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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

New Bankruptcy Dollar Amounts after April 1, 2010

Posted on March 07, 2010
For bankruptcy cases filed after April 1, 2010, new dollar limits will apply. The changes can be viewed here: http://www.bkmass.com/misc/output.pdf. Most notably, the homestead cap will increase to $146,450. Also worth mentioning: the Chapter 13 debt limits and the dollar amounts of the federal exemptions will increase.

In Bankruptcy -Tell tell the truth, the whole truth and nothing but the truth

Posted on March 07, 2010
Here’s the deal when you file bankruptcy. You tell the truth. You disclose everything. You keep what is exempt. The trustee takes everything else and distributes that among your creditors. In exchange you get a fresh start. The idea of bankruptcy is to get a discharge of all your debts so you get a fresh start...

Filing bankruptcy without a lawyer brings double trouble

Posted on March 07, 2010
Representing yourself in a bankruptcy case has a non obvious downside: if the case develops problems, capable bankruptcy lawyers won’t step into a troubled case. The judge in yesterday’s calendar was urging any number of individuals who represented themselves (in Chapter 11 cases, no less) to get a lawyer...

Getting A Tax Refund? Just Say No To The Refund Being Loaded On A Credit Card!!

Posted on March 01, 2010
Recently, I discussed why consumers needed to rethink getting their tax refund quickly with a refund anticipation loan. The same tax prep companies that push the refund anticipation loan have a relatively new tool to help them make even more money (like the high interest is not enough?) from taxpayers...

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Do I have a choice where I file my bankruptcy case?

Posted on March 01, 2010
Clients move around a lot. We have a client who is a Franciscan brother. He moves all over the country whenever his superiors tell him to do so. He considers Wisconsin to be his home but he hasn’t been there for a long time. He can file a bankruptcy case in Wisconsin...

Don?t Lose Your Tax Refund In Bankruptcy

Posted on March 01, 2010
It is tax time again, and it bears repeating that tax refunds can be taken in bankruptcy if you aren’t careful. Many people mistakenly think that if they haven’t filed the tax return before filing, it isn’t something that needs to be put into the bankruptcy petition...

How to file bankruptcy ? one of a series

Posted on February 28, 2010
A few weeks ago, we explained how simple it is to file a bankruptcy petition. Were you just a little confused? I’m sorry to say Congress intended to make it confusing for you. Let’s go into a little more detail here. Here’s the information you need just to complete the first page of your bankruptcy [...

Chapter 13 Debt Limits Increase By 7%

Posted on February 28, 2010
Debt limits for Chapter 13 increase April 1, 2010, to $360,475 of unsecured debt and $1,081,400 of secured debt. This change represents an increase of about 7% over the Chapter 13 debt limits in effect prior to the change. Congress limited the amount of debt owed by the debtor in a Chapter 13 case but adjustments to the [...

Why Should Consumers Not Use Refund Anticipation Loans?

Posted on February 28, 2010
We are a modern society…we want it now, we want it quick, we don’t like to wait. Tax preparers know this. Over the years, some tax preparation agencies have offered a refund anticipation loan (RAL) or to put a consumer’s refund on a plastic card that is similar to a debit card...

Learning Important Life Lessons.

Posted on February 28, 2010
Ralph Waldo Emmerson said; “In order to learn the most important lessons of life, one must each day surmount a fear.” How true this statement is especially if you are considering filing bankruptcy. The life lesson we must each face as adults is how to handle our finances...

Commissions, Wages, and Accounts Receivable

Posted on February 28, 2010
An individual filing for bankruptcy protection may have an asset in the form of compensation not yet received for work done before the filing. It can be wages, sales commissions, or accounts receivable for a self-employed filer. It can even be work in progress but not yet billed...

Massachusetts Trusts Protected By Homesteads

Posted on February 27, 2010
Upsetting a common understanding of an incomprehensible statute, a Massachusetts bankruptcy judge ruled that a home owned by a trust may be protected by a homestead. The February 23, 2010 In re Rodrigues decision (Bankr.D.Mass., Case No. 09-11960-JNF) (Feeney, J...

Why Using Cash Helps

Posted on February 27, 2010
Bankruptcy lawyers preach using cash, not plastic, to pay for everything you can. Most people listen but they don’t actually do it. But why should they? You don’t spend money if it’s money. It’s that simple. Scientists and casinos have known for a long time that people will spend more if they don’t see actual currency leaving their [...

What?s credit counseling and why do I need it to file bankruptcy?

Posted on February 27, 2010
An individual cannot file a bankruptcy case without first taking a credit counseling and budget course.

Reaffirmation Agreements: ?Let Them Eat Steel!? (Part Two)

Posted on February 27, 2010
In part one, I discussed some recent Bankruptcy Law Network posts on reaffirmation agreements. For part two, though, we’ll focus soley on the reality of a typical auto loan scenario. Forget About the Law “What?” you say. “This site is all about the law!” That’s true, but reality is more important...

