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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

Another High Profile Bankruptcy Filing in Georgia - State School Superintendant Files Chapter 7

Posted on November 24, 2008
One of the most prominent elected officials in the State of Georgia, State School Superintendant Kathy Cox has filed a Chapter 7 bankruptcy. Ms. Cox’ husband, John Cox, is a homebuilder whose business has all but dried up in recent months. The Cox’ schedules show $3...

Are House Payments Made Through A Chapter 13 Plan?

Posted on November 23, 2008
Chapter 13 plans come in all shapes and sizes. They vary from district to district. The amount paid through the plan can vary as well, so long as certain minimums are met. My colleague, Brett Weiss, wrote an excellent article on the requirements for calculating plan payments...

Motions for Relief from The Automatic Stay: 30 Day Requirement

Posted on November 23, 2008
Motions for relief from the automatic stay enjoy the benefit of expedited treatment by bankruptcy courts. Under Section 362(e) of the Bankruptcy Code, when someone, such as a mortgage servicer, files a motion to lift the stay, they get automatically relief from the automatic stay unless the Court holds a hearing within 30 days...

How Do I Get a Copy of My Credit Report? The Federal Trade Commission?s Recommendation

Posted on November 22, 2008
Many persons will order their credit report before filing for bankruptcy, to ensure that all their creditors are listed properly. Ordering a credit report reduces the chance of leaving collection accounts off the bankruptcy papers, or even forgetting about a creditor altogether...

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Mortgage Modification in Bankruptcy May Soon Be Possible

Posted on November 22, 2008
A Senate Judiciary Committee hearing, chaired by Senator Richard Durbin of Illinois, took another look at proposed bankruptcy legislation to permit modification of loans secured by the personal residence of the debtor by a bankruptcy judge. There have been many articles published on this site dealing with important legislation...

Where bad information about bankruptcy comes from

Posted on November 22, 2008
The latest entry in my intermittent series on “where does this mis information about bankruptcy come from” concerns the effect of paying your credit cards before bankruptcy. This, according to www.mybankruptcyguy.com, could lead to the denial of discharge...

When Does the Automatic Stay Terminate

Posted on November 21, 2008
Once imposed, automatic stay requiring a stop to almost all debt collection activity against the debtor and his property remains in effect until the earliest of the following events: 1. The case is closed; 2. The case is dismissed; 3. Or the debtor is granted or denied a discharge...

How Do You Go Bankrupt?

Posted on November 21, 2008
In The Sun Also Rises, one of the characters is asked, “How did you go bankrupt?” His response is “Gradually . . . then suddenly.” In my bankruptcy practice I find that most clients echo those sentiments. It seems as if you go from being on top of the world to rock bottom overnight, doesn’t [...

Auto Makers Waste Funds While You Are On The Verge Of Bankruptcy.

Posted on November 20, 2008
The three auto makers went to Congress asking for bailout funds while a good portion of Americans are on the verge of bankruptcy. I don’t know about you but I have a hard time feeling sad for a CEOs who are not willing to start the cut backs at the top from the financial waste that [...

Wisconsin Bankruptcy Filings Up 38%, Judge Says More To Come

Posted on November 20, 2008
More than 12,000 bankruptcy cases have been filed in U.S. Bankruptcy Court in the Eastern District of Wisconsin this year, representing a 38 percent increase through October of last year. In fact, filings have been coming in at a rate of nearly 30 a day...

The trick to discharging credit card debt

Posted on November 20, 2008
The discharge of credit card debt, usually the single biggest component of a debtor’s unsecured debt, is dependent on the transactions on the card being free of fraud. The Bankruptcy Code excepts from discharge debts incurred by fraud, false representations or false pretenses...

Bankruptcy ?Exemption Planning?: In re Addison Makes It Easier

Posted on November 18, 2008
The U.S. Court of Appeals for the Eighth Circuit ruled in August 2008 that section 522(o) of the bankruptcy code allows pre-bankruptcy “exemption planning” in the manner as was allowed prior to the enactment of section 522(o). This decision, In re Addison, Nos...

Consumer Reports: Reform School (U.S. Economy)

Posted on November 18, 2008
The president of Consumer Reports has taken the bold step of calling for fundamental changes in the U.S. economy. Consumer Reports is published by Consumer Union, the world’s largest independent consumer-product-testing non-profit organization...

Bankruptcy Court, Debtor Ball Three

Posted on November 17, 2008
In baseball, a well-known play is called the ‘walk’. When the pitcher throws the ball outside the strike zone and the batter doesn’t swing, it is called a ‘ball‘. Four ‘balls’ and the batter gets to walk to first base...

In Rem Orders in Bankruptcy

Posted on November 17, 2008
Before the 2005 bankruptcy amendments, in rem orders were a somewhat common method of thwarting serial bankruptcy filers. As one court put it: An order granting in rem relief from stay is an appropriate remedy when a debtor or transferee of a debtor serially files bankruptcy petitions solely to invoke the automatic stay...

