Bankruptcy

Michael Vick Files for Bankruptcy

Posted on July 08, 2008
Not that it is any surprise, but disgraced Falcon's quarterback Michael Vick has filed for bankruptcy.  The case was filed as a Chapter 11 reorganization in the Eastern District of Virginia.  Chapter 13 was not available to Vick because his debts far exceed the debt limits imposed by the Bankruptcy Code on Chapter 13 cases...

Conversion to Chapter 7 and Divorce Issues

Posted on July 02, 2008
Whenever I file a Chapter 13 on behalf of a client, I remind my client that five years is a long time, and that a lot can happen during the term of a Chapter 13.  Marriage counselors reguarly opine that financial stress often leads to marital discord, so it should come as no surprise that the stresses inherent in a Chapter 13 will result in marital problems...

What is the "New Bankruptcy Law"

Posted on June 09, 2008
Bankruptcy attorneys like me will frequently refer to something called the "new bankruptcy law." The "new" law is now 3 years old and not really so new. Officially named (or misnamed) the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or "BAPCPA," this law has been the ...

Homebuilders Facing Financial Crisis or Bankruptcy

Posted on June 05, 2008
I received a call today from a reporter at the Atlanta Journal/Constitution.  He is looking to speak with homebuilders (small or large) who are struggling financially.  He is preparing a feature on the local real estate market and the struggles of local homebuilders and developers...

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Using Bankruptcy to Discharge Tax Debts

Posted on June 03, 2008
The video below was recorded by my friend and colleague Darrin Mish of Tampa, Florida as part of the video section of his Get IRS Help web site. I met Darrin several years ago at a tax problem resolution seminar and I regularly refer tax problem clients to him...

Why Does My Ex-Wife Have to Get Notice About My Bankruptcy Filing?

Posted on June 01, 2008
My husband and I are filing a chapter 7 bankruptcy in Georgia. During the 1st consultation our lawyer notified us that the court would notify his ex-wife about us filing bankruptcy. She resides in South Carolina. We are up to date on child support and have never ...

Is it Legal for a Judgment to Survive Bankruptcy?

Posted on May 15, 2008
For bankruptcy lawyers, the word "judgment" raises red flags. This is especially true when the judgment comes from another State. He is a question I received from a non-Georgia resident that raises a lot of questions about judgments. My question is this-my father has a judgment against him by ...

Debtor Audits to Start Again - What Does This Mean?

Posted on May 11, 2008
One of the least discussed changes brought about by the October, 2005 changes to the bankruptcy law was a provision that provides for "audits" of random cases.  When a case is audited, it is selected at random by the  United States trustee and the debtor and debtor's attorney are required ...

The World's Worst Credit Card

Posted on May 05, 2008
The Money, Matter, and More Musings blog reports that it has found the world's worst credit card. This card provides a credit limit of $300, but after fees and costs, the available credit is $53. The other terms and provisions of this outrageous card are literally breathtaking...

Proposed Federal Reserve Regulations Would Restrict Arbitrary Practices of Credit Card Issuers

Posted on May 03, 2008
The Federal Reserve Bank has issued proposed rules that will place extensive limits on common practices of credit card issuers. In a news release dated May 2, 2008, the Federal Reserve proposes rules whereby: Banks would be prohibited from increasing the rate on a pre-existing credit ...

Bankruptcy Implications of a School Board's Loss of Accreditation

Posted on April 26, 2008
My colleague, attorney Scott Riddle, posted a very interesting observation in his Georgia Bankruptcy blog about the bankruptcy implications of Clayton County, Georgia's school accreditation fiasco.  For those unaware of the situation, the Clayton County School System is about to become only the third school system within the past 20 ...

Recent Credit Card Use and Filing for Bankruptcy - What Are Some Guidelines?

Posted on April 24, 2008
Most bankruptcy lawyers will tell you that credit card contributes to most consumer bankruptcy case filings.  Often, overwhelming credit card debt is the primary reason for a filing.  For example, if you have $10,000 or more in credit card debt, and you send in only the minimum payment of 2% ...

What do Bankruptcy Lawyers Do All Day Anyway

Posted on April 21, 2008
To my knowledge there has never been a television drama about bankruptcy lawyers (although there would certainly be a lot of possible story lines!).   So, as a rule, most people do not know what bankruptcy lawyers do all day long.  Los Angeles bankruptcy lawyer Hale Antico answers this question accurately ...

Free Money?????

Posted on April 18, 2008
Revolution Money, a new PayPal-like money transfer service, has a very cool promotion. This company is for real.  It was started by Steve Case, founder of AOL.  I?ve already transferred my money to my checking account so I think that it is legitimate...

Alternatives to Bankruptcy if Your Debt is Less than $20,000

Posted on April 14, 2008
On a fairly regular basis, I get calls from potential bankruptcy clients who don't really have enough debt to justify the time and expense of bankruptcy.  For example, if your only debt is a delinquent $7,500 credit card bill, it hardly makes sense to spend $1,500 to $2,000 for a ...

