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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

I Received A Discharge Of All My Debts, So Why Is There Still A Lien On My House?

Posted on March 08, 2008
It?s frustrating. You went through the process, complied with everything your lawyer and the bankruptcy trustee said to do, and there?s still a lien on your home. The debt was discharged. Even the credit report shows it was included in the bankruptcy...

Bankruptcy Courts And The Mortgage Crisis: A Good Start

Posted on March 08, 2008
The Mortgage Crisis is in the beginning stages. Based upon all the articles and studies that I have been reading, we are about 15% to 25% into this disaster. So far, the only solutions being offered by the Bush Administration have been negotiation strategies...

But I Can?t Lose My Car!

Posted on March 07, 2008
Think about giving up your vehicle when you file bankruptcy if you owe more than the vehicle is worth. Some days it seems that more of my clients tell me they MUST keep their car than tell me they can’t lose their home. “How will I get to work?”… “I need a reliable vehicle”… ”I can’t lose my vehicle”...

Washington Post Says We Are Headed Towards A Boom In Bankruptcy Filings

Posted on March 06, 2008
The Washington Post headline reflects what business bankruptcy attorneys are telling me. Businesses are in trouble and many will be faced with difficult decisions about closing, selling or restructuring companies. This is just another reason that personal bankruptcies will also rise this year...

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Can I Transfer Title of Vehicle that ?Really Doesn?t Belong to Me??

Posted on March 06, 2008
I received this question from a reader of my Georgia Bankruptcy web site. This question has to do with title ownership vs. “real ownership.” I get this question frequently - what do you think my reader can do? I have two friend’s cars in my name because when they each got there income tax refunds this [...

Did You Hear The One About The Judge, The Fed Chairman And The Female Attorney From Arkansas

Posted on March 05, 2008
There was a Judge, a Federal Reserve Chairman and a lawyer, each pondering why the mortgage mess keeps dragging down the overall market economy. The Judge could not believe banks would not rewrite loans for a small loss to avoid taking a bigger loss in foreclosure...

Discharging Student Loans in Bankruptcy: It?s Worth Talking to Your Lawyer

Posted on March 05, 2008
It is well known that student loans can’t usually be discharged in a bankruptcy case. What is not well known is why, and what you might be able to do about it. Section 523(a)(8) of the bankruptcy code says that student loans cannot be discharged in either chapter 7 or chapter 13, unless repaying the student loans [...

The Trustee?s Office Moves to a New Location in Connecticut

Posted on March 05, 2008
The United States Trustee’s Office for operations in Connecticut has moved from its previous location at One Century Tower on 265 Church Street, New Haven to 150 Court Street in the Giamo Federal Building. Bankruptcy examinations for the New Haven and Bridgeport courts have also [...

Chapter 13 payments explained

Posted on March 05, 2008
I’m a fan of Chapter 13 and each time I pitch 13 to a client, I need to explain that though it is called a “repayment plan”, you’re likely repay only a fraction of your debt. Here’s how your lawyer determines just how much you have to pay to the trustee for the life of your [...

What Happens to Car Loan if Chapter 13 is Dismissed for Non-Payment?

Posted on March 04, 2008
What happens to your car loan if your Chapter 13 gets dismissed three or four years into your plan. I recently received a question about this on my Atlanta Bankruptcy blog. The debtor, named Melanie, is a single mom who lost her job following knee surgery...

Depressed Debtor Denied Bankruptcy For Destroying Records

Posted on March 04, 2008
So who doesn’t get depressed when filing for bankruptcy protections? Still, you need to be careful about holding onto your records. In Lassman v. Keefe (In re Keefe), 380 B.R. 116 (Bankr. D. Mass. 2008), a builder incorporated his business. He became depressed when he ran into difficult times and put all his records in a [...

Connecticut Allows Car Expense Without Loan

Posted on March 04, 2008
Using a common sense interpretation of the IRS Code, Judge Robert L. Krechevsky has decided that the full transportation expense should be allowed a debtor in the Means Test even though the vehicle does not have a loan on it. In the case of In Re Roberts on February 28, 2008, the U...

Who Are The Trustees In Your Neighborhood? Part VI

Posted on March 03, 2008
If you are in the Western District of Missouri, Kansas City Division, there are 10 Chapter 7 Trustees. You can never choose the trustee for your case, they are assigned by the Court at the time of filing. So far we have introduced you to Mr. David Stover, Ms...

Who Are The Trustees In Your Neighborhood? Part V

Posted on March 02, 2008
If you are in the Western District of Missouri, Kansas City Division, there are 10 Chapter 7 Trustees. You can never choose the trustee for your case, they are assigned by the Court at the time of filing. So far we have introduced you to Mr. David Stover, Ms...

Protected Massachusetts Home Sold After Bankruptcy: Money Also Protected

Posted on March 02, 2008
An asset protected in bankruptcy is also protected from debts which are not discharged in bankruptcy. This protection continues after the case closes. Can a non-discharged creditor get at the money if you sell the asset later? The First Circuit Court of Appeals says no...

Is Walking Away From Your House An Alternative To Bankruptcy?

