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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

Vote Bankruptcy Law Network Top 100 Blawg

Posted on January 02, 2009
The American Bar Association is holding voting on the best of the 100 best law blog sites. Please vote for Bankruptcy Law Network site here. Voting ends today, so please vote! Thanks.

New Year?s Resolutions from a Consumer Bankruptcy Attorney

Posted on January 02, 2009
People seek bankruptcy relief in times of personal financial crisis. Now, we are all facing a national financial crisis. As 2009 starts, I have asked myself, “What can I do about this?” Just asking this question, I have discovered, raises the bar for my own expectations and possibilities...

Ten Reasons To Delay Filing Bankruptcy! Reason No. 1: Anticipated Medical Expenses

Posted on January 02, 2009
With many bankruptcy clients, the timing of their bankruptcy filing is of little or no concern. However, there are definitely filing situations where the expression “timing is everything” should be heeded. Over the next several articles I will address ten situations where I would normally recommend that a client wait to file bankruptcy...

Is Income Earned Prior To Bankruptcy But Paid After Included In The Means Test?

Posted on January 02, 2009
The “Means Test” was one of the most dramatic changes in the BAPCPA legislation in 2005. It was supposed to bring clarity to how to determine whether above income debtors can file Chapter 7, or how much they had to pay into a Chapter 13 plan...

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Resolution For The New Year - Get Organized

Posted on January 02, 2009
The biggest problem that every bankruptcy client has is organization. Financial problems have a way of causing chaos. Which bill do you pay first? Which collection agency do you satisfy next? How in the world do you collect all those documents necessary to file bankruptcy? In fact, the issue of disorganization is one that typically has [...

Legal Malpractice Claim is Property of the Bankruptcy Estate, Not the Debtor

Posted on January 02, 2009
A recent New Jersey case, In re Hussain, 2008 WL 5102458 (Bky.D.N.J. Dec. 5, 2008), held that a bankruptcy debtor’s legal malpractice claim against his former bankruptcy attorney was property of the estate, to be administered by the bankruptcy trustee for the benefit of creditors...

What Will My Life Be Like After I File Bankruptcy?

Posted on January 02, 2009
One of the most intimidating aspects of bankruptcy, and one that keeps many people from filing, is the fear of what happens after you file. The following are some of the many positive outcomes that result from filing for bankruptcy: The phone will stop ringing from collection calls and creditors will stop harassing you...

What If My Favorite Retailer Files Chapter 11?

Posted on January 02, 2009
With holiday sales down for most retailers, the media is full of reports of possible Chapter 11 filings, or even liquidations. So what happens with those Chapter 11 reorganizations, and why not just liquidate? There are many possible benefits for any business, whether a big box, or a mom-and-pop store...

Please Don?t Ask for Legal Advice Via Email

Posted on January 02, 2009
A few days ago, I posted on this blog an article entitled “Should I Prepare and File my Chapter 7 Without an Attorney?“ In this post, I responded to an email inquiry from a reader of my Atlanta bankruptcy blog who wanted information about filing pro se...

When Should I Seek The Advice Of A Good Bankruptcy Attorney?

Posted on January 02, 2009
Seeing a good bankruptcy attorney is not the same as filing bankruptcy. Getting the advice and counsel of a knowledgeable bankruptcy lawyer is getting yourself a fresh and experienced set of eyes to review with you the specifics of your unique situation...

Does Bankruptcy Wipe Out Drunk Driving Debts?

Posted on December 29, 2008
Maybe. It all depends upon the nature of the debt, and whether the creditor/victim files an action in the bankruptcy court prior to the claims bar date. There are essentially two separate bankruptcy statutes that concern non-dischargeability of drunk driving debts...

Eastern District Of Louisiana Streamlines Procedure For Ex Parte Motions

Posted on December 29, 2008
In an effort to streamline the procedure necessary to file certain motions as ex parte motions in the Bankruptcy Court for the Eastern District of Louisiana, the Court recently entered Standing Order 2008-2. Standing Order 2008-2 amends Local Bankruptcy Rule 9013-1(D) which previously required the moving party to obtain the permission of all interested parties before filing an ex [...

Reform Results: Desperate For Relief !!

Posted on December 29, 2008
The results of the 2005 BAPCPA reforms are in, and folks are more desperate for relief than ever before. Consider that a 2001 filer had debts equaling about 30 months of income, but in 2007 the debts equaled 39 months of income, a 30% increase. Or that in 2004, the last year unaffected by 2005’s BAPCPA, [...

Should I Prepare and File my Chapter 7 Without a Lawyer?

Posted on December 29, 2008
One of the (un)intended consequences of the 2005 BAPCPA changes to the bankruptcy law was to increase the complexity of bankruptcy filings. Median income tables, means test calculations, pay advices, credit counseling and financial management course requirements comprise just a few of the concepts and terms that were not previously part of the bankruptcy landscape [...

The Hardest Part Of Filing Bankruptcy

Posted on December 29, 2008
Bankruptcy can be a difficult and complicated process. Just picking the right chapter: 7, 13 or 11; requires an extensive knowledge of bankruptcy laws and practices. Preparation and filing of the necessary forms and schedules is an onerous task and, once filed, dealing with creditors and the bankruptcy trustee can also be challenging...

