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Bankruptcy

The Bankruptcy Lawyers Blog

From attorney Kevin Chern, covering the Bankruptcy Code.

Post Frequency: 5.1/day

Last Entry: March 30, 2011 at 10:07:51

Bankruptcy and Property

Posted on October 04, 2010
How "Tenants by the Entirety" is Treated in Bankruptcy If you have a married client who jointly owns property with his or her spouse as "tenants by the entirety," it is important to understand how this property will be treated...

Bankruptcy and Cosigners

Posted on October 04, 2010
Issues to Consider When Your Client Has Debts with Cosigners: Chapter 7 or Chapter 13? You're interviewing a client about all his debts. He asks you: "What will happen to the loan my parents co-signed for me? Will my bankruptcy...

Bankruptcy Job Discrimination

Posted on October 04, 2010
How Bankruptcy May Impact Your Client's Current and Future Employment Prospects Governmental vs. Nongovernmental Discrimination All governmental entities (federal, state, local) are prohibited from discriminating against a person solely because the person filed for bankruptcy (11 U...

Jobs Returning from Overseas - What Does this Mean for Your Bankruptcy Law Firm?

Posted on August 06, 2010
USA Today is reporting that slowly but surely, jobs the U.S. lost to overseas locations such as China are making their way back home. That's obviously good news for the unemployed and for the U.S. economy in general, but what...

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New Study Suggests Credit Counseling is Beneficial for Bankruptcy Filers

Posted on June 22, 2010
We've all heard clients complain about the pre-filing credit counseling requirement and ask why they have to jump through this hoop when they know they're going to end up filing for bankruptcy anyway. In many cases, we may be inclined...

Waiting for the Dust to Settle on Lanning

Posted on June 15, 2010
In theory, when the U.S. Supreme Court rules on an issue, conflict and confusion among lower courts is laid to rest. Back in March, when the Supreme Court ruled in United Student Aid Funds, Inc. v. Espinosa, the case caused...

New HAMP Guidelines Include Borrowers in Bankruptcy

Posted on June 02, 2010
A new opportunity to assist consumer bankruptcy clients facing foreclosure opened up yesterday, when Treasury Department Supplemental Directive 10-02 took effect. Among other things, the directive requires servicers to consider borrowers in bankruptcy for modification upon request of the borrower,...

Question Admissibility of Creditor / Mortgage Servicer Records

Posted on May 28, 2010
While the popular press has made much of the way sliced, diced and flipped mortgages and other securitized debts have resulted in messy (or non-existent) paper trails that may provide opportunities for debtors, many courts and even debtor's attorneys aren't...

Are the Wrong People Filing for Bankruptcy?

Posted on May 10, 2010
Ronald J. Mann and Katherine Porter's recent study reveals some interesting patterns in consumer bankruptcy. For instance, only a small fraction of those families in the greatest financial distress seek bankruptcy protection. In fact, few of those facing foreclosure attempt...

NACBA Members, Don't Forget to Vote

Posted on April 13, 2010
April 15 isn't the only important deadline coming up! Don't forget that ballots for the NACBA Board of Directors must be received by April 20, 2010. If you haven't seen the candidate statements, they are available in the Members Only...

U.S. Supreme Court Says Attorneys are Debt Relief Agencies under BAPCPA, Upholds Ban on Advising Clients to Incur Additional Debt

Posted on March 08, 2010
For nearly five years, courts across the country have been asked to determine whether or not BAPCPA's Debt Relief Agency designation applies to bankruptcy lawyers and whether the disclosure requirements and limitations on advice set forth in BAPCPA were Constitutional...

Bankruptcy Stats Take Center Stage in Health Care Reform Debate

Posted on March 01, 2010
Statistics have long told us that a significant percentage of personal bankruptcy filings in the United States stemmed from medical problems. A 2001 study indicated that medical problems were a contributing factor in at least 46.2% of personal bankruptcies...

Mortgage Documentation Issues Remain Unclear in Foreclosure / Bankruptcy Cases

Posted on February 20, 2010
Back in the summer of 2007, we reported on the upside to sliced, diced and flipped consumer mortgages: the paper trail was hazy at best and in some cases non-existent, and attorneys like April Charney were seeing some success in...

Life Without Credit - How Are You Advising Your Clients?

Posted on February 17, 2010
Recently, I wrote about the significant reduction in consumer credit in the United States. A large part of that reduction comes from tightening credit standards; credit card issuers are offering less credit and even cutting back on existing credit lines...

Shrinking Consumer Credit Impacts Bankruptcy Filers

Posted on February 07, 2010
For years consumer bankruptcy attorneys have been fighting misconceptions about the impact of bankruptcy on credit. Consumers with abysmal credit scores and tens (or hundreds) of thousands of dollars in outstanding debt believed that they were somehow protecting their credit...

Choosing an LPO Provider for Your Bankruptcy Firm

Posted on January 30, 2010
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Bankruptcy Filings Come Full Circle - What Does it Mean for Your Practice?

Posted on January 13, 2010
In 1997, when the first version of what would become BAPCPA was drafted, non-business bankruptcy filings reached 1,313,112. The consumer credit industry fought for years and spent hundreds of millions of dollars to ensure that bankruptcy reform became law...

79.9% Interest Rate Actually Lowers Effective APR for some Credit Card Issuers

Posted on January 04, 2010
Adam Levitin at Credit Slips takes an interesting look at some of the changes subprime credit card issuers are making in order to keep profits up while complying with the Credit CARD Act. It's not surprising that lenders are already...

Mortgage Cramdown Provision May Reach House Floor Today

Posted on December 10, 2009
Earlier today, the House Rules Committee agreed to allow the mortgage modification in bankruptcy provision to be considered as an amendment to the broader financial services reform bill. The issue could reach the house floor as early as this afternoon,...

U.S. Supreme Court Hears Argument on Constitutionality of BAPCPA

Posted on December 04, 2009
Just weeks after the Bankruptcy Abuse Prevention and Consumer Protection Act took effect in 2005, the small Minnesota law firm of Milavetz, Gallop & Milavetz P.A. challenged the Constitutionality of the statute. In April of 2007, the U.S. District Court...

U.S. Supreme Court to Hear Challenge to BAPCPA

Posted on June 09, 2009
Challenges to the application of certain provisions of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act began the very day the law took effect. One of the first to bring suit to have the law declared unconstitutional was the...

Make Your Voice Heard on Mortgage Modification

Posted on March 12, 2009
Last week, the mortgage modification provision passed the U.S. House of Representatives--but it may not come to a Senate vote. The banking industry is making its voice heard loud and clear (courtesy of the same folks who brought us BAPCPA),...

House May Vote on Mortgage Modification Bill This Week

Posted on March 04, 2009

The Forgotten Creditor

Posted on January 27, 2009
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Bankruptcy and the Tax Refund

Posted on January 23, 2009
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Bankruptcy Appeals Courts and Electronic Filing

Posted on January 13, 2009
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NY Federal Reserve Links Foreclosure Crisis to Bankruptcy Reform

Posted on January 12, 2009
It's a hollow victory to be told that you were right after the damage is done, so we can take small pleasure in the fact that the New York Federal Reserve has taken note that the 2005 bankruptcy reform might...

DePaul Law School and Commercial Law League of America Annual Symposium

Posted on January 08, 2009
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Handling a Creditor Purchase Money Security Interest

Posted on January 07, 2009
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Completing the Creditor Schedule

Posted on January 05, 2009
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