Bankruptcy

Debt Negotiation vs. Filing for Bankruptcy

Posted on May 14, 2009
Over the past few months, my of counsel officemate Susan Blum and I have met with dozens of potential bankruptcy clients for whom bankruptcy may not be the best solution.  While it may seem strange that a bankruptcy lawyer would tell you not to file bankruptcy, I advise everyone with whom I meet that bankruptcy is and should always be considered a last resort and that non-bankruptcy alternatives should be part of the discussion...

Can I File Bankruptcy in Georgia if I Live Outside the United States

Posted on May 11, 2009
I was recently contacted by a potential client who wanted to file bankruptcy but lived outside of the United States. He lived and worked overseas, but owned property in Georgia. (...)

Can a Small Business Owner File Chapter 7 Personally and Still Keep His Business

Posted on April 29, 2009
Over the past few weeks, I have received a number of calls from small business operators who want to file Chapter 7 on credit card debt, but continue to operate their businesses.  In many of these cases, the business owner used personal credit cards to fund business operations and now the business is profitable or marginally profitable but for the debt service on tens of thousands of dollars of credit card debt...

Are You Responsible for Debt Incurred by Your Failed Business

Posted on March 31, 2009
In difficult economic times, I regularly hear from small business owners who have been forced to shut down because of low sales. (...)

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Student Loan Debts - Bankruptcy Won't Help Much

Posted on March 25, 2009
I have been getting a lot of calls and emails lately about student loan debt.  Perhaps with the economy in recession, student loan creditors are becoming more hard line about collecting, and student loan debtors have good reason to be worried. (...)

Associated Press Producer Wants Your Story

Posted on March 25, 2009
This afternoon, I received a call from Johnny Clark, an Associated Press (AP) producer who is looking to interview honest, hardworking men and women who have had to file bankruptcy.  He is especially interested in talking to individuals who formerly held high paying jobs but who are now barely scraping by...

Can New Wife be Held Liable for Husband's Debts

Posted on March 23, 2009
When you get married, your accept your spouse "for better or for worse."  Sometimes this means that your new husband or wife enters into your marriage with significant debt.  Can you as the spouse ever be held liable for this debt. (...)

Pardon Me if I Seem Cynical

Posted on March 21, 2009
My Bankruptcy Law Network colleague Cathy Moran notes that our friends in the credit card industry bought the inside cover of a recent issue of Newsweek to announce the release of their new web site HelpWithMyCredit.org.   My heart is truly warmed to know that my friendly credit card issuer is here to help me...

Can Mother's Inheritance Be Designated for Kids' Education if Mother Files Bankruptcy

Posted on March 19, 2009
Last week I wrote a post about car titles.  Specifically, I discussed the issues that arise when a bankruptcy debtor's name appears on vehicle titles when theose vehicles are actually used, maintained and kept by the debtor's parents.   Now comes a similar related question about inherited money...

Georgia Collection Law Firm Facing Lawsuit from Governors' Office of Consumer Affairs

Posted on March 17, 2009
Today's AJC reports that Marietta collection law firm Frederick Hanna & Associates has been sued by the Governors' Office of Consumer Affairs following multiple complaints about collection tactics used by the firm.   In November, the state consumer office served an investigative demand notice (i...

Does the Name on the Car Title Matter?

Posted on March 15, 2009
As a bankruptcy lawyer, I have to deal with the consequence of what I call "real world" activities.    In the non-bankruptcy world people make decisions that will save money and make life easier.  For example, blog reader Lou writes me with a question about car titles: I might need to file chapter 13 in the future...

Can Long Term Unemployment Support a Claim for Hardship Discharge of a Student Loan

Posted on March 03, 2009

Should You Pay Back Your Parents or Siblings Before Filing Bankruptcy

Posted on February 28, 2009

Why Has the Sub-Prime Mortgage Crisis Been so Toxic to the United States Economy

Posted on February 25, 2009
In my last post, I attempted to offer a simple explanation about how the housing market in the United States got into trouble.   In this post I want to discuss some of the highlights (or lowlights) of what this crash means to you. (...)

A Simple Explanation of the Sub-Prime Mortgage Meltdown

Posted on February 23, 2009
The U.S Federal Reserve anticipates that in fiscal year 2009, the Unites States? economy may shrink between 0.5% and 1.3%.   By historical standards, this means that we are in a serious recession.  This slowdown may be attributed to many factors - an increase in unemployment, a lack of consumer confidence, a lack of confidence in the investment community and an overall reduction of the amount of liquid assets in our banking system...

Are Mortgage Modifications in Bankruptcy a Good Idea - Part Two

Posted on February 17, 2009
Earlier this month, I wrote a post on this blog setting out the question of whether Congress should enact legislation empowering bankruptcy judges to modify the terms of mortgages within a Chapter 13 bankruptcy. (...)