?Projected Disposable Income? in Chapter 13 Cases: Rearview Mirror, or Crystal Ball?

Posted on December 29, 2008
A recent New York bankruptcy court decision, In re Almonte, Case No. 808-74084-reg (Bky.E.D.N.Y. December 8, 2008), held that a chapter 13 debtor should commit his “projected disposable income” to payments under his chapter 13 plan, rather his “current monthly income” or monthly “disposable income...

Private Student Loans

Posted on December 29, 2008
Private student loans are awful. Terrible. Heinous. Am I clear on this? We think of student loans as regulated by government and inherently fair to the student. This is not true for private student loans. Let’s not be confused, and let’s not underestimate the opportunity to be misled...

Means Test Form Wrong For Marital Adjustment

Posted on December 29, 2008
Chapter 7 debtors, married but filing alone, may be harmed by the required but incorrect Means Test form. The form ignores the Marital Adjustment when comparing “Current Monthly Income” to median income and might unlawfully disqualify a debtor from Chapter 7 protections...

Ten Things I?d Change About BAPCPA-Part Seven

Posted on December 29, 2008
There are parts of BAPCPA that are clearly anti-consumer, and parts of the law that changed things that were working fine already. Some of the law’s worst provisions, however, are not bad ideas, but are just poorly executed. It is one such provision that I would offer as one of the most important things to [...

Are Debtors Dishonest?

Posted on December 29, 2008
The alleged reasoning behind Congress? passing of BAPCPA was that too many debtors (and their lawyers) were dishonest. The thought was that these dishonest debtors needed to be forced to pay more back to their creditors. Despite extensive studies showing that the pre-BAPCPA bankruptcy law worked pretty well in identifying and dealing with dishonest debtors, there [...

Means Test Marital Adjustment

Posted on December 26, 2008
Married people are not required to file bankruptcy together. For various reasons, often just one spouse files. When this happens the question arises: what impact does the non-filing spouse’s income have on the bankruptcy. One such effect, which I will write about here, involves the means test...

Holiday Cookies: Some Good News for a Change

Posted on December 26, 2008
In this time of generally bleak economic news, I thought some good news would be a change of pace. But to tell this story, the bad news first. In October, the company that made Archway cookies (and Salerno butter cookies, if you’re from Chicago) filed a Chapter 11 bankruptcy...

In re Montanaro: The Fallout From In re Addison Continues

Posted on December 26, 2008
A December 10, 2008, ruling from the Missouri bankruptcy court shows that the fallout from the Eighth Circuit Court of Appeals’ ruling in In re Addison continues unabated. Addison held that exemption planning was still permissible under the 2005 Bankruptcy Reform Act, notwithstanding the new section 522(o)...

Ten Things I?d Change About BAPCPA-Part Six

Posted on December 26, 2008
The problem with the title to this series is the possibility that one might interpret it to mean that the provisions of BAPCPA can be “fixed” with ten changes. Actually, I have largely riffed off of Wendell Sherk’s suggestions, and he had at least 18, not counting subparts...

How Long After I File Bankruptcy Should My Rich Uncle Die?

Posted on December 23, 2008
It is not uncommon for a person considering filing a bankruptcy case to be aware that he or she is a beneficiary under the will of a person who might be near death. It might be feared that the proceeds from the resulting inheritance could be lost in the bankruptcy, and distributed to creditors...

7th Circuit Allows Car Ownership Means Test Deduction

Posted on December 23, 2008
The issue of whether a debtor should get to take the car “ownership” allowance when he has no loan or lease payment has been one of the many controversial issues surrounding the bankruptcy means test. Recently, the 7th Circuit Court of Appeals addressed the issue and described the split of authority in this manner: We [...

Do I Really Need to File 60 Days of Pay Stubs When I File Bankruptcy?

Posted on December 23, 2008
It seems as though the requirement in the current bankruptcy law that a debtor must file all of their pay advices (pay stubs) with their bankruptcy petition is overly rigid. Surely if you omit one pay advice, the bankruptcy judge will understand and overlook your omission, wouldn’t s/he? The answer is a resounding NO...

More Defaults in Loan Modifications

Posted on December 22, 2008
The Comptroller of the Currency and the Office of Thrift Supervision report substantial and rising rates of re-default in cases where loans have been modified or payment plans offered to troubled borrowers. The joint study shows increasing re-defaults both where the borrower has entered into a plan to catch up regular payments, and where the [...

Is Money I Give to My Mom for Safekeeping Protected if I File Bankruptcy?

Posted on December 22, 2008
A recent case in the Southern District of New York Bankruptcy Court illustrates the importance of having a knowledgeable bankruptcy attorney, and telling him/her about ALL of your assets. Brian Driskell cashed out his exempt retirement account, and gave $1,800 of it to his mother to hold for safekeeping...

Mortgage Loan Contracts Must Specify Bankruptcy Attorneys Fees or Fees Disallowed from Proof of Claim

Posted on December 21, 2008
A mortgage lender does not automatically get to charge you attorneys fees when you file chapter 13 bankruptcy, the fees must be expressly authorized in the loan documents, a Kansas bankruptcy judge has ruled. Judge Janice Miller Karlin disallowed fees to U...

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