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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

What To Do If You Can?t Make Chapter 13 Plan Payments? Part 5 Of 6.

Posted on July 30, 2009
In Part 2, Part 3, and Part 4 I discussed various things that can be attempted to save a Chapter 13 Bankruptcy Plan if you are having difficulty making the Plan payments. You have discussed these various options with your attorney and none of them are available to you...

I?m in Chapter 13 and Behind on Mortgage Payments Again?What Now?

Posted on July 30, 2009
Many of my clients end up in bankruptcy because of a series of unfortunate events. Sometimes those events continue after the case is filed, and their troubles continue. When you file a Chapter 13 payment plan, you are generally required to keep making your regular mortgage payments, or resume making those payments if you have [...

Children And 341Meetings Do Not Mix.

Posted on July 30, 2009
I am sitting in 341 meetings all day today. So far several debtors have brought their very young children to the meeting. These debtors are also getting upset because they believe that they should go first and are not. Now the children are in melt down mode and it is miserable for everyone...

I Need to File Because I?m Getting Married

Posted on July 30, 2009
Bankruptcy lawyers hear from potential clients fairly regularly that they need to file quickly because they don’t want their future wife or husband to be held responsible for their debt problem. In most cases, their fears are misplaced. The marriage, by itself, usually will not make the new spouse responsible for your past debts...

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Top 4 Ways To Deal With The Stress Of Bankruptcy

Posted on July 30, 2009
If you have discovered that your debt has become unmanageable, and you don’t see any way out of your financial situation, you may be considering bankruptcy as a solution. As many people can tell you, though, bankruptcy can be quite stressful. Here are some techniques you can use to reduce your bankruptcy related stress...

Verification of All Information Important in Bankruptcy

Posted on July 29, 2009
Last week I was attending a meeting of creditors in a Chapter 13 case. I tell my clients who are nervous at the thought of attending a meeting of creditors that no one is ever going to make a television show about bankruptcy court–its just boring...

After Bankruptcy: Florida Is A Renter?s Market

Posted on July 29, 2009
A recent study shows that in some areas of the Country, renting is cheaper than owning. In Florida, especially Southwest Florida, that study speaks volumes. Cities in Southwest Florida, like Fort Myers, Cape Coral, Lehigh Acres and Port Charlotte have been hit pretty hard by the devastating real estate market and foreclosures...

Do You Even Qualify For Chapter 13 In Southern California?

Posted on July 29, 2009
Although the recent downturn in real estate is driving thousands to seek chapter 13 bankruptcy relief to save their homes, the same downturn is also having the ironic affect of denying eligibility to debtor for that very relief. To file for chapter 13, a debtor must meet the qualifications of 11 USC 109...

Bankruptcy ?Means Test? Doesn?t Dictate Chapter 13 Plan Payments, 5th and 7th Circuit Appeals Courts Say

Posted on July 29, 2009
The chorus is growing — two more appeals courts have ruled that the bankruptcy “means test” (also known as Form B22C) doesn’t establish how much a chapter 13 debtor needs to pay each month into the plan. Instead, both the Fifth and Seventh Circuit Court of Appeals recently said that the means test only provides a “starting [...

Reaffirmation Agreement in Bankruptcy, Should I Sign?

Posted on July 29, 2009
A bankruptcy reaffirmation agreement is a new promise to pay an old debt. A reaffirmation agreement is enforceable if it is properly executed and approved by the court. There can be many reasons to reaffirm a debt. However, it is important to understand what happens if you reaffirm...

Bankruptcy and the MLM Distributor - Part III Income Supression Issues

Posted on July 29, 2009
Over the past few days, I have written two posts about special problems that arise when an MLM distributor seeks to file bankruptcy. In the last post I spoke about the presumption of abuse problem that could arise if an MLM distributor filed a Chapter 7 immediately after losing his commission stream due to a [...

Using Your Student Loans To Pay Off Debts

Posted on July 29, 2009
So you’re getting a higher education as a means to start or further your career, but the debts you’ve amassed over the past few years are vying for your attention. You may have thought about using your student loans to pay down credit cards or other debts… but is it really worth it? When you sign [...

Do I Have to Include My Car and MY House In MY Bankruptcy?

Posted on July 28, 2009
This question is asked more times in my bankruptcy office than I can count. I am sorry to say that you do have to include your car, your House, your wedding ring and all your other property in your bankruptcy. My clients then tell me their friend didn’t include their car or their house...

I?m Not In School ? What is this ?Means Test? I have to Pass?

Posted on July 28, 2009
If you are looking into bankruptcy you have probably heard about having to “pass the means test”. OMG, you might be thinking, do I have to take a test in order to even file? Where do I get the list of what to study?!? If I fail, can I retake the test? Don’t worry about being [...

Dealing With Student Loan Debt After Bankruptcy

Posted on July 28, 2009
If you are planning on filing Chapter 7 bankruptcy, you probably know that most of your debts will be discharged. There are some debts, though, that bankruptcy will not erase. Most notably, in many instances, you will still retain student loan debts. This can prove to be a quite a challenge, especially if you owe [...

