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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 Recent Entries: 1537
Go to The Debt Podcast, find other Bankruptcy blogs, or browse all law blogs.
Unfair Discrimination in Chapter 13-Part 1
Posted on December 28, 2009First of all, the type of discrimination referred to in the title of this post pertains to creditor claims. In general, creditor claims of the same class must be treated the same in a Chapter 13 bankruptcy. Broad classes of claims include priority, general unsecured, and secured claims...
What Is The Function Of Bankruptcy Law?
Posted on December 28, 2009In discussing why bankruptcy is important, I am met with a number of viws regarding bankruptcy. For people that do not seem to have issues involving too much debt, they seem to view bankruptcy with a sort of disdain. For those who do have a lot of debt, being free of that debt is a [...
Can I Keep a Credit Card in Bankruptcy?
Posted on December 28, 2009People often ask if they can keep a credit card after filing bankruptcy. Maybe they have a credit card they use for travel, maybe it’s one used for everyday purchases and paid in full at the end of every billing cycle, maybe it’s one with a zero balance...
7 Reasons To Choose Chapter 7 Bankruptcy
Posted on December 28, 2009The US Bankruptcy Code offers several choices to one who is struggling with debt. A Chapter 7 bankruptcy is the most common form and preferred option for most debtors. Here are seven reasons why. Time: a typical Chapter 7 bankruptcy takes about 100 days from beginning to end...
Stress!
Posted on December 26, 2009I do not know about you but I am completely and totally stressed! Why? My clients are stressed, my judges are stressed, my trustees are stressed, our nation in general is stressed, so I guess it is natural that I am stressed. So why is there so much stress during the holidays? Our society has driven [...
Chapter 11 bankruptcy can provide emotional stability
Posted on December 26, 2009Sadly, a longtime Jacksonville Beaches developer took his own life on December 22nd at least partly because of his deteriorating financial condition. As a bankruptcy lawyer, I am always particularly disturbed by stories like this because I believe I may have given some hope in a seemingly hopeless situation...
Chapter 11 bankruptcy can prevent suicide
Posted on December 23, 2009Sadly, a longtime Jacksonville Beaches developer, Arthur Kirschman, took his own life on December 22nd because of his deteriorating financial condition. As a bankruptcy lawyer, I am always particularly disturbed by stories like this because I believe I could have given hope in a seemingly hopeless situation...
What is ?median family income? and why do I care? One of a series
Posted on December 23, 2009Congress thinks that people who are above-average earners are abusing the bankruptcy system when they file chapter 7. Congress wanted above-average earners to file cases under chapter 13 and devote 5 years of their disposable income to paying some of all of their debts.
Bank Accounts in Bankruptcy
Posted on December 23, 2009One of the common questions I hear from clients is whether they can keep (or open) bank accounts while they are in bankruptcy, or after bankruptcy. The short answer to that question is that there is nothing in bankruptcy laws that would prevent you from having or keeping your bank account open...
What?s a ?family farmer?? Someone who can file Chapter 12
Posted on December 22, 2009Chapter 12 is a little known part of the Bankruptcy Code that can be exceptionally helpful to family farmers and family fishermen. Under chapter 7, debtors discharge all of their debt but lose all of their non-exempt assets. Under chapter 13, debtors keep all of their non-exempt assets but devote 5 years of disposable income toward [...
The Worst Debt You Can Have: Student Loans (Part One)
Posted on December 22, 2009I?ll bet that if you asked the average person what debt is the worst kind of debt, he?d say taxes. But owing student loans is, ironically, far worse than owing Uncle Sam. During my next few posts, I?ll examine exactly what a ?student loan? is, a bit of history of how the [...
No Modification For You !
Posted on December 21, 2009You may recall the “Soup Nazi” episode from the hit television series Seinfeld. In the video, the Soup Nazi can be seen taking away soup from George because George cannot seem to follow the proper protocol. I like to compare the soup nazi to the mortgage companies who are supposed to be helping homeowners modify [...
