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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

Can I Make A Maximum IRA Contribution To Protect My Cash?

Posted on August 09, 2009
retirement ira contributions protected exempted fraudulent bad faith good faith

ch7

Posted on August 07, 2009
If you liked that post, then try these...Part Two: Kinds Of Income Reported In Bankruptcy; What Is True Income? by Susanne Robicsek, North Carolina Bankruptcy AttorneyWhere Are 341 Hearings Held In Southern Oregon? by Karen Oakes, Southern Oregon Bankruptcy AttorneyDoes Changing Your Name Get You Out Of Debt? by Susanne Robicsek, North Carolina Bankruptcy [...

Can I keep my house or car if I file bankruptcy?

Posted on August 07, 2009
Any person considering bankruptcy always wants to know what is going to happen to their “stuff”. This is an area of great concern and stress for anyone with financial difficulties. Unfortunately, there is usually not a blanket answer to this question...

How long to complete a Chapter 7 bankruptcy?

Posted on August 07, 2009
The most common form of consumer bankruptcy, a Chapter 7 filing, takes about 90 days to complete. For each case filed, the court assigns a trustee and schedules a date for a meeting of creditors. This meeting occurs about 30 days into the process. (And it does NOT take place in a courtroom...

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1st Circuit Affirms Means Test Decision

Posted on August 06, 2009
The U.S. Court of Appeals for the First Circuit today affirmed in re Rudler, a case in which both the Bankruptcy Court and the Bankruptcy Appellate Panel for the First Circuit allowed a means test deduction for a car payment when then car was being surrendering in the course of the bankruptcy case...

Property: Do I Really Have To List Everything?

Posted on August 06, 2009
Bankruptcy is all about protecting you and your property from creditors. But do you really have to disclose ALL of your property in a Chapter 7 filing? Will anyone find out if you don?t? Here is the short answer: YES. In a typical Chapter 7 petition, a debtor will be asked no less than 10 times whether he [...

NC Bankruptcy Debtors To Get Higher Home Equity Protection

Posted on August 06, 2009
Bankruptcy protects some property from creditors, and in North Carolina that protection is now set to increase on December 1, 2009 when the amount of residential home equity protected from creditors will increase from $18,500 per debtor to $35,000 per debtor...

Can I Include My Foreclosure In My Bankruptcy?

Posted on August 05, 2009
Can a house that has been foreclosed on be included in a Bankruptcy? A foreclosure proceeding is used by a creditor to seize and sell a house on which the creditor holds a mortgage. If you live in a State such as Louisiana that allows the creditor to get a deficiency judgment, and if the creditor did not get all of [...

Will a Payday loan help me with credit card debt?

Posted on August 05, 2009
I have so many clients tell me “I’m not behind on any of my bills.” or “I’ve never missed a payment.” When I ask them why are they seeking bankruptcy advice, they say, I have run out of credit. Further questioning reveals they have been taking cash advances from one credit card to pay another...

Can I File A Bankruptcy Only On My Medical Bills?

Posted on August 05, 2009
Just the other day I was asked can I file a medical bankruptcy? The answer is no. There is no such thing. You can file bankruptcy on your medical bills. However your bankruptcy must include every bill and everyone that you owe. You can not just file on the medical bills...

Do I Have To Go To Court If I File Bankruptcy?

Posted on August 04, 2009
Filing bankruptcy usually doesn?t require a court appearance in front of a judge. It does, however, require the debtor to appear at a meeting in front of a trustee and be questioned about the paperwork filed in her case. If you file as a married couple, both spouses will have to appear...

What is the ?Meeting of Creditors??

Posted on August 04, 2009
The phrase “Meeting of Creditors” strikes fear into most of my clients’ hearts. They hear these words and get a mental image of sitting in a large, darkened room with a spotlight in their face and their creditors in hooded robes surrounding them...

New Uniform Document Production List For Chapter 7 Cases in the Eastern District of North Carolina

Posted on August 04, 2009
The Eastern District of North Carolina has created a uniform document production list. All debtors in chapter 7 cases are required to produce the documents that are listed below: 1) Tax Returns including the W-2s attached to the tax returns for the most recent year along with copies of any extensions filed...

How much can Bankruptcy Court garnish from my paycheck?

Posted on August 04, 2009
A Bankruptcy Court garnishment can be as high as you want it to be. There is no limit on the amount a Court can take from your paycheck because the federal limit on paycheck garnishment does not apply to chapter 13 payments. The amount of the garnishment is selected by the debtor, who submits a [...

Marital Settlement Agreements Blessed by Ninth Circuit

Posted on August 02, 2009
On June 25, 2009, the Ninth Circuit Court of Appeals ruled that a Chapter 7 Trustee could not undue a highly unbalanced property distribution arising from a dissolution proceeding where judgment was entered in State Court. Such a ruling is significant in now providing more security to debtors that seek bankruptcy after divorce, and where [...