Posted on March 02, 2008
There have been alot of reports for the last few weeks on a new company, “You Walk Away”. The company says that, with their help, distressed homeowners can “walk away” from their mortgages, homes, and suffer no consequences. Can this be true? The NewYork Times article by John [...

When Do I Know Its Right To File For Bankruptcy? 5 Top Reasons. Part II of II.

Posted on March 02, 2008
In my first article, I talked about the struggle that takes place when deciding to file for Bankruptcy Protection. In this part II of that article, I explain my Top 5 Reasons to File for Bankruptcy Protection. Below I have listed what I consider my top 5 main reasons to file, although there is also a [...

When Do I Know Its Right To File For Bankruptcy? 5 Top Reasons. Part I of II.

Posted on March 02, 2008
While the answer to this question is many times easier than one would expect, the acceptance of the answer is usually the most difficult part. This is because of the misconstrued social stigma associated with bankruptcy. Generally, when I meet people for bankruptcy consultations, I always start with the general question of “do you think you [...

Senators compromise to allow bankruptcy judges to alter subprime loans

Posted on February 29, 2008
A bipartisan compromise bill in the U.S. Senate (S.2636), which closely aligns with a similar House bill, would allow bankruptcy courts to modify existing subprime mortgages to help families save their homes from foreclosure. Under the terms of the Foreclosure Prevention Act, a borrower can qualify only if it can be proven that he or she [...

Opposition to Homeowner Assistance Gets Silly

Posted on February 27, 2008
The Wall Street Journal editorial page weighed in Tuesday against S. 2636, the Foreclosure Prevention Act of 2008. Having already seen the credit industry line up against the bill is no well-known. And, probably to no one’s surprise, the Journal once again opposes a pro-consumer proposal...

Paralegal School Students Have Difficult Time Understanding Bankruptcy Law

Posted on February 27, 2008
Yesterday, I served as a judge in a contest organized by a local paralegal school. The class of prospective paralegals had just completed their 4 week bankruptcy unit and the teacher divided the students into three groups. One group presented a paper and oral explanation about Chapter 7, another about Chapter 13 and [...

Chapter 13 and House Mortgage: Curing a Delinquent Mortgage

Posted on February 26, 2008
Chapter 13 bankruptcy permits a debtor to cure a delinquent mortgage payment over a period up to five years in length. Typically, a debtor proposes a plan to repay, or cure, the arrearage in equal monthly payments during the life of the plan. Some plans might involve staggered payments, eventually paying off the [...

Is Owner Financing an Alternative to Foreclosure?

Posted on February 26, 2008
I had an interesting question today from a client who is preparing to file bankruptcy. When he and his wife married, they each owned a home. They moved into one, and rented out the other. They have been talking with their tenant for some time about buying the home, but she has [...

Bankruptcy in Florida: Carmen Dellutri?s 2008 Predictions Part II

Posted on February 26, 2008
As consumer bankruptcy attorneys, the members of this network are on the cutting edge of bankruptcy issues, and more importantly, we see the latest trends and issues that consumers see in debt collection, mortgage fraud, credit card abuses, etc. Well the two most common used words in my offices in 2008 are CASH ADVANCES...

The ?Special? Means Test Categories: What You Need To Know

Posted on February 25, 2008
Some of the categories of expense on the bankruptcy means test form (Form B22A for chapter 7, Form B22C for chapter 13) are “special.” This is because unlike the categories which use an IRS standard allowance to determine one of your household living expenses, the “special” categories use the actual expenses you incur for that type [...

What Do I Do With Tax Refunds During My Chapter 13?

Posted on February 25, 2008
What happens to your tax refunds during the life of your Chapter 13 in the Western District of Missouri? Good question. As of two weeks ago the rules have changed. Previously you could keep the first $1,000 without scrutiny or question. Any amount between $1,001 and $2,500 you would send a [...

What is Involved in Converting a Chapter 13 Case to Chapter 7?

Posted on February 25, 2008
I recently received the following question from a reader of my Atlanta Bankruptcy blog: In my research, I have found out that I should and have the right to file “Notice of Conversion” along with a maximum $25 court filing fee in order to have this done...

Means Test: Don?t Give Up, Even If You Think You?ve Flunked It, Part 15

Posted on February 24, 2008
One of the changes which became effective January 1, 2008, for the bankruptcy “means test” concerns expenses for health care. Lines 19B and 31 of Form B22 (chapter 7), and lines 24B and 36 of Form B22C (chapter 13), now constitute a two-part listing for health care expenses, including a minimum allowance you are entitled to [...

Student Loan Discharge Tragedy

Posted on February 24, 2008
Student loans are hard to get rid of; even in bankruptcy. Congress only allows a bankruptcy court to discharge student loan debt when not doing so causes undue hardship for the debtor or the dependents of the debtor. The discharge rule for student loans is short and is set out in 11 USC §523(a)(8)...

Short sales, foreclosures, & credit scores

Posted on February 24, 2008
The impact on your credit score is the same for a short sale, a deed in lieu, or a foreclosure, a Fair Isaacs representative told bankruptcy lawyers at this weekend’s seminar. It is, he said, the 120 day late payments, which he presumed underlay each of these alternatives, that damages the FICO score...

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