Connecticut Loses A Bankruptcy Judge

Posted on November 16, 2008
On Thursday, November 6th, the Honorable Robert L. Krechevsky, U.S. Bankruptcy Judge for the District of Connecticut, of West Hartford, died at his home. He was appointed by President Carter as a judge of the U.S. Bankruptcy Court for the District of Connecticut based in Hartford in 1978...

$139.95 Appears to be the New Compensation for Social Security Number Disclosures in Proof of Claims.

Posted on November 16, 2008
The Southern District has recently changed course, lowering the amount of sanction damages against creditors that divulge social security numbers to the world. While social security numbers must be redacted in all proof of claims submitted in Bankruptcy Courts, frequently they are not...

Countrywide Sanctioned over $55,000.00 for Bankruptcy Abuses

Posted on November 16, 2008
Doan Law Firm just obtained an award against Countrywide Financial for $55,220.00 with additional sanctions of $500.00 per month for each month they fail to comply with a Bankruptcy Court Order, arising from improper conduct related to a mortgage discharged in a Bankruptcy Case...

FTC Sues ?Credit Repair? Firms for Misleading Consumers

Posted on November 15, 2008
On October 23, 2008, the Federal Trade Commission (FTC), along with 24 state agencies, announced the commencement of “Operation Clean Sweep,” a coordinated effort aimed at the deceptive practices of so-called “credit repair” firms...

Borrowing Against Retirement: Using Your Future To Pay For Your Past

Posted on November 15, 2008
Borrowing against your retirement to pay off credit cards and other unsecured debts may be a big mistake. South Carolina attorney Dana Wilkinson wrote an article on a new 401k debit card that is being offered that makes it easy to access and spend 401k funds...

Do I have to list the creditors in my bankruptcy that I am paying?

Posted on November 14, 2008
I am asked this question almost every day. The answer is YES, you have to list the creditors you are paying. You cannot pick and choose which creditors to include in your bankruptcy. Put another way, you must file on all of your creditors - even your house and car...

10th Circuit Weighs In on Projected Disposable Income

Posted on November 14, 2008
One of the most vexing provisions of the 2005 BAPCPA amendments is the one requiring debtors to pay their “projected disposable income” over the life of their Chapter 13 plan. For below-median income debtors, this remains intuitive and the same as under previous law...

Plan for Credit Card Forgiveness Stumbles

Posted on November 13, 2008
The Associated Press is reporting that the Office of the Comptroller of the Currency, the agency with regulatory control over national banks, does not favor the bank plan to forgive up to 40 percent of credit card balances owed by certain borrowers. The reason for the OCC’s position is that the banks are seeking to defer [...

Glossary: Chapter 7

Posted on November 13, 2008
CHAPTER 7: In a Chapter 7 bankruptcy case, a Debtor?s unsecured debts (usually credit cards, doctors? bills and personal loans) are wiped out. Most people can keep their home, car and all of their belongings, but if you can?t bring your mortgage or car payments current quickly, you may lose your house or car...

Federal Tax Liens and Personal Property in Bankruptcy

Posted on November 12, 2008
Federal tax liens attach to personal property acquired by the debtor before a bankruptcy case. Federal tax liens can not be avoided in bankruptcy. 11 U.S.C. § 522(c)(2)(B). However, there are options for dealing with federal tax liens and personal property in Chapter 7 bankruptcies...

When are Balloon Plans Permissable under BAPCPA?

Posted on November 12, 2008
Section 1325(a)(5) of the Bankruptcy Code, added as part of the 2005 BAPCPA amendments, imposed a new requirement on Chapter 13 plans. The section states, in part: “The court shall confirm a plan if [...] with respect to each allowed secured claim provided for by the plan [...

Evidence that the Median Income Tables Unfairly Push Working Poor into Chapter 13

Posted on November 12, 2008
Under the BAPCPA amendments to the bankruptcy law, a presumption of abuse of Chapter 7 arises if your “median household income” exceeds the median income tables published by the United States Trustee’s office. Although this presumption is rebuttable, as a practical matter the U...

Top 5 End of Year Tips to Save Money

Posted on November 11, 2008
1. Eat at home. Dining out is expensive and should be reserved for special occasions. Like when you have money leftover at the end of the month. 2. Brown bag your lunch. Try this experiment. The next time you are grocery shopping, plan your lunches...

I filed bankruptcy several years ago and now I?m over my head in debt again. Can I file bankruptcy again?

Posted on November 11, 2008
I have recently seen a huge increase in inquiries from people who filed for bankruptcy some time back and are now over their head in debt again wanting to know if they can file bankruptcy again. Many of you may be thinking “Well, they shouldn’t have gotten in debt again...

Glamour of an Ultra Rich Bankruptcy

Posted on November 11, 2008
What do Microsoft founder Bill Gates, former Vice-President Dan Quayle and Greg LeMond have in common. They are members of the ultra rich Yellowstone Club. Oh, the Yellowstone Club filed bankruptcy. Associated Press writer Matthew Brown reports in Exclusive mountain retreat for the ultra rich “The gated, millionaires-only club on 13,400 acres in Montana’s Gallatin [...

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