Foreclosure Practices in North Georgia Come Under Scrutiny

Posted on April 02, 2008
The New York Times published an investigative report on March 30, 2007 entitled Foreclosure Machine Thrives on Woes.  The article addresses what has become a growing problem in bankruptcy cases: out of control fees and costs added to mortgage loan balances failure of mortgage ...

File Your Bankruptcy by the End of the Month or Start the Process Over

Posted on March 31, 2008
If you read this blog and other consumer bankruptcy blogs like Scott Riddle's Georgia Bankruptcy blog or the Bankruptcy Law Network blog, you know that preparing for filing a case involves a great deal of effort on your part to collect information and documents...

Pre-Bankruptcy Balance Transfer - the Debtor Wins?This Time

Posted on March 29, 2008
My Bankruptcy Law Network colleague, Wendell Sherk, recently posted a very helpful case study about a case called In re Brumbaugh in Ohio involving credit card use prior to bankruptcy.  Although Wendell's case study looks to 6th Circuit law (whereas cases filed in Georgia would look to 11th Circuit precedent), ...

CNN and Fortune Magazine Explain The Many Repurcussions of the Sub-Prime Meltdown

Posted on March 29, 2008
A lot has been written about the housing and mortgage finance crisis in the United States.  You may be wondering how and why you would be affected by the failure of a mortgage company that issued high interest loans to borrowers who were not credit worthy...

My Chapter 13 Was Dismissed Two Weeks Ago - Can I Refile a Chapter 13?

Posted on March 25, 2008
A visitor to one of my web sites wrote me to ask about refiling his Chapter 13.  After being in a Chapter 13 for almost 2 years, this gentlemen lost his job and fell behind with his Chapter 13 payments.  His mortgage company filed a Motion for Relief because he ...

Can I Lose My Job if I File For Bankruptcy and My Boss Finds Out?

Posted on March 20, 2008
Recently I received an email from a prospective client who works for a banking institution.  His income is partially commissioned based and with the downturn in the real estate market, he has seen a significant decrease in take home pay.   With the pay reduction he is not able to pay ...

Georgia Legislature Considers Home Foreclosure Relief Bills

Posted on March 18, 2008
Today's Atlanta Journal-Constitution reports that the Georgia state Senate has approved two bills designed to help stuggling homeowners avoid foreclosure.  Senate Bill 519 would increase the pre-foreclosure notice to homeowners from the current 15 days to as much as 60 days...

Should I File for Bankruptcy - Widow on Social Security with $7,500 in Credit Card Debt to Same Bank Where She has a Checking Account

Posted on March 13, 2008
I am 65 years, a widow of 5 years, totally disabled, & my SS check is $1342.00 every 4 to 5 weeks. My SS check is auto deposited in my same bank that I have a $7,500.00 credit card debt owed.   If I were to file for bankruptcy, could my ...

Chapter 13 Dismissed - Will I Lose My Car?

Posted on March 05, 2008
I received an order saying my chapter 13 Bankruptcy case was being dismissed because it has been over 5 years plus no payments have been made in 6 mos. I lost my job of 7 years around may, 2007. About 1 year prior I had surgery on my knees and ...

What Happens to Your Car Accident Claim Rights if the Defendant Files Bankruptcy?

Posted on March 04, 2008
Imagine that you are involved in a car accident that was not your fault.  You hire a lawyer who files suit against the negligent driver asking for damages.  Thankfully the other driver has insurance, so if you win your case, there will be a source of recovery...

Retiree With $25,000 of Credit Card Debt Contemplates Bankruptcy

Posted on March 03, 2008
Thank you for your informative web site.  I have 2 questions I am filing for SS as I am 63 my bill are current however I was laid off last year and my health is failing. If I file would I be able to keep my car?   I owe ...

Math Proves Credit Card Debt Almost Impossible to Repay

Posted on March 01, 2008
My colleague, Houston attorney Pamela Stewart, recently posted on her blog this interesting table that shows just how long it would take to pay off credit card debt if you make only minimum payments.  If you have been sending in only minimum payments and you have a hunch that you ...

What Happens if You Fail to Reveal in Your bankruptcy the Existence of a Civil Claim for Damages?

Posted on February 23, 2008
What happens if you forget to tell your bankruptcy lawyer about a pending lawsuit or even a pending claim?  Nothing good - there is a very strong chance that the defendant can use your omission as a defense to your claim. Massachusetts attorney Michael Goldstein writes about this issue in his ...

Fictional Web Site Illuminates the Sad Truth About Payday Loans

Posted on February 19, 2008
I recently ran across a very enlightening blog describing the activities of a fictional group called the Predatory Lending Association.  A tounge in cheek creation of a legitimate organization called the Center for Responsible Lending, the PLA web site includes the following mission statement: The Predatory Lending Association is dedicated to ...

New Median Income Numbers for Georgia Bankruptcy Filers on February 1, 2008

Posted on February 09, 2008
The United States Trustee has released the new median income table for Georgia debtors, applicable to cases filed February 1, 2008 and thereafter:   February, 2008 Median Income Numbers for Georgia   ...

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