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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

My Income Is Not Enough To Cover My Expenses?Will Bankruptcy Help?

Posted on February 22, 2010
If your income is not enough to cover your expenses, will a bankruptcy filing help you? Depending on what expenses you are talking about, probably not. Unfortunately, I’ve had many discussions with people seeking information about bankruptcy only for them to leave disappointed when I tell them that a bankruptcy filing will not help...

Debt Limits for Chapter 13 Eligibility to Increase on April 1, 2010

Posted on February 21, 2010
With the recent housing boom and bust, many people find themselves with debt in excess of the eligibility limits for Chapter 13, which since 2007 have been $1,010,650 in secured debt, and $336,900 in unsecured debt. But on April 1, 2010, those debt limits (along with most other dollar amounts in the Bankruptcy Code, [...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 4

Posted on February 21, 2010
There are so many ways you can really honk off your bankruptcy trustee. What you really want is to be invisible to your bankruptcy trustee. So how else can you really perturb (isn’t that a nice “p” word?) your bankruptcy trustee and foul up (isn’t that a nice “f” word?) your bankruptcy case? A really good [...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? part 3

Posted on February 20, 2010
It’s tax return season. Most of the time, you are not thinking of your income tax refund when your visiting your bankruptcy lawyer’s office. The one exception is if your attorney is asking you to pay your fee with it. Why should you care about your income tax refund when you are filing bankruptcy? Because on [...

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How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? one of a series

Posted on February 19, 2010
When you file a bankruptcy case, your bankruptcy trustee wants data. Depending on the district you live in, it could be a little or a lot. You have a duty to cooperate with the trustee. Not only that, it’s common sense. The trustee is the main thing which stands between you and your discharge...

How to annoy, upset and aggravate your bankruptcy trustee and delay your discharge ? first of a series

Posted on February 18, 2010
When you file a chapter 7 bankruptcy case, you want to get your discharge – fast. That means just after 60 days from the time you have your first meeting of creditors. And that happens about a month after you file your case. Usually, it is only the chapter 7 trustee who might stand in the [...

Bankruptcy trustees and you ? one of a series

Posted on February 17, 2010
Debtors frequently feel like bankruptcy is an obstacle course. The goal is to receive a bankruptcy discharge. Along the way, there are many hurdles to pass. Clients often ask whether they have to go to court in bankruptcy cases. The answer is hardly ever...

Appeals Court: Failure to Amend Chapter 13 Papers Prevents Lawsuit From Going Forward

Posted on February 17, 2010
If a chapter 13 debtor suffers employment discrimination years after filing her bankruptcy, and then fails to amend her bankruptcy papers to say she can sue her employer, “judicial estoppel” prevents her from ever suing her employer over the discrimination...

How Much Must I Owe Before I Can File Bankruptcy?

Posted on February 17, 2010
Is there a minimum amount of money that you must owe before you can file bankruptcy? No but the answer to this question is more nuanced than that. Technically, there is no minimum amount of debt that you must owe before you can file bankruptcy. But, when you consider that many attorneys charge anywhere from $1,500...

Student Loan Disasters

Posted on February 16, 2010
What with the residential mortgage meltdown and credit card defaults, student loan debt can get lost in the shuffle. But $740 billion of it is out there, and with jobs hard to come by, repaying student loans can be tough, or, impossible. Even doctors are having trouble repaying student loans, as shown in a Wall Street Journal [...

Bankruptcy Code 502(k): stupidest consumer protection ever!

Posted on February 16, 2010
You really have to hand it to Congress. When they want to protect the consumer they really know how to do it. Remember how the Bankruptcy Abuse Prevention Consumer Protection Act was supposed to protect consumers? Yeah, right! For the past five years, I’ve been looking for any evidence of consumer protection in this Act...

You Are Ready To Retire. Is It Time To Consider Filing Bankruptcy?

Posted on February 15, 2010
Don't wait until you are ready to retire to consider filing for bankruptcy. You should look into your options while you still have time to prepare for your future.

Senior Citizens Filing For Bankruptcy in Record Numbers

Posted on February 15, 2010
The American Bankruptcy Institute reported 1.4 million consumer bankruptcy filings in 2009. A lot of those who filed were senior citizens. This is a definite shift from past decades where seniors were among the least likely to file for bankruptcy relief...

Chapter 13 is a payment plan with IRS

Posted on February 15, 2010
Ever dream of dictating realistic repayment terms to the IRS for your back taxes? Welcome to Chapter 13. Even better, under bankruptcy law, you may have to pay far less to the taxing authorities than you owe. Chapter 13 is a reorganization plan for an individual with regular income...

Redemption ? buying your car back for a discount.

Posted on February 15, 2010
If you can put your hands on a little money – maybe from your friends, family or relatives – maybe from otherwise exempt funds – you may have an opportunity to pay off your car loan at a big discount and keep your car. The way to do this is called redemption...