How Will the New Credit Card Laws Affect Me?

Posted on February 27, 2010
The first of two credit card reforms went into effect earlier this week. The other reform will not be effective until July 2010. Together, the new laws should provide considerable help to you and other consumers by eliminating some of the worst practices of the credit card companies...

If I File For Bankruptcy Do I Have To Include My Spouse?s Income?

Posted on February 27, 2010
There are times when only one spouse in a marriage will want to file for bankruptcy. Some of the factors to consider in determining whether spouses should file a joint or separate bankruptcy are discussed by New Mexico Bankruptcy Attorney Gini Nelson in her article Must the Non-Filing Spouse?s Information Be Disclosed? Unfortunately, even when only one spouse files for bankruptcy, the bankruptcy code requires that [...

Will Settling Some Debt Make My Bankruptcy Look Better?

Posted on February 26, 2010
Sometimes it’s hard to give up old habits. Paying debts feels right. Even when it’s right and necessary. filing bankruptcy still feels like it out to be “wrong.” So sometimes folks ask us if it would look better — to the court and to future lenders — if they paid off or settled some debts before [...

Are Legal Fees For Visitation Cases Protected As DSOs?

Posted on February 26, 2010
Bankruptcy law generally prevents the discharge of a debt that is in the nature of support (like child support or alimony) as a “domestic support obligation.” This principle has been extended to protect legal fees charged to an opposing party during litigation over these issues as well...

Chapter 13 can save an investment property ? Lien stripping in action

Posted on February 26, 2010
Today, a Wisconsin client asked what we could do to help save his investment property. It’s worth only about $70,000. It has a first mortgage for $80,000 and a second mortgage for $30,000. Our client bought the property at the top of the market...

Yes, you can reorganize a small business in chapter 11

Posted on February 25, 2010
Some “experts” have commented on how hard it is to reorganize a business in Chapter 11. However, it is possible. Recently, we have been representing a small manufacturer of industrial equipment. They had well under a million dollars in debt...

Reaffirmation Agreements: ?Let Them Eat Steel!? (Part One)

Posted on February 25, 2010
Reaffirmation agreements are the subject of great debate. Secured creditors, like auto lenders, want you to sign them if you file Chapter 7 bankruptcy. Reaffirmation agreements prevent debt from being discharged, and lenders like that. But because your discharge is the Holy Grail of the bankruptcy process, you need to weigh your options very carefully [...

Chapter 7 Bankruptcy, or Debt Settlement?

Posted on February 24, 2010
“Don’t ruin your credit by filing bankruptcy!” “The secret the credit card companies don’t want you to know!” “If you owe at least $10,000 in credit card debt, you are eligible for our program!” “Recent changes in federal law require credit card companies bailed out by the federal government to settle their debts with you!” Hey, when something sounds [...

Provide Bank Statements to your Bankruptcy Attorney

Posted on February 24, 2010
When you are filing a bankruptcy case, you have many duties. More duties than we can cover in one post. Your bankruptcy lawyer should make it easy for you. It’s important that your bankruptcy papers are true. One of the questions in your bankruptcy papers asks how much money you have in the bank and in [...

Bankruptcy And Foreclosure

Posted on February 23, 2010
There is no ?cure? for a foreclosure of your home, but bankruptcy can certainly help. If you haven?t lost your house yet, but are behind in the payments, go talk to a competent bankruptcy attorney as quickly as you can. There might be a way to save the home in a Chapter 13 bankruptcy...

Should I settle some debts before bankruptcy

Posted on February 23, 2010
Two of his creditors were willing to settle the debt for a substantial discount, my client reported. Could he accept a reduced payoff before he filed bankruptcy? There is no bar to compromising with creditors before a bankruptcy filing. Debtors under California state law are free to pay one creditor over another...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 6

Posted on February 23, 2010
You have to list people to whom you are paying alimony or child support in your bankruptcy papers. Your ex-spouse to whom you are paying domestic support obligations are special creditors. They are priority creditors. You have to list them in your bankruptcy papers even if you are up to date with all payments...

Take your Financial Management Course, But Wait to File the Certificate

Posted on February 23, 2010
While it is necessary to take your Financial Management course (also called Debtor Education or the Second Credit Counseling course) after you file bankruptcy – it is a requirement to receive your discharge – it’s also a good idea to wait to file the certificate until the deadline...

Will Filing For Bankruptcy Stop A Lawsuit?

Posted on February 22, 2010
Filing for bankruptcy is often used to put an end to standard collection lawsuits, and can provide relief in many other types of suits.

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 5

Posted on February 22, 2010
It’s stunning how many ways debtors mess up their bankruptcy cases. For example, when married people file a bankruptcy case without their spouse, there are many opportunities to make a muck of it. First of all, when you file your bankruptcy case without your spouse, you still have to disclose your spouse’s income both on the [...

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