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Bankruptcy

The Debt Podcast

Hosted by Jay S. Fleischman, a bankruptcy and consumer lawyer located in New York City. Information and news designed to help you learn more about bankruptcy, debt relief, and consumer credit options.

Post Frequency: 4.9/day

Last Entry: November 23, 2010 at 18:33:08

2009: The Coming Meltdown. Part Four: Consumer Credit

Posted on January 14, 2009
In this last part of my four-part series on what I believe will be a very bad 2009 economy, I want to talk about problems in consumer credit. As is the case with mortgages and car loans, virtually all consumer credit is securitized. This means that your MasterCard and Visa, your store department cards, furniture loans, [...

The Divorcing Couple with a Mountain of Debt

Posted on January 13, 2009
An all-to-common picture of American domestic dysfunction: a married couple whose marriage cannot be retrieved from the abyss of discord, who trudge into the office of a bankruptcy lawyer to discuss their mountainous load of unsecured credit card debt...

Chapter 11 Bankruptcy for Churches

Posted on January 12, 2009
Chapter 11 bankruptcy (link to information on website of Detroit Michigan bankruptcy attorney Kurt OKeefe) is not just for individuals and for profit corporations. As with Chapter 7 and Chapter 13 bankrupty cases, filing Chapter 11 stops foreclosure, garnishment (explained by southern Oregon bankruptcy attorney Karen Oakes) and any other collection activity by creditors...

2005 Bankruptcy Law Linked to Causes of U.S. Mortgage Meltdown

Posted on January 12, 2009
The Kansas City Star reported today that three researchers at the Federal Reserve Bank of New York, in a study, assert that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, known as BAPCPA, is the leading cause of the mortgage meltdown...

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After Bankruptcy, What Should I Now Do With Chex Systems, Inc.?

Posted on January 11, 2009
Debtors frequently receive a discharge in Bankruptcy, only to find that they still can not open a bank account due to check reporting companies such as Chex Systems, Telecheck, and SCAN. All these companies are considered consumer-reporting agencies, and similar to Equifax, Experian, and TransUnion...

If I File Personal Bankruptcy What Happens To Corporate Debts I Personally Guaranteed?

Posted on January 11, 2009
Your individual bankruptcy can discharge your personal debts. Debts that you guaranteed for a corporation can be discharged as to you, but the corporation will still owe those debts. Most small corporations cannot obtain credit without a major shareholder/owner signing the loan application as a personal guarantee...

Student Loan Opinion From Judge Federman.

Posted on January 10, 2009
Judge Federman issued his opinion in Marie v. Citibank, Case No. 07-6032 on November 20, 2008. The Debtor incurred over $210,000 in student loans seeking a doctoral degree in psychology. When she failed to obtain her degree, she filed for Chapter 11 and sought to have her loans discharged under §523(a)(8)...

Yes We Can - Be Fooled Again

Posted on January 09, 2009
As reported in various media outlets, Senators Schumer and Durbin reached an agreement with Citigroup, Inc. on changes to the proposed bankruptcy mortgage modification bill, over exaggeratedly named Helping Families Save Their Homes in Bankruptcy Act of 2009 ...

Bankruptcy - Don?t make it a taxing experience!

Posted on January 08, 2009
Many people who are thinking about bankruptcy at this time of year forget that their income tax refunds are a valuable asset. If you file your bankruptcy case before you get your income tax refund, you may lose it. Your trustee in bankruptcy will certainly want to take it from you and use it to [...

Redeem your stuff in bankruptcy

Posted on January 08, 2009
Chapter 7 debtors can keep personal property they have pledged as security for a loan by paying the present value of the item, rather than the balance of the debt. I did my first motion to redeem property this month and got an order allowing the client to get clear title to two vehicles he [...

Remove That Mortgage Entirely: Yes, We Can

Posted on January 08, 2009
You should soon be able to get rid of your mortgage altogether, based on a really sweet spot of the newly proposed Helping Families Save Their Homes in Bankruptcy Act of 2009 which is fast-tracked for a 01/21/09 enactment and retroactive applicability...

Helping Families Save Their Homes In Bankruptcy Act

Posted on January 07, 2009
Yesterday, Senator Dick Durbin introduced new legislation (S.2136) titled the Helping Families Save Their Homes In Bankruptcy Act. Also, the exact same legislation was introduced in the House of Representatives by Representative John Conyers. This legislation, if passed, will allow Bankruptcy Judges to modify the mortgages on residential real estate, a practice which the current Bankruptcy [...

Trustees Can?t Compel Chapter 13 Debtors To Make Their Mortgage Payments Through The Plan.

Posted on January 07, 2009
Some time ago, I wrote an article on whether or not a debtor had to make on-going mortgage payments through a chapter 13 plan. The article focused on when you might be required to make the house payment through the plan. In my district, the Eastern District of California, the general requirement is that if you [...

2009: The Coming Meltdown. Part Three?Mortgage/Real Estate

Posted on January 07, 2009
Since its beginning in January of 2007, we at the Bankruptcy Law Network have written hundreds of articles about the mortgage and real estate crisis. As of early 2009, foreclosures are at an all-time high. Housing prices have fallen off the cliff, along with housing sales...

