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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

Why Don?t More ?Money Experts? Suggest Chapter 13 To Save Your Home From Foreclosure?

Posted on January 30, 2008
If you crank up your computer this morning to the MSN homepage, you see a featured article called “facing foreclosure - 9 options” written by MSN’s money writer Liz Pulliam Weston. Her 9 options include: Make a budget; consider getting help; check your refinance options; be realistic; get organized...

Mortgage Modification Bill: Mortgage Bankers Don?t Get It

Posted on January 29, 2008
Pending bankruptcy legislation would allow bankruptcy judges to modify mortgages in Chapter 13 in order to slow down the foreclosure crisis in this country. Mortgage bankers oppose the bills even though it could ultimately benefit their industry. Today, they rolled out former Republican Congressman Dick Armey in the Wall Street Journal to attack former Republican [...

Can I Surrender an Expensive Car in My Chapter 13 - What Will Happen?

Posted on January 28, 2008
My husband and I are thinking about filing for chapter 13 in Arkansas. We bought two new cars in the last 6 months. One of the cars we bought was only worth $30,000 but we financed over 45 thousand for it. My husband spoke to an attorney and he advised us to go out and if [...

Student Loan Payments Special Circumstance in Means Testing

Posted on January 28, 2008
While paying a student loan outside a Chapter 13 plan may be an option in bankruptcy, student loan debt may help an above median debtor pass the means test and file a Chapter 7. A monthly student loan payment is a valid additional circumstance allowing a debtor with above-median income to file for Chapter 7 [...

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Can I Lose My Student Loan Money In My Bankruptcy Case?

Posted on January 28, 2008
If you are considering bankruptcy and happen to have the proceeds of your recent student loan sitting in your bank account, what happens to this money? Is it subject to being taken by the trustee to pay your creditors? If so, your education plans could be derailed: you could be unable to pay [...

The ?Drive More People Into Bankruptcy Act of 2005??

Posted on January 27, 2008
Recently, on MSN.com, columnist Liz Pulliam Weston, wrote an opinion piece entitled, “Let’s Punish Lenders Of Easy Credit.” Ms. Weston points out that in the year following its implementation, revolving debt rose at a sharply increased level than previous years (despite nearly 2 million folks rushing to file before the law changed on [...

I Filed Chapter 13, But Noticed A Bankruptcy Fee On My Mortgage Statement!

Posted on January 27, 2008
Well, actually you should not be getting any mortgage statements during your Chapter 13 case. But this technical violation might help remind you to make your monthly payments. Even better, this technical violation may provide you the “smoking gun” of evidence that your creditor is violating bankruptcy laws...

Why Do I Still Get Billed For My House I Surrendered In Bankruptcy?

Posted on January 27, 2008
Lately, most people are surrendering their real estate in Chapter 7 Bankruptcy Proceedings. This is because there is usually little if any equity left in the property. In fact, in many cases, surrendering the property is recommended in light of future interest rate adjustments which will increase monthly payments, negative equity, and the fact that [...

Region 20 U.S. Trustee Named

Posted on January 27, 2008
The Executive Director of the Executive Office of the U.S. Trustee announced that Richard A. Wieland has been installed as U.S. Trustee for Region 20 in Kansas, Oklahoma and New Mexico. Wieland has been acting U.S. Trustee since September 1, 2007. He has 20 years experience as a trial lawyer in the U...

Can I Change Lawyers In A Bankruptcy Case?

Posted on January 27, 2008
It happens: you?ve hired an attorney to file for bankruptcy for you and somewhere along the line, either before or after the filing, he or she seems to be dropping the ball. Can you change attorneys? Absolutely! But that?s not the end of the story. To change, find a new attorney willing to take over...

Bankruptcy Means Test Income Allowances Change February 1

Posted on January 26, 2008
The figures used for your state’s median family income on the bankruptcy means test will change again for cases filed on or after February 1, 2008. A chart by state and family size is available on the U.S. Trustee website. The numbers come from the U...

Means Test: Don?t Give Up, Even If You Think You?ve Flunked It, Part 9

Posted on January 26, 2008
If your lawyer tells you that the means test, or Form B22, is creating a problem in your bankruptcy case, make sure you have included every possible expense the law allows. Many expenses allowed by Form B22 are for items which are unique to some people, and your lawyer may not know about them...

Can I Contribute to or Repay a Loan to 401k in Chapter 13 Bankruptcy?

Posted on January 25, 2008
January 18, 2008, Jacksonville, Florida - A recent case out of the Jacksonville Division of the Middle District of Florida has held that neither 401k contributions nor 401k loan repayments are included in a Chapter 13 debtor?s disposable income, without regard to whether the debtor is above or below median income...

Will Filing for Bankruptcy Prevent Me From Opening a Checking Account?

Posted on January 24, 2008
Over at our sister site, Credit Law Network, there are a few articles about Chex Systems and Tele-Check. These companies assist financial institutions and merchants in preventing losses from bad or fraudulent checks. Chex Systems co-sponsors an educational program for those who have bounced checks in the past to qualify to open a [...