Why do ?domestic support obligations? matter in bankruptcy?
Posted on December 21, 2009Domestic support obligations are the top priority in any bankruptcy case. They come ahead of taxes and every other type of of unsecured claim. So if a person files a bankruptcy case, other creditors get nothing until back child support and alimony is paid in full.
I Can Only Keep One Car If I File Bankruptcy, Right?
Posted on December 21, 2009I only get to keep one car if I file bankruptcy, right? Wrong. Often you can keep several cars when you file bankruptcy. Exactly what you can save and what you can?t keep depends on two factors: the type of bankruptcy you file and the kind of exemptions you can claim...
Will They Take My Annuity if I File for Bankruptcy?
Posted on December 20, 2009A 32-year-old single mother of two filed for chapter 7 bankruptcy in Kansas and lost her $900 monthly lifetime annuity payment. This week she lost her attempt to protect the annuity from her creditors and the bankruptcy trustee. The chapter 7 bankruptcy trustee likely will sell the future stream of annuity payments for a lump sum [...
Why ?current monthly income? is not current or monthly
Posted on December 20, 2009Oddly enough, "current monthly income" is neither "current" nor "monthly". What we do is take the average of your gross income from all sources - another point of controversy - for the last six months.
Am I liable for my spouse?s debts? About ?community claims?
Posted on December 19, 2009Most community property states are in the South and West. That’s because the idea of community property came from Civil Law in continental Europe rather than from Common Law in England. Some of the Southern and Western states originally were Spanish or French territory...
What Do Chapter 7 Trustees Dream About? CASH!
Posted on December 19, 2009Chapter 7 trustees are paid the small sum of $60 for administering each case. The real money a trustee makes is from finding and selling assets, and no asset is more favored than cash. According to the statutory formula, in addition to the paltry fee of $60 per case, Chapter 7 trustees are paid a commission [...
Massachusetts Bankruptcy Court Holds Means Test Form Not Due on Conversion
Posted on December 19, 2009Courts have divided on whether a new means test form is due upon conversion from Chapter 13 to Chapter 7. Most recently, Massachusetts bankruptcy Judge Rosenthal held that a new form is not due upon conversion. See In re Guarin, 2009 WL 4500476 (Bkrtcy...
How Does a Repossession Work?
Posted on December 19, 2009Repossession can be a very scary process, which can also happen pretty quickly. Essentially, in New York State, when a borrower has defaulted on a car loan, the creditor has the right to repossess your car even if you are only a few weeks behind. And to do so, the creditor does not even need permission [...
How Do I Make the Phone Calls Stop?
Posted on December 18, 2009Creditors want to get paid. When you don’t send them the regular monthly minimum, your telephone becomes the debt collector’s weapon of choice. Creditors will use the telephone in a way to get the desired result. They have no problem calling you 12 times a day to get you to send them a payment...
Can a limited liability company file for bankruptcy? Yes, but not chapter 13.
Posted on December 18, 2009Limited liability companies can and do file bankruptcy cases. When they do, they are treated as corporations.
?Were You Naked When You Filed Your Bankruptcy??
Posted on December 18, 2009When you file your bankruptcy case, make sure you have all of your assets listed. Leaving property off of your schedules can get you in trouble with the court and, in some cases, can make you and your lawyer look downright silly. I was recently in bankruptcy court waiting for my case to be called...
A Bankruptcy Riff on Christmas Songs
Posted on December 17, 2009Do You Owe What I Owe? (To the tune of “Do You Hear What I Hear?”) Said the neighbor to the young man, “Do you owe what I owe? Bills up to the sky, young man, Do you see what I see? A choice, a choice, waiting in the night A new start to end the year alright, A fresh start for a [...
