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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

Trying To Avoid Debt Collectors? Avoid Social Media.

Posted on May 22, 2010
Avoiding debt collectors is like trying to avoid the wind. Somehow your hair always ends up frazzled. But you are not making it easy for yourself if you use Facebook, MySpace, or other social media. As bankruptcy lawyers, we rarely recommend the “stick your head in the sand” approach to problem solving...

The means test doesn?t apply in many business bankruptcy cases

Posted on May 21, 2010
Most people who make more than the median income must pass the means test if they want to file a chapter 7 case. But people whose debts are not primarily consumer debts don’t have to pass the means test. What does this mean? Well, first we need to know what consumer debts are...

When Is My First Chapter 13 Payment Due?

Posted on May 20, 2010
You’ve met with your attorney; you’ve signed your papers and now, your only question is “when is my first payment due? Under the Bankruptcy Code, your first payment is due “not later than 30 days after the date of the filing of the plan or the order for relief...

Credit after bankruptcy: brave new world in 2010

Posted on May 19, 2010
What will bankruptcy do to my credit rating ? is the most frequent question prospective bankruptcy filers ask. I try to stifle my knee jerk reaction to ask if anyone who knew the truth about their financial situation would lend to them now, and now I say truthfully, I don’t know...

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Adversary Proceedings in Bankruptcy: What Are They?

Posted on May 17, 2010
Filing bankruptcy is usually an administrative process. Information is gathered, forms filled out, and there?s a brief hearing conducted by a trustee. But in some cases an ?adversary proceeding? occurs. An adversary proceeding is essentially a case within a case...

When Your Business Is In Trouble, Don?t Fudge The Facts

Posted on May 17, 2010
Owning your own business is part economics and part love affair. Doing what you love for money is nearly every American’s dream. But when love affairs go bad, we react emotionally. That can be bad for business, particularly if you are on the verge of bankruptcy...

Can failing Chapter 13 plan be modified?

Posted on May 14, 2010
When a confirmed Chapter 13 bankruptcy plan threatens to fail, the debtor needs to consider whether the plan can be modified to survive. The debtor can seek a change in the amount of the monthly payment or the length of the plan. Debtors who experience a change in financial circumstances often seem to freeze, to forget [...

Bankruptcy Lawyer Misconduct Listed In Suspension Order

Posted on May 11, 2010
A California bankruptcy court recently cited a catalog of misconduct in suspending a lawyer from practice and imposing a steep fine as a sanction for violating Rule 9011. In re Tran, 2010 WL 1255617 (Bky.N.D.Cal. April 2, 2010), resulted in a thirty day suspension from practice before the bankruptcy court; a $7,500 fine, with $5,000 stayed if [...

Lie To The Bankruptcy Court At Your Peril!

Posted on May 11, 2010
Recently in United States v. Boulware (09-5125), the Court of Appeals for the Fourth Circuit affirmed Ms. Boulware’s perjury conviction for lying on her bankruptcy petition. Briefly, since 1995, Ms. Boulware filed for bankruptcy protection 16 times in three different districts...

Just List The Things You Want To Keep In Your Bankruptcy

Posted on May 08, 2010
Yes, you read that right, and it says what you think it says, just list the things you want to keep in your bankruptcy. That’s what a bankruptcy lawyer should advise each and every client. Because the bankruptcy law, and every bankruptcy judge who has ever been asked, says the same thing: intentional failure [...

What should my Personal Injury attorney do during my Bankruptcy?

Posted on May 06, 2010
I had a personal injury attorney call me last week about a case he has with a client of mine who has filed for bankruptcy. The medical creditors were calling him and he didn’t know what to do. I couldn’t advise him, per se, but I told him I think there are at least three [...

The ?Forbidden Reason? For Pre-bankruptcy Spending

Posted on April 30, 2010
Every chapter 7 or chapter 13 bankruptcy filing involves a creditors meeting which occurs about one month after the case is filed. This meeting can unexpectedly become the perfect storm where, if enough of the wrong factors jell together, the debtor may blurt out the “forbidden reason” for spending down his or her bank accounts before [...

Drowning In Debt: When To Call A Bankruptcy Lawyer

Posted on April 28, 2010
Weather forecasters gave us Rhode Islanders fair warning that we would be experiencing the worst rain storm in over one-hundred years. We even made national news. Small streams were overwhelmed, the water table rose, and property owners that never before worried about such things were forming lines outside Lowe?s and Home Depot hoping to buy [...

Court Allows Mileage Reimbursement in Bankruptcy Budget

Posted on April 28, 2010
Bankruptcy debtors who receive substantial mileage reimbursement checks from their employers often puzzle over how to account for this “income” on their bankruptcy statements or in the means test. Because these schedules form the basis for qualifying for chapter 7, or for calculating the proper amount of a chapter 13 payment, large mileage reimbursement checks can unfairly [...

How Does Chapter 13 Bankruptcy Work? In The Beginning?

Posted on April 25, 2010
“Bankruptcy: What is Chapter 13 Bankruptcy?” provides a general overview of a Chapter 13 bankruptcy. But exactly how does Chapter 13 bankruptcy work? Will I be able to keep my house? My car? These are questions that I hear often from clients who are considering their bankruptcy options...