Filing Two Bankruptcy Cases Can Be A Smart Move

Posted on January 23, 2008
You might be wondering how filing two bankruptcy cases could possibly be legal, or why somebody would ever want to do it. Actually, filing two bankruptcy cases is not that unusual, although most would not benefit from this process. “Filing two bankruptcy cases” does not mean filing two cases at the same time; it means filing one [...

Zombie Student Loans Arise From The Grave

Posted on January 22, 2008
Student loans made before 1998 were given new life by Congress when it eliminated the seven year discharge rule in 1998. The United States Court of Appeals for the 9th Circuit recently affirmed the right of Congress to modify discharge rules after the loan was taken out...

Landlord Security Deposits In Bankruptcy: Can the Trustee Take It?

Posted on January 22, 2008
When a person who does not own a home, but instead rents the apartment or home he or she lives in, files for bankruptcy, the assets which must be listed in the bankruptcy papers will usually include a landlord security deposit. The reason the landlord deposit must be listed is that it still belongs [...

Bankruptcy and Divorce: What If I Just Paid My Divorce Lawyer?

Posted on January 21, 2008
Along with medical bills and excessive credit card debt, one of the leading causes of bankruptcy filings is divorce. If a family is barely getting by when it is intact, adding a divorce or separation is sure to cause a worse financial hardship, which might only be able to be remedied through a bankruptcy filing...

Who are the Trustee?s in your Neighborhood? Part IV

Posted on January 19, 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...

Bankruptcy and the Timing of the Petition

Posted on January 19, 2008
Most bankruptcies start with the filing of a voluntary petition. That starts the automatic stay, stops creditor harassment and commences the case. Either concurrently or shortly thereafter the rest of the required documents must be filed. They consist of schedules of assets and debts, a statement of financial affairs and several other [...

Debtor Audits Stopped

Posted on January 19, 2008
The U.S. Trustee has suspended auditing debtors filing bankruptcy for now. Congress did not fund the audits in the 2008 appropriation. Alternate funding is being sought and audits will resume when funding is found, the Executive Office of the U.S. Trustee reports...

Beware Of Advice From Non-Attorneys: What Are The Choices For Secured Debts In Bankruptcy?

Posted on January 19, 2008
I recently visited a bankruptcy law blog which was supposedly written by an attorney offering advice on debts in bankruptcy. Why do I say, “supposedly?”. The writer discussed the importance of knowing what kind of debt you might have: secured vs...

What is the Likelihood of a Dischargeability Challenge by a Credit Card Lender

Posted on January 17, 2008
I make about $46,000 a year in gross annual income and I believe I qualify for Chapter 7 Bankruptcy, but what happens if I have $80,000 in credit card debt? Is that just erased under Chapter 7, assuming I qualify for Chapter 7? Does the bank try to get back some of that debt if [...

What If I Am Being Sued, But I Have To Wait To File My Bankruptcy?

Posted on January 17, 2008
Lawsuits filed against a person intending to file bankruptcy can pose a special problem when the bankruptcy case cannot yet be filed due to timing considerations. For most persons, this is not an issue; when they start getting sued they simply file their bankruptcy case and that is normally the end of the problem...

How Do I Track My Progress In My Chapter 13 Case?

Posted on January 17, 2008
How do I figure out if the trustee has received my payment? You can go to 13 Data Center and log in to view your case. You will be able to see what payments have been received by the trustee. You can also look at the claims that have been filed in [...

How to Remove Your Second Mortgage With a Very Simple Chapter 13 Plan Provision

Posted on January 16, 2008
In most bankruptcy cases, your home mortgage is not affected, and if you want to keep your home, you have to continue the payments. However, there is an important exception to this rule which applies in chapter 13 cases. If your home is worth less than what you owe on your mortgages, to the point [...

Preparing Your Chapter 13 Budget?Part Three

Posted on January 15, 2008
In Part One and Part Two, we looked at the importance of budgeting in Chapter 13s, and the use of historical data to project future expenses. But what if your historical expenses don’t really help you project future expenses? Every once in a while, I meet someone who has been through such extreme financial hardship that [...

If I File Chapter 7, Will I Get a Discharge?

Posted on January 15, 2008
If you are considering filing a chapter 7 bankruptcy, you might be wondering if you are guaranteed to get a discharge of your debts. You’re right to wonder — it certainly is not gauranteed! It would be disappointing, maybe even financially ruinous, to file a chapter 7 case, only to have an unforeseen problem result [...

Contract for Deed Cancellation in Minnesota: Can Bankruptcy Stop It?

Posted on January 14, 2008
In Minnesota, the purchase of a home is most commonly financed by obtaining a mortgage, but it can also be accomplished by means of a contract for deed. This is usually done by a buyer whose credit rating is too poor to qualify for a mortgage. There are less legal protections for the contract for [...

Mortgage Foreclosures in Minnesota: How Does It Work?

Posted on January 14, 2008
In Minnesota, a home mortgage can be foreclosed by sheriff’s advertisement sale or by court action. Unless there a title defect to cure by means of a court order, almost all Minnesota mortgage foreclosures are done by advertisement. Foreclosing by advertisement is simpler, quicker and less expensive for the mortgage bank than doing it by [...

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