What?s a ?Debt Relief Agency?? One of a series
Posted on December 17, 2009Anyone who has been thinking of filing a bankruptcy case has seen that law firms who file bankruptcy cases call themselves “Debt Relief Agencies”. This isn’t an accident. This is Congress’ way of trying to protect you. Now, don’t you feel much better? I thought so...
What?s a custodian? Get your car back in bankruptcy.
Posted on December 16, 2009You may be able to get your car back in bankruptcy even if it has been repossessed before you file your case. That’s because the repo guy is a “custodian” under the Bankruptcy Code. A ”custodian” means: receiver or trustee of any of the property of the debtor, not in bankruptcy assignee under a general assignment for the benefit of [...
Can I Keep Two Houses If I File Chapter 13 Bankruptcy?
Posted on December 16, 2009Can you keep two houses if you file for Chapter 13 Bankruptcy? Like so many questions in bankruptcy, the answer is: It depends. When most people file a Chapter 13 bankruptcy they are generally doing so to either save a house from foreclosure, or because the person is an “over means” debtor which requires them to file a Chapter 13 bankruptcy [...
Who is a ?family fisherman?? One of a series
Posted on December 15, 2009The Bankruptcy Code likes “family fishermen.” It’s not easy to make a living as a fishermen. In fact, statistics demonstrate that family fishermen have had a difficult time eking out a living. This is particularly important in coastal states such as Maine, Louisiana, Mississippi, Maryland, Florida and Alaska...
Planning a bankruptcy fresh start after the holidays?
Posted on December 15, 2009It’s tempting to think you’ll just get through the holidays before facing facts and filing for bankruptcy. I’m all in favor of facing facts and righting the listing financial ship, but your ability to get a bankruptcy discharge can be impacted by your spending behavior in December...
Previous | Next
New Jersey Legal Update - Podcast # 57
This week's New Jersey Legal Update podcast will address federal l...
New Jersey Legal Update - Podcast # 53
This week's New Jersey Legal Update podcast will discuss the landm...
The Mortgage Forgiveness Debt Relief Act
Phantom Income Relief on Debt Cancellation
Collection Agencies and Creditors
How to deal and stop the harassment
Bankruptcy Law
A complete prime (pre-2005)
The Paulson Toxic Mortgage Debt Security Act: The Biggest Government Bailout of All Time
Legislative Proprosal for Treasury Authority to Purchase Mortgage-related Assets
Emergency Economic Stabilization Act of 2008
Bailout Bill HR124
Truth In Lending Act
Consumer Loans and Consumer Credit Protection Act
If I unknowingly cash a fictitious check, am I responsible to repay the bank?
Definitely, please go to court! Those crooks should be behind bars!...
Some elses debt is being reported by a bank to the crecit agencies. They know and have ackowledged it is not mine, yet it is still being listed as mine. it was my son's and no I didn't co-sign. It is adversly
It is easy for the bank and the credit reporting agencies to clear this confusio...
Am I obligated to pay on a home equity line of credit that has been discharged through chapter 7?
The reaffirmation is done through the payments you have been making to the compa...
A month or so ago I was with some new people I met, and one of them asked me to cash a couple of checks he had, that he couldn't cash because he didn't have a bank account or a driver's liscence. I didn�
If the call was from your bank it may mean that the checks were bad. You may hav...
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If I unknowingly cash a fictitious check, am I responsible to repay the bank?
Definitely, please go to court! Those crooks should be behind bars!...
Some elses debt is being reported by a bank to the crecit agencies. They know and have ackowledged it is not mine, yet it is still being listed as mine. it was my son's and no I didn't co-sign. It is adversly
It is easy for the bank and the credit reporting agencies to clear this confusio...
Am I obligated to pay on a home equity line of credit that has been discharged through chapter 7?
The reaffirmation is done through the payments you have been making to the compa...
A month or so ago I was with some new people I met, and one of them asked me to cash a couple of checks he had, that he couldn't cash because he didn't have a bank account or a driver's liscence. I didn�
If the call was from your bank it may mean that the checks were bad. You may hav...
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