Prepare to Pay Extra if You Fall Behind on Mortgage Payments While in Chapter 13

Posted on February 15, 2010
In the Northern District of Georgia, where I practice, Chapter 13 debtors pay their mortgage payments directly to the mortgage lenders, rather than sending their mortgage payments to the Chapter 13 trustee for subsequent disbursement to the mortgage lender...

Charlotte Chapter 13 Creditor Meetings Location

Posted on February 15, 2010
The location of Charlotte NC bankruptcy Chapter 13 Creditor Meetings has moved from the Chapter 13 Trustee’s office on Park Rd to the United States Bankruptcy Administrator’s Office at 402 West Trade St, Charlotte NC 28202. The Charlotte bankruptcy creditor’s meeting room is in the building is across from the United States Federal Courthouse...

Why do I have to reaffirm my car loan?

Posted on February 14, 2010
Your car is one of your most important possessions. You want to keep it when you file a bankruptcy case. Most people have some sort of a car loan. Automobile finance companies are very interested in your bankruptcy case. Most times in bankruptcy, they want to repossess your car right away...

Bankruptcy And The Loss Of A Business

Posted on February 13, 2010
When a business fails, the owners often find that they have to file bankruptcy. If the business was a sole proprietorship or a partnership, the owners are personally liable for its debts. And if it was a corporation or a limited liability company, the owners often had to guarantee loans or purchases, and therefore remain [...

Can I keep my car when I file bankruptcy?

Posted on February 13, 2010
People think that when they file bankruptcy they will lose everything. That’s hardly the case. People always ask if they can keep their car. In most cases, they can. I always ask my clients if they own or lease their car? Leased cars You can continue to lease the car after bankruptcy if you continue the payments on the [...

Show Mom How Much You Love Her by NOT Paying Her Back! (Part Two)

Posted on February 12, 2010
In part one, I examined why you should not repay mom prior to filing bankruptcy and discussed preferential transfers, or “preferences.” In this post I’ll tell you about what options you have if you’ve already paid her back. After all, much of what bankruptcy lawyers do is to provide solutions to these types of problems [...

Remedies for false bankruptcy involuntary bankruptcy petitions

Posted on February 12, 2010
You can get a false bankruptcy petition sealed if it is dismissed. And you may get attorneys fees, damages and costs as well.

Can I be forced into bankruptcy?

Posted on February 11, 2010
It's rare, but it is possible for creditors to force you into bankruptcy. If you have less than 12 creditors, just one creditor can file an involuntary bankruptcy petition. Otherwise, three creditors must join in filing a bankruptcy case against you.

Can a Wholly Unsecured Second Mortgage be Stripped Off in a Chapter 7 Bankruptcy?

Posted on February 11, 2010
If the amount of the first mortgage on a property exceeds the value of the property, it is generally accepted that in Chapter 13, or 11 or 12, a second mortgage or any other junior lien can be avoided, or “stripped off,” and treated as unsecured debt...

What does a chapter 7 trustee do in my case?

Posted on February 10, 2010
Debtors are frequently scared of chapter 7 trustees. They don’t have to be. The general idea of bankruptcy is pretty simple. An honest debtor gets a discharge in bankruptcy. The price of a discharge in bankruptcy is that the non-exempt assets of a debtor may be sold (liquidated) and the proceeds distributed to creditors...

Social Security Income Does Not Have To Be Used To Pay Your Creditors.

Posted on February 10, 2010
In re Green 09-44481 of the Western District of Missouri Bankruptcy Court established that Social Security funds do not necessarily need to be used to pay one’s creditors. In this case the debtors have a surplus of income in the amount of $1,468...

What?s a financial management course and why do I need one to file bankruptcy?

Posted on February 09, 2010
If you don't take your personal financial management course, your case will be closed without discharge.

Bankruptcy Double Standard ?: Businesses and Individuals

Posted on February 09, 2010
As a consumer bankruptcy attorney, I am often asked: Why does it seem that in the United States Corporate Bankruptcy is deemed a good business decision and Personal Bankruptcy is deemed to be an Individual failure. My response is simple: ”Nothing can be further from the truth...

What Can I Keep When I File Bankruptcy in Virginia?

Posted on February 09, 2010
A Virginia resident who files Bankruptcy is entitled to keep certain property as exempt from the trustee and creditors. The major Virginia exemptions include: ? Up to $5000 in household goods and furnishings. ? Up to $1000 in wearing apparel. ? Up to $2000 in equity in a motor vehicle...

Show Mom How Much You Love Her by NOT Paying Her Back!

Posted on February 09, 2010
But I Love My Mother! I know you love your mother. I love mine, too. But if you’re in financial trouble, the best way to show her that you love her is to not pay her back–that is, until after your bankruptcy. Bankruptcy law can be counter intuitive...

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