Can I keep my car if I file bankruptcy?

Posted on July 27, 2009
One of the most common questions I get in a first client meeting is whether if you file bankruptcy you can keep your car. In almost most cases we file, the answer is yes you can! Clients need cars to get to work and many people will avoid filing and becoming a debtor if they [...

Before You File For Bankruptcy, Review The Paperwork

Posted on July 27, 2009
Once the paperwork to file a bankruptcy is completed it needs to be signed. This sounds easier and simpler than it really is. It is your opportunity to confirm that your attorney heard everything you told him and has properly accounted for it. Be sure to read everything carefully and make sure that all of your [...

Buying A Car Before Or During Bankruptcy

Posted on July 27, 2009
If you are thinking of filing for Bankruptcy, one of the items on your checklist to think about is your car. Should you purchase a new car or used car prior to filing for bankruptcy protection? What about your spouse’s car? As an attorney, the current status of the law would prevent me from counseling [...

You Can?t Lose Your $17,165 Social Security Check in a Bankruptcy Case, Appeals Court Says

Posted on July 27, 2009
According to the Eighth Circuit Bankruptcy Appellate Panel, a bankruptcy debtor cannot lose social security benefit payments in a bankruptcy case, even the money is paid as a $17,165 lump sum for past benefits. In re Carpenter, No. 08-6046 (8th Cir. BAP July 13, 2009), held that section 407 of the Social Security Act excludes such [...

Husband Killing Did Not Get Hardship Discharge for Wife

Posted on July 27, 2009
Mrs. Brown shot her husband and complained that the decrease in family income after his death made Chapter 13 payments a hardship. She requested a discharge without making all the required payments. The bankruptcy judge asked the widow Brown to explain herself...

Payday Loans - The Ugly Truth

Posted on July 27, 2009
If you’re like most people, you’ve likely experienced at least one time in your life when you needed to pay bills or buy essentials, but didn’t have the funds to cover your expenses. You might have considered taking out a payday loan to float you for a while, especially if you didn’t have access to [...

What To Do If You Can?t Make Chapter 13 Plan Payments? Part 3 Of 7.

Posted on July 26, 2009
In Part 2 I discussed the option of a Hardship Discharge if you find yourself unable to make Chapter 13 Plan payments. Another option to help if you are unable to make your Chapter 13 Plan payments is to suspend the payments. In order to be able to suspend the Plan payments you must be in a Plan that [...

What To Do If You Can?t Make Chapter 13 Plan Payments? Part 4 Of 7.

Posted on July 26, 2009
Suspension of Plan payments during a Chapter 13 Plan was discussed in Part 3 as a way to address the situation where Plan payments cannot be made. A variation on suspension of Plan payments is to extend the length of the Chapter 13 Plan in order to lower the monthly payments...

Don?t Float Checks To Cover Your Expenses

Posted on July 26, 2009
If you’re running low on personal funds, and you have no room left on your credit card, it may occur too you to float a check or two to pay for essentials. The idea behind floating is that you can write a check for a purchase, and deposit the money to cover it in your [...

Surrender in bankruptcy doesn?t transfer title

Posted on July 25, 2009
Even if you state your intention to surrender property in your Chapter 7 bankruptcy, the creditor will stilll have to foreclose to relieve you of ownership. The election or intention to “surrender” in the bankruptcy papers is really nothing more than an announcement that the debtor doesn’t intend to attempt to keep the property...

What To Do If You Can?t Make Chapter 13 Plan Payments? Part 2 Of 7.

Posted on July 25, 2009
In Part 1 I provided a general overview of some options that may be available to you if you have found that you are no longer able to make the payments required by your Chapter 13 Plan. One possible option is a Hardship Discharge. If your financial situation has changed and the changes have made it impossible to [...

Bankruptcy and the MLM Distributor - Part II Presumption of Abuse

Posted on July 25, 2009
A few days ago, I wrote Part I of a series entitled Bankruptcy and the MLM Distributor. In that post I described my typical MLM distributor as an entrepreneurial, motivated businessperson who worked full time on his MLM business and ran into debt problems because of a sudden or unexpected change in his compensation plan, [...

What Not to do When Preparing to File Bankruptcy?

Posted on July 25, 2009
Certain actions prior to a filing can cause problems in a bankruptcy case. These problems can range anywhere from having certain debts be declared non-dischargeable, having a general discharge denied, having payments or transfers reversed, among other things...

Buying A Home After Bankruptcy

Posted on July 25, 2009
If you’ve just filed for personal bankruptcy, or you think you may have to file in the near future, you may be worried about whether you’ll ever be able to buy a home. Many people think that because a bankruptcy remains on a credit report for a decade, they’ll have to keep renting for quite [...

Rebuilding Good Credit After Bankruptcy

Posted on July 25, 2009
Perhaps you’ve taken an objective look at your personal finances, and you’ve decided that the only logical way out of your financial situation is to declare personal bankruptcy. If you’ve reached this conclusion, you’re probably wondering if you’ll ever be able to achieve a good credit score again...

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