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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

Are the Chicago Cubs going bankrupt?

Posted on July 13, 2009
It’s been over 100 years since the Cubs won the World Series. And now, we hear they may be going bankrupt! Why? The parent company, Tribune Corporation, like many other newspapers all over the United States, is in bankruptcy. Owner Sam Zell acquired Tribune Corporation a few years ago in a very expensive deal and took [...

Bankruptcy Can Be Good for Your Health

Posted on July 13, 2009
It?s no secret that if you need to file bankruptcy, you are under stress. Financial problems are horrible, and they are real. But don?t let financial problems consume your life. Concentrate on what?s truly important: your health and your family. I keep a box of Kleenex on my desk for my clients...

Who Needs Small Business Chapter 11? (Part One)

Posted on July 13, 2009
Latest on the list: Lenny “Nails” Dykstra. What happens to cause a small business to file Chapter 11? Evil partner, bookkeeper, employee leaves with the money. Happens a lot. For most of my clients, not starting with enough money. I always say, you want to be the boss, start your own business? Have enough to operate the business for a [...

Easy Bankruptcy: File In July

Posted on July 10, 2009
The easiest month to file bankruptcy is July. Consumers filing bankruptcy under Chapter 7 or Chapter 13 need to complete a Means Test of average income derived during the last six months. If you file in July, you need to look at your income during the first six months of the year - January through and including [...

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Should You Withdraw Money From Your Pension To Pay Your Debts?

Posted on July 09, 2009
Thinking about filing bankruptcy? Wondering if you should just take money from your pension to pay debt? Don’t do it until you watch this video. LinkedTube If you liked that post, then try these...Countrywide's Failure to Notify Debtor of Mortgage Escrow Account Deficiency Caused Deficiency to be Waived by Stephen Otto, Pennsylvania Bankruptcy AttorneyBankruptcy Discharge Does Not [...

Should You File Bankruptcy If You Have No Assets?

Posted on July 08, 2009
Protection of your assets is one of the most important reasons to file for bankruptcy. Even if you don’t have any assets now, filing a Chapter 7 or Chapter 13 bankruptcy can protect your future assets. Under state laws, creditors can sue you and take your property, but most states have laws called “exemptions” that [...

What To Do When Creditors Are Calling While You Are In Chapter 13 Bankruptcy

Posted on July 08, 2009
In Chapter 13 bankruptcy, creditors are normally not allowed to call, write, bill, or otherwise contact you. You are protected by the automatic stay in your bankruptcy case. But if you see a creditor’s number come up on your caller ID, don’t ignore it...

Debtor With Unrelated Roommate Lived In ?Two-Person Household?; Roommate?s Income Not Counted in Means Test

Posted on July 07, 2009
A recent Minnesota bankruptcy court ruling makes it easier for persons with roommates to claim a two-person household, while simultaneously excluding the roommate’s income from use in the means test. This is important because in some cases, this can result in the debtor’s income being below the state’s median income for a two-person household, thereby relieving the [...

8th Circuit BAP Resolves Iowa Court Split on Tools of Trade

Posted on July 07, 2009
Iowa bankruptcy courts have been split for a decade over a simple question: Can a consumer exempt a motor vehicle under state law and strip a non-purchase money lien on the car as a tool of trade under bankruptcy law. That split was resolved in favor of consumers by the 8th Circuit Bankruptcy Appellate Panel [...

Mortgage Loan Modifications Dropping

Posted on July 07, 2009
Mortgage loan modifications are dropping, according to a July 5, 2009 article in the New York Times, Alan M. White, an assistant professor at the Valparaiso University law school in Indiana, analyzed data on 3.5 million mortgages written in 2005 through 2007...

2009 Bankruptcy Filings Up

Posted on July 06, 2009
According to a July 2, 2009 Bloomberg report, there were 675,351 consumer bankruptcy filings in the first half of 2009, a 36.5 percent increase over 2008 numbers. June consumer filings totaled 116,365, up 40.6 percent from the same period in 2008. The monthly rate of consumer filings slowed, however, declining by 6...

Most alternatives to bankruptcy involve wishful thinking

Posted on July 05, 2009
Clients arrive in my office hoping that I can explain the secret alternative which will solve their debt problems outside of bankruptcy. Why not? Ads for debt settlement companies and do it yourself books always promise to reveal the tricks ( known only to someone who wants to sell you something) to make your bills [...

Keeping mum about discharging taxes in bankruptcy

Posted on July 02, 2009
The client owes a fistful of taxes from years ago and has spent another fistful of dollars with widely advertised outfits that solve your tax problems. None of these tax professionals told him that old income taxes can be eliminated in bankruptcy.! The client first hired J K Harris, with no results, except a lighter wallet...

?I?m Not Filing Bankruptcy On . . . ?, and Other Misconceptions

Posted on July 01, 2009
“I don’t want to file bankruptcy on my house!” “I don’t want to file bankruptcy on my car!” “I owe my mom some money but I don’t want to file bankruptcy on her!” Every bankruptcy attorney practicing in this country has heard these phrases or variations of them...

US Health Care Financing System is Broken - Most Bankruptcies Due To Medical Debt

Posted on July 01, 2009
“The US health care financing system is broken, and not only for the poor and uninsured” According to a recent study in The American Journal of Medicine, middle-class families are collapsing under the strain of “a health care system that treats physical wounds, but often inflicts fiscal ones”...

