COVID-19 corona virus...

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What Should You Do About a Surprise Wage Garnishment?

Posted on December 13, 2019
In my Atlanta area bankruptcy practice I sometimes get calls from a very anxious man or woman who tells me that their payroll office has received a wage garnishment order but the employee has no idea why or where it came from. What should they do? Here is how I would approach this problem...

Can You be Thrown in Jail for Not Paying Your Credit Card Debt?

Posted on January 30, 2019
?Can I be thrown in jail for not paying my credit card debt?? What about other unsecured debt like a broken apartment lease, a car repossession deficiency, medical bills or personal loans? The short answer to this question is ?no,? there is no debtor?s prison in the United States and an unsecured creditor like a […]The post Can You be Thrown in Jail for Not Paying Your Credit Card Debt? appeared first on theBKBlog.

Do You Want to Give Money You Don?t Owe to a Credit Card Company?

Posted on March 27, 2018
This is not a trick question. I received this letter today from American Express regarding the balance owed by one of my Chapter 13 bankruptcy clients whose case was dismissed.  The letter acknowledges that because of the age of the debt, Amex cannot sue my former client, nor can they report the unpaid balance to […]The post Do You Want to Give Money You Don’t Owe to a Credit Card Company? appeared first on theBKBlog.

Can You File Bankruptcy if You Have Been the Victim of Identity Theft?

Posted on March 15, 2018
If you have been a victim of identity theft, you can file bankruptcy but you need to be prepared for potential complications. Identity theft is a big problem in 2018 and a number of large retailers and even credit bureaus have been hacked. Personal and financial information about millions of Americans is available for sale […]The post Can You File Bankruptcy if You Have Been the Victim of Identity Theft? appeared first on theBKBlog.

How the Georgia ?Wildcard? Exemption Can Save You Thousands When You File Bankruptcy

Posted on January 08, 2018
When you file either a Chapter 7 or a Chapter 13 bankruptcy, you are allowed to declare certain property as ?exempt.? Exempt property does not count as an asset for bankruptcy calculations. This is why you will not have to give up household items like your clothes, kitchen utensils and furniture when you file bankruptcy...

Why You Must Pay Your Mortgage Directly After Filing Chapter 13

Posted on October 09, 2017
If you are behind on your mortgage, you can use Chapter 13 to stop a pending foreclosure and repay missed payments over the 5 year term of your Chapter 13 plan. However, filing your Chapter 13 case is only the first step in saving your home. In Atlanta area Chapter 13 cases, your repayment plan […]The post Why You Must Pay Your Mortgage Directly After Filing Chapter 13 appeared first on theBKBlog.

Are You Liable for Ongoing Homeowner's Association Dues if You Surrender Your House in a Bankruptcy?

Posted on February 27, 2011
Earlier this month on my Atlanta-bankruptcy web site blog I discussed an interesting case involving mortgage loan deficiency claims that was issued by the Georgia Court of Appeals and Georgia Supreme Court.  In the River Farm vs. Suntrust case, the Georgia courts ruled that a mortgage lender could sue a defaulted borrower on the promissory note and thereby bypass the deficiency confirmation process associated with a foreclosure...

Supreme Court Hands Credit Card Companies a Big Win

Posted on January 12, 2011
Yesterday, the U.S. Supreme Court issued a creditor friendly decision in the case of Ransom v. Fia Card Services.  At issues was the "ownership expense" deduction in the means test. The means test is a calculation used to determine whether a debtor has enough "disposable income" to afford a Chapter 13 repayment plan...

What is "Lien Stripping" and Can I Use it to Reduce my Mortgage Payments

Posted on December 20, 2010
With the decline in Atlanta area housing values, a seldom used bankruptcy technique has taken on new life.  The technique is called "lien stripping" and it arises from Bankruptcy Code Section 506(a) and (d).  A lien strip allows a Chapter 13 debtor to use the power of the Bankruptcy Court to transform a secured second mortgage or home equity line of credit into an unsecured debt, thereby eliminating a monthly payment and reducing total debt by tens of thousands of dollars...

Tiny, Hidden Credit Report Errors Can Lead to Bankruptcy

Posted on December 12, 2010
The Wall Street Journal recently published a new story entitled Hidden Medical Debt Trips Up Homeowners. The report documented several cases in which small medical bills that had been turned over to collection resulted in a more than 50 point drop in a homeowner's credit score...

Authorities Halt "Unconscionable" Scam by Collection Agency

Posted on November 02, 2010
My Bankruptcy Law Network colleague Dana Wilkinson, who practices in South Carolina, reports on an unbelieveable scam perpetrated by a collection agency in Pennsylvania.   According to a press release issued by the state attorney general, the Unicredit Collection Agency created a bogus "court system" to trick consumers into paying debts...

Chapter 7 in Georgia Becomes More Difficult on November 1, 2010

Posted on October 14, 2010
The United States Trustee has released revised median income figures for Georgia households.  These new figures will apply to Chapter 7 and Chapter 13 cases filed after November 1.   The revised figures continue the trend of lower household income amounts meaning that it will be more difficult to avoid a "presumption of abuse" in Chapter 7 filings...