Cash Makes You Feel Good ? No, Really!

Posted on April 14, 2010
Bankruptcy lawyers always tell people to use cash whenever possible. We tell you that to help you save money — and to make it harder to overspend. Cash feels precious to us while credit cards or even debit cards do not. It turns out that cash also makes you feel good...

Bankruptcy And Inherited IRAs ? You?re Protected!

Posted on April 13, 2010
In bankruptcy, an Individual Retirement Account (IRA) is usually protected from creditors. But a controversy has been brewing over protection for an IRA when it is inherited from another person. This should not be controversial and the 8th Circuit’s Bankruptcy Appellate Panel (BAP) doesn’t think it’s that complicated either...

Bankruptcy Better than Debt Settlement Scam

Posted on April 13, 2010
An alternative to bankruptcy tops every debtor’s wish list. “Don’t file bankruptcy”, warn debt settlement companies on the radio, feeding that desire. Instead, they want you to pay your money to them. They say they will help you save up a big pot of money and then settle your debts for pennies on the dollar [...

Bankruptcy: What is Chapter 13 Bankruptcy?

Posted on April 13, 2010
Chapter 13 bankruptcy requires you to make monthly payments to your creditors for up to five years. In contrast, chapter 7 bankruptcy lets you get out of paying almost all of your debts after just 4 months. Why would anyone want to file bankruptcy under chapter 13? Sometimes, chapter 13 bankruptcy is required...

Avoid bankruptcy if not facing a mortgage foreclosure deficiency judgment

Posted on April 13, 2010
You may not need to file for bankruptcy if you’re facing a mortgage foreclosure. Sometimes debts can take care of themselves. In many states, the mortgage company can’t sue you for the difference between your mortgage and the value of the property...

Bankruptcy and Short Sales

Posted on April 13, 2010
Should I try a short sale, file bankruptcy, or both? That is the question. Do short sales and bankruptcy make sense together? The answer is, not usually. Often when people are in the eye of a financial storm they address problems piecemeal. They may try credit counseling for credit card debt, an [...

Don?t Look Down On People In Bankruptcy

Posted on April 13, 2010
What is one of the most important things you probably want to tell your bankruptcy lawyer? That you are not a bad person and you never imagined you’d ever have to talk to us. But if you feel like you can look down on others who file bankruptcy (whether you need to or not), you should [...

Chapter 13 Plan Payment May Fluctuate During The Plan

Posted on April 12, 2010
The amount that you pay each month for your Chapter 13 Plan payment may fluctuate during the lifetime of your Plan. It is not uncommon for debtors to believe that once a Plan payment is approved by the Court it will never change again. This occurs regardless of the number of times that attorneys advise the [...

File Bankruptcy with Ex Spouse?

Posted on April 10, 2010
When recently divorced parties have joint debt, is it advisable to file a joint bankruptcy, asked a prospective client. I was divorced within the past year. While I was married, my ex-husband and I incurred over $50,000 in credit card debt. Some of this debt is joint, some is in his name and a little in [...

Chapter 13 Bankruptcy Feasibility

Posted on April 09, 2010
To get your Chapter 13 bankruptcy confirmed (approved) you’ll need to show that you’ve proposed a “feasible” plan. If you haven’t, your plan can’t be confirmed, and your case must be dismissed. Chapter 13, unlike Chapter 7 (straight bankruptcy), is all about your plan...

What?s My Chapter 13 Bankruptcy Monthly Plan Payment Going to Be?

Posted on April 08, 2010
When a client is considering filing for Chapter 13 bankruptcy, one of the first questions I’m asked is, “What will my Chapter 13 Plan payment be”? I almost always answer, “I don’t know yet.” Why? Because of the complex way plan payments are determined...

Odds Low for Bankruptcy Audit

Posted on April 05, 2010
Honesty and full disclosure are required to get a bankruptcy discharge, but the odds of your case being audited are low. One in 583 cases out of 1.4 million bankruptcies filed was chosen for audit in fiscal year 2009. Compare that with a little more than one in 100 tax returns audited by the IRS...

Filing for Bankruptcy ? Listing Your Real Estate

Posted on April 04, 2010
When filing bankruptcy, one of your most important assets (a fancy word for property) is your real estate. All interests you have in real estate must be listed on Schedule A of the bankruptcy paperwork. You think this is easy? Usually it is. But here are some pointers...

Filing for Bankruptcy: Don?t Hide Property

Posted on April 04, 2010
Filing for bankruptcy requires full disclosure of all your property and financial affairs. Never hide property or assets when filing for bankruptcy. Everyone leaves a trail. Even you. If you think you can hide, you’re making a mistake. For example, if you have property you mentioned in a prior document, you will be found out...

Bankruptcy ? Do I Have the Right to Remain Silent?

Posted on April 04, 2010
Even in bankruptcy, the fifth amendment gives you the right to remain silent. Even in bankruptcy, if you are accused of a crime or fear that you might be, you need to think about the fifth amendment. The United States Constitution protects people against being required to incriminate themselves...

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