Today, I am Reviewing the Claims File from my Client?s Chapter 13

Posted on July 01, 2009
Several years ago, the Chapter 13 trustees and the bankruptcy judges in the Northern District of Georgia added a new administrative burden to lawyers who file Chapter 13 cases in the Atlanta area. Under this local rule, within 30 days after the “bar date” for creditors to file claims, lawyers must review all of the [...

Exemption Amounts Increased in Oregon (a small step)

Posted on June 30, 2009
On Friday, June 26, 2009, Governor Ted Kulongski signed HB 2306, which provides increased protection for a debtor to protect his vehicle and his home from creditors. Formerly, a debtor could protect $2150 in value of a motor vehicle. The bill amends Oregon Revised Statute 18...

Are There Any Reasons NOT to File Chapter 7 Bankruptcy? Part 2-You May Not Discharge All Your Debt

Posted on June 30, 2009
Although filing Chapter 7 bankruptcy usually wipes the slate clean as far as most of your debts are concerned, there are some debts that may not be discharged. Certain debts, such as most taxes, child or spousal support, and student loans usually survive the Chapter 7 discharge...

Can I File Blank Bankruptcy Forms To Start My Case?

Posted on June 30, 2009
When you file for bankruptcy you are required to file certain documents - your bankruptcy petition, bankruptcy schedules, and a host of other papers. These papers must all be completed accurately, honestly and completely. You do not get the option of filing blank forms “just for now...

Are There Any Reasons NOT to File Chapter 7 Bankruptcy? Part 1 ? It May Affect Your Credit Score

Posted on June 29, 2009
Your Credit Score can be an important asset. It determines your ability to get credit, and the cost. It could be a factor in your getting a job, renting an apartment, and purchasing a house or a car. When you file a Chapter 7 bankruptcy, your credit score will be affected...

Completing Bankruptcy Paperwork

Posted on June 28, 2009
Preparing the paperwork to file a bankruptcy is, generally, the next step after you have hired an attorney, met with him to discuss your options, and provided him with all of the information requested. The initial paperwork for a chapter 7 bankruptcy consists of the petition; the schedules and the statement of financial affairs...

Trustee Holds Feher Proceeds Until Completion or Dismissal of Chapter 13

Posted on June 27, 2009
When an insurance policy pays a damage claim for a totaled car that is involved to a chapter 13, the bankruptcy trustee is required to hold excess money over the amount of the lender’s secured claim according to In re Feher, Southern District of Illinois case Bankruptcy Number 95-30444, Adversary Number 96-3133...

What Happens to Insurance Proceeds for a Totaled Car in Chapter 13?

Posted on June 27, 2009
In the Southern District of Illinois Bankruptcy Court, one option permits the insurance company to pay the money directly to the car lender. Another option lets the debtor use the proceeds to purchase a substitute vehicle. The insurance money is property of the bankruptcy estate under contractual terms that make the money payable to the debtor, [...

Dairy Farmers in Crisis Should Consider Chapter 12 Bankruptcy

Posted on June 27, 2009
Dairy farmers in Upstate New York are facing a crisis. While the cost of milk at the grocery store continues to climb, the price dairy farmers receive has not. Farmers are currently receiving $13.33 per hundredweight. This is $4.25 below the cost of production in New York, even in the most efficient dairy farms...

Warranty Claims Against a Bankrupt Company

Posted on June 27, 2009
You may have purchased something from a company now in bankruptcy, and you have to make a warranty claim. If the company is in Chapter 11, it will very likely honor your claim for the good will it generates (you’ll tell your friends that it’s okay to do business with the company) even though the company [...

How Will Judge Sotomayor Decide Bankruptcy Cases if She Gets to the Supreme Court?

Posted on June 26, 2009
If 2nd Circuit Judge Sonia Sotomayor gets to sit on the US Supreme Court, she will likely give all parties a fair opportunity to be heard, and ensure that the rights of all parties, debtors and creditors alike, will be respected. This is the prediction from the Alliance for Justice “Report on Supreme Court Nominee [...

Is It Possible to Lose My Homestead Exemption in Bankruptcy Court?

Posted on June 26, 2009
Your homestead exemption is one of the most important benefits you get when you file for bankruptcy. It protects your residence. In New York, you can protect up to $50,000 of equity in your home, $100,000 if you file together with your spouse. You usually get to take the homestead exemption if the property is [...

The Duty To Disclose: Why Does A Debtor Have To Provide A List Of All Assets?

Posted on June 26, 2009
As my friend and colleague, Cathy Moran, explained in her blog over a year ago, the benefits of filing a bankruptcy mean that the debtor provides information to the bankruptcy court in the papers filed with the court. This benefits the debtor more than the Court–this honesty...

What Documents Do I Need To Have To File For Bankruptcy?

Posted on June 26, 2009
Filing for bankruptcy can be confusing, especially when you don’t have all of your documents prepared. Learn more about what documents you need to have on hand when you meet with your bankruptcy lawyer by listening to this audio segment. If you liked that post, then try these...

Should I File A Chapter 7 Bankruptcy Or A Chapter 13 Bankruptcy?

Posted on June 25, 2009
Should you file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy? The answer to the question of what type of bankruptcy to file is that it depends on your financial circumstances. A Chapter 7 bankruptcy and a Chapter 13 bankruptcy are really designed for two different types of debt situations...

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