The Problem with 401(k) Loans and Consumer Bankruptcy

Posted on October 03, 2010
Most of the clients who I represent in Chapter 7 or Chapter 13 cases view bankruptcy as their absolute last resort.  Usually, by the time they get to me, these clients have exhausted every other alternative – they have borrowed money from relatives and friends, sold possessions on eBay and cashed out or borrowed against retirement plans...

Will Bankruptcy Issues Affect Georgia Governor's Race?

Posted on September 19, 2010
If you have been reading your local newspapers, you may be aware that Nathan Deal, the Republican candidate for Governor of Georgia, is facing scrutiny about his personal finances and about the bankruptcy filings of his daughter and son-in-law. More on Will Bankruptcy Issues Affect Georgia Governor's Race?

Inside the Mind of a Bankruptcy Lawyer ? Should I File and if so, Why Should I Choose Your Firm?

Posted on September 14, 2010
There are dozens of lawyers out there who offer to prepare and file bankruptcy cases.  Some work in high volume "bankruptcy mill" firms that compete on price while others compete on experience, knowledge and service.  Usually the cost differential is a few hundred dollars, but when you are considering bankruptcy, every dollar counts – so why would you want a lawyer like me as opposed to a firm that would offer to represent you for a lower price? More on Inside the Mind of a Bankruptcy Lawyer – Should I File and if so, Why Should I Choose Your Firm?

Real Housewife Star Teresa Guidice Faces Allegations of Bankruptcy Fraud

Posted on September 06, 2010
United Press and about two dozen tabloid web sites and blogs are reporting that reality TV star Teresa Guidice, and her husband Joe have been sued by their Chapter 7 trustee for failing to report assets in their bankruptcy petition.  Guidice, one of the "Real Housewives of New Jersey," apparently signed a book contract for a cookbook that will pay her $250,000 but failed to reveal that asset on her petition...

New Credit Card Protections Trigger Higher Fees by Card Issuers

Posted on August 10, 2010
As you may know, last year Congress passed a law called the Credit Card Accountability Responsibility and Disclosure Act of 2009.  This law, nicknamed the CARD Act of 2009, was designed to regulate a variety of unpopular credit card tactics, such as interest rate increases without notice, inactivity fees and unfair interest calculations...

Can You be Sued for Non-payment of your Mortgage if You Do Not Reaffirm?

Posted on August 03, 2010
I recently received an email from a blog reader asking about his obligations to his mortgage company when he does not reaffirm: I have read your blog and you are very through so I write you with hopes that you might answer this question for me. I file Chapter 7  in 08, and did not reaffirm my loan...

Can You Rely on a Verbal Promise that Your Foreclosure Will be Delayed?

Posted on July 18, 2010
Last month, I met several times with a potential Chapter 13 client who was facing a mortgage foreclosure.  Over the course of the past few months he has been juggling his creditors and bills trying to stay afloat and during that time he fell behind to his mortgage company by more than four months, and found himself in the foreclosure process...

Ruling by Supreme Court Impacts Bankruptcy Exemptions in Georgia

Posted on July 15, 2010
?The United States Supreme Court rarely accepts cases that affect consumer bankruptcy debtors.  Recently, however, the Court considered an issue that potentially impacts all debtors – the treatment of exemptions. The term "exemptions" refers to property you own that is protected from the reach of the trustee or creditors...

Examples of Bankruptcy Fraud

Posted on July 09, 2010
Last October, I wrote a post on this blog about bankruptcy fraud, and pointed out that everything included in a bankruptcy filing is subject to scrutiny by the office of the United States Trustee, which is an arm of the United States Department of Justice...

Supreme Court Issues Important Ruling About Chapter 13

Posted on July 05, 2010
On June 7, 2010, the United States Supreme Court released its decision in the case of Hamilton, Chapter 13 Trustee v. Lanning.   The Supreme Court rarely hears argument in consumer bankruptcy cases so the Lanning decision is big news to consumer bankruptcy lawyers...

Does Your Landlord have any Obligations to Mitigate Damages if You Breach Your Lease?

Posted on June 30, 2010
Not surprisingly, I get calls from small business owners who are contemplating personal bankruptcy when their businesses fail.  There are many issues that arise in these types of cases but I would like to focus on one problem that, more than any other, can force the business owner into bankruptcy...

The Only Thing Certain is Change

Posted on June 20, 2010
No one starts his or her adult life expecting to file for bankruptcy.  Yet every week, I meet with men and women in their 30's, 40's, 50's, 60's and older who have become insolvent and need relief under the United States Bankruptcy Code...

Should You Save Your Home from Foreclosure, or Should You Let it Go

Posted on June 13, 2010
With the news full of foreclosure statistics showing huge increases along with stories of self-righteous Members of Congress asserting their heartfelt concern for "struggling homeowners" little attention is paid to the question of whether a homeowner ought to fight to save his home...

Failure to Disclose Assets Lands Chapter 7 Debtor in Prison

Posted on June 06, 2010
Because the bankruptcy system operates efficiently and quickly and it serves hundreds of people every day, I sense that many bankruptcy debtors forget that everything they submit to the bankruptcy court is done so under penalty of perjury. I recently ran across an article from a Texas newspaper about a Chapter 7 debtor who ended up in federal prison, convicted of bankruptcy fraud, because he failed to disclose an $84,000 insurance payment, proceeds from the sale of a vehicle and several bank accounts...

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