You are Responsible for Your Chapter 13 Trustee Payments

Posted on February 10, 2009
I have probably written about this subject before, but I am going to raise it again because it creates so many unnecessary problems and it arises month after month and year after year. (...)

Bankruptcy Bill Explains Secured Transactions in Bankruptcy

Posted on February 06, 2009
From our friends at BankruptcyBill - a graphical explanation of how creditors get paid in a bankruptcy. Strip #10 - Natural Order A reminder that we still are seeking STR.I.P. (...)

Are Mortgage Modifications in Bankruptcy a Good Idea - Part One

Posted on February 02, 2009
There has been a lot of chatter on bankruptcy blogs and bankruptcy lawyer forums about the possibility that Congress will amend the bankruptcy laws to give judges the power to modify mortgages.   To offer some perspective, bankruptcy judges have long had the power to modify vehicle loan contracts and other secured debt claims but never mortgage debt...

Free Online Means Test Calculator

Posted on January 31, 2009
I am not going to promise you that you are going to be able to follow this, but the folks at Nolo have released a free on-line means test program.    I find this calculator more complex than the means test calculator built in to BestCase - the petition preparation program that I use...

Refund Anticipation Loans - A Bad Idea

Posted on January 27, 2009
My Bankruptcy Law Network colleague Brett Weiss wrote a timely article on the Debt Law Network blog about a type of loan that is almost always a bad idea.  Pioneered by the national tax return filing service chains, tax refund anticipation loans are short term loans collateralized by your refund...

Georgia Consumer Should Avoid Car Title Loans

Posted on January 25, 2009
Today's Atlanta Journal Constitution ran a front page article exposing the slimy underside to Georgia's Car Title Loan industry.  It turns out that Georgia has minimal regulation on car title lenders - who basically serve as a lender of last resort for desparate borrowers...

How to Keep Your Costs Down and Get Good Bankruptcy Advice Quickly

Posted on January 19, 2009
Personal bankruptcy is made for "what if" scenarios.  What if I file individually instead of jointly with my wife?   What if I quit my job while I am in the middle of my Chapter 13?   What if I need a replacement vehicle after I file? (...)

How to Repair Your Chex Systems Report After a Bankruptcy Discharge

Posted on January 13, 2009
About 25% of the bankruptcy clients I represent have bounced checks due to insufficient funds.  While there can be a criminal law violation if you bounce a check, often merchants do not prosecute unless the amount is significant.  Even if there are no criminal implications, a bad check is most certainly a debt that needs to be included in your bankruptcy filing...

How Big is my Household for Chapter 7 or Chapter 13 Means Test Purposes?

Posted on January 10, 2009
I have written a lot on this blog about the median income test and the means test.  Each of these pre-filing calculations turn on both your household income as well as your family size. (...)

Missed Mortgage Payments in Your Chapter 13 - An Expensive Problem

Posted on January 07, 2009
In the Northern District of Georgia, the "standard" Chapter 13 plan that is used provides that on-going mortgage payments are to be made directly to the mortgage company during the pendency of your Chapter 13 plan.  In other words, if you file Chapter 13 because you are three payments delinquent, your missed payments (the mortgage "arrearage") will be paid in your plan...

Inside the Belly of the Beast - How Debt Collectors Think

Posted on January 06, 2009
Back in February, 2007, I wrote a blog post entitled Understand the Psychology of Debt Collection Tactics and Avoid Being Manipulated.  In this article I noted that bill collectors use techniques identified by psychologists to trigger guilt and other emotional responses that might cause you to send money to a particular bill collector...

Is Your Mortgage Company Making the Correct Property Tax Calculations?

Posted on January 03, 2009
If you are financing your home purchase with a large mortgage company, there is a good chance that your lender has set up an escrow account to collect and pay your county real estate taxes.  Mortgage companies escrow taxes and insurance to protect their interests - a lapse of insurance coupled with a fire or flood could destroy the loan collateral (your home) and a lapse of tax payments could lead to a tax sale...

Please Vote for "Best Niche Blawg" - Today!!!

Posted on January 02, 2009
Bankruptcy Law Network?s blog, where I write with 25 other premier consumer bankruptcy lawyers,  was recently voted one of the 100 best blawgs by the American Bar Association.  They?ve opened the voting among their 100 best up to the public. (...)

How are Year End Bonuses Treated in a Median Income Test Calculation?

Posted on December 27, 2008
When I meet with a potential client, one of the first calculations I run is a "median income test" evaluation.   The median income test adds up your gross income from all sources during the six months preceding the month of filing, then divides by six to arrive at a monthly average...

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