Durbin Bill S.61 Does Not Go Far Enough To Protect Homeowners

Posted on January 07, 2009
We, consumers and consumer protectionists, are getting hosed. In case anyone forgot, we won the last presidential election. No more Bush, no more Cheney, no more Rove. They are outta here. Gone also are Dole, Coleman, Sununu and Smith. Washington has been fumigated against anti-consumerism and the new tenants are moving in...

2009: The Coming Meltdown. Part Two: Insurance

Posted on January 06, 2009
The September 2008 bailout of American International Group (AIG) as ?TBTF? (Too Big To Fail) has generated continuing headlines as the scope of its losses has become apparent. What initially was an $85 billion ?cash infusion? has turned into a nearly $130 billion loan/purchase of equity by the US Government by the end of 2008, [...

What If My Employer Files Bankruptcy?

Posted on January 06, 2009
Grab as many staplers are you can carry. No, I am kidding. Staplers are not worth what they used to be, what with document scanning these days. Staple pullers? Maybe. Seriously, the headlines are full of stories about massive corporate layoffs and bankruptcies...

2009: The Coming Meltdown. Part One?The Auto Industry

Posted on January 06, 2009
In this four-part series, I will discuss the four areas of the economy that are likely to contribute to an ever worsening economy over the next year. I?m starting with the area of the economy that has received the most attention recently, the auto industry...

Bankuptcy Appeals Courts Start Electronic Filing

Posted on January 06, 2009
Most U.S. Courts of Appeals and some Bankruptcy Appellate Panels where bankruptcy appeals are litigated have begun accepting the filing of documents electronically. Most bankruptcy attorneys are familiar with electronic case filing and will welcome the ability to file their documents online over the Internet instead of mailing documents to far away court clerks...

2009: The Coming Meltdown?

Posted on January 06, 2009
As we enter 2009, many pundits are predicting that we?ve seen the worse that the recession has to offer, and things will improve in the coming year. Sadly, I don?t see it. Rather, I see things getting significantly worse before they get better. Why? Because of problems or continuing problems in four areas: the auto [...

Obama Agenda for Home Loans

Posted on January 06, 2009
The Obama transition has clarified its position on the modification of home loans in bankruptcy. Obama and Biden are calling for a change in the bankruptcy code to allow modification of the terms of loans on the debtor’s primary residence. With the recent introduction of legislation by Senator Dick Durbin to modify the bankruptcy code, this [...

Tell Congress to Amend Chapter 13 of the Bankruptcy Code

Posted on January 06, 2009
Today was the first day of the new Congress in Washington. And bankruptcy is on the front burner. A new law to amend the Bankruptcy Code, designed to fight foreclosures by allowing bankruptcy judges to erase some mortgage debt in chapter 13, was proposed today...

Three Biggest Exceptions to Means Testing in Bankruptcy

Posted on January 05, 2009
It used to be that there were two main exceptions to having to pass the “means test” when filing for bankruptcy under the new laws enacted in October, 2005. Recently, a third large exception was added. Prior to October, 2005, filing for bankruptcy did not require form “b22″ or taking a means test...

Utah State Law Library Cites BLN

Posted on January 05, 2009
A shout out to the Utah State Law Library blog who cited to the Bankruptcy Law Network” “The Bankruptcy Law Network is a great online resource if you have questions about bankruptcy and want information from a reputable source. The web site content is created and vetted by bankruptcy attorneys and consumer advocates from across [...

Chapter 11 Debtor in Possession

Posted on January 05, 2009
In a Chapter 11 bankruptcy case, the debtor, the person or company that files the case, is a debtor in possession. The debtor in possession, or D.I.P, has the power to keep running the business. It also imposes duties and powers on the debtor. The United States Trustee’s office has guidelines for the duties of a debtor [...

Bankruptcy: An Acceptable Resolution For Financial Strife

Posted on January 05, 2009
Just ?walk away.? That?s the title of a recent Newsweek article by Jane Bryant Quinn, normally a conservative financial writer. The article recommends filing for bankruptcy in some circumstances, and doing it sooner rather than later. Ms. Quinn discusses the humiliation often associated with filing for bankruptcy and points out, correctly, that that the purpose of [...

7th Circuit?s Belcher Decision Sure To Spawn

Posted on January 05, 2009
My colleague David Leibowitz of Chicago posted about a fresh 7th Circuit Court of Appeals case, In re Belcher, which denied a homestead exemption under Illinois law to a spouse as to real estate that was titled in his spouse’s name only but not in his name...

Seventh Circuit limits Illinois Homestead Exemption

Posted on January 05, 2009
The US Court of Appeals for the Seventh Circuit has just decided that Illinois residents cannot claim a homestead exemption on a house in which they live unless they have some record title interest in the property. In re Belcher, (7th Cir. 07- 2174, December 31, 2008)...

Thank You Readers for Top Blawg Ranking

Posted on January 05, 2009
The voting is over and here are the top 2008 blawgs in the niche category along with nominating their reviews by the American Bar Association Journal editors. Thanks to all our readers who voted for Bankruptcy Law Network. *Patently-O We believe Patently-O?s claim that it?s the most popular patent law blog around...

Practitioner Pointer! Best Buy claiming PMSI in consumer goods.

Posted on January 03, 2009
Recently I received form letters from a law firm representing HSBC Bank Nevada for Best Buy. The letters stated: “Please be advised that our client holds a purchase money security interest in consumer goods in regards to the above-referenced claim...

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