Chapter 7 Bankruptcy - 9 Steps In Getting A Fresh Start

Posted on August 02, 2009
If you’re considering a chapter 7 bankruptcy filing to eliminate your debts, you may be wondering how the process works. For many filers, bankruptcy can be an overwhelming process, but understanding how bankruptcy works can make the process a bit less frightening...

I Am In A Chapter 13?Can I Convert To A Chapter 7, I Don?t Like Chapter 13

Posted on August 01, 2009
A chapter 13 bankruptcy is often viewed as a repayment or reorganization plan, while a Chapter 7 bankruptcy is called a liquidation. In a Chapter 13, priority debts (back taxes, child/spousal support) are usually paid in full, followed by short-term secured debt (cars, arrearages on mortgages, property taxes, etc...

What Is An Automatic Stay?

Posted on August 01, 2009
What is an Automatic Stay? Creditors have many weapons in their arsenal to try to collect on a debt: Repeated telephone calls to your house; Repeated telephone calls to you at work; Letters, Letters, Letters; Letters from an attorney; Lawsuits; Garnishments...

Post-Petition Mortgage Payments?Good Records are Key

Posted on August 01, 2009
When you file a Chapter 13 to restructure your debts, you usually keep making your regular mortgage payments. In some districts, you make those payments to the Chapter 13 trustee, essentially consolidating all you debt payment. In those districts the trustee is referred to a conduit for mortgage payments...

?Current Monthly Income:? They Didn?t Ask Me!

Posted on August 01, 2009
If you decide to file bankruptcy, you must first calculate your “current monthly income.” Current monthly income (?CMI?) is a highly artificial number that can have big implications on whether you are allowed a Chapter 7 discharge or how much you must pay to your creditors in Chapter 13...

My Town Can?t Pay It?s Bills?Can It File Bankruptcy?

Posted on August 01, 2009
States, cities, towns and villages all over the country are in financial distress. Some, like the village of Johnson City in Broome County, New York are considering merging into the surrounding town of Union. Others are not paying their payrolls on time, or drastically cutting back on essential services...

What is the Grace Period for my Chapter 13 Plan Payment?

Posted on August 01, 2009
One of the most common questions for bankruptcy lawyers is how late can you be in paying a Chapter 13 bankruptcy plan. The simple answer really is that there’s no grace period. The Bankruptcy code requires that payments begin no later than 30-days after the case is filed and that they continue to be made every [...

How Long Will Bankruptcy Affect Me?

Posted on August 01, 2009
If you’ve been thinking about filing bankruptcy, you have probably wondered what your life will be like afterwards. Many consumers assume that, since your credit report will list a bankruptcy for ten years, they’ll be unable to obtain any kind of credit at all...

Bankruptcy isn?t the source of stress

Posted on July 31, 2009
My friend Jay Fleischman is on point that our clients filing bankruptcy are stressed. Let me posit that the cause of the stress is not “filing bankruptcy” but 1) the situation that lead to the decision to file; 2) fear of the unknown, fueled by bad information and unsupported assumptions about the process; and 3) [...

Did The Louisiana Legislature Increase The Homestead Exemption?

Posted on July 31, 2009
In a recent article I reported on two proposals before the Louisiana Legislature to increase the homestead exemption: one bill would have increased the exemption to $100,000.00 while the second bill would have made the homestead exemption unlimited. The bad news is that neither of these bills passed in its original form...

Getting A Bank Account After Being Reported To ChexSystems

Posted on July 31, 2009
If you have ever been in trouble with your bank, you have most likely been reported to Chex Systems. Perhaps you’ve had some NSF checks, or maybe you closed an account without settling a negative balance with the bank. No matter the reason, once you are reported to Chex Systems, managing your finances can be [...

What To Do If You Can?t Make Chapter 13 Plan Payments? Part 6 Of 6.

Posted on July 31, 2009
In the previous articles in this series I discussed various options that are available to a debtor who is in a Chapter 13 Bankruptcy but who can no longer make his Plan payments. Those options are: A Hardship Discharge. Modification of your Chapter 13 Plan to allow Suspension of payments for a period of time or to Extend [...

What Happens If The Information On My Bankruptcy Schedules Is Wrong?

Posted on July 31, 2009
When a debtor files bankruptcy, part of the process requires that they list all assets (all the stuff that they own) and all liabilitlies for the bankruptcy court to review. This rule has been in place for a long time, but under the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, the rule was emphasized...

Student Loan Bankruptcy Discharge, A Hardship!

Posted on July 31, 2009
It is hard, not impossible, to discharge student loan debt in bankruptcy. Only government guaranteed loans were protected from discharge before 2005, now student loans from private banks are protected. To qualify for discharge, payment of a student loan must present an undue hardship to the debtor or a dependant of the debtor...

Perjury In A Bankruptcy Case Can Land You In Jail!

Posted on July 30, 2009
Perjury is a federal crime when it happens in conjunction with a bankruptcy case. When my clients sign their Petition I inform them no less than 4 times that they are signing the documents under penalty of pejury that everything must be truthful and accurate to best of their knowledge...

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