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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

Choosing A Bankruptcy Lawyer - 5 Things To Look For

Posted on June 25, 2009
Choosing a bankruptcy lawyer can be difficult - you want to get the right help, but can’t figure out what’s important. Listen to this audio session to get some answers. If you liked that post, then try these...The Dilemma of Private Student Loans in Bankruptcy by Kent Anderson, Oregon Bankruptcy AttorneyWhat Will They Ask [...

San Diego now allows ?McMansions? in Chapter 7 Bankruptcy

Posted on June 25, 2009
For many years, it was questionable whether a debtor who filed for chapter 7 relief was able to keep expensive real estate at the expense of paying other creditors. At least 5 cases have come down since the new laws passed in 2005 that held that such high expenses related to residences was an “abuse” [...

Family Medical Leave and Chapter 13 Payments

Posted on June 25, 2009
If your Chapter 13 payments are set by the Means Test and not only by mortgage and priority tax arrears, then a Family Medical Leave can reduce your payments. The Means Test looks at your average monthly income for the six month period ending with the month before your filing...

Chapter 13 And Unexpected Bills

Posted on June 24, 2009
What happens when you cannot make your Chapter 13 payments due to unexpected bills? A furnace goes, or a car breaks down, or you get sick or hurt. What then? There are a number of options. None of them are “Keep this secret from your lawyer!” You can ask for a suspension, or moratorium of payments [...

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San Diego: New Ruling Allows Student Loans to be Discharged in Chapter 13!

Posted on June 24, 2009
The United States District Court located in San Diego recently issued an opinion on December 10, 2008, holding that student loans may be discharged in chapter 13 bankruptcy cases where the creditor fails to object after receiving proper notice. Other cases around the country are also holding the same and the United States Supreme Court [...

Chapter 7 Bankrutcy May Give (Temporary) Relief from Collectors

Posted on June 23, 2009
Filing Chapter 7 bankruptcy will stop collection efforts of your creditors, however that relief may be temporary if your debts are of the kind that are not discharged in bankruptcy. Some debts, like student loans, child support, many taxes, and a few others, are not discharged by bankruptcy...

Payroll taxes: the ?loan? that lives forever

Posted on June 23, 2009
My client’s business corporation is long dead and he’s back to working for others. But six quarters of unpaid corporate payroll taxes not only become his personal debt, but a tax that is never dischargeable in bankruptcy and a priority claim which must be paid in his Chapter 13 case...

Chapter 20: San Diego Bankruptcy Court allows Lien Stripping in Chapter 13 after Chapter 7.

Posted on June 22, 2009
The Southern District of California Bankruptcy Court in San Diego recently issued a ruling that allowed a junior lien to be removed in a Chapter 13 case, even though the debtor was not eligible to obtain a discharge. Discharge was not available since the debtor previously filed a chapter 7 petition and the new bankruptcy laws [...

Do I have to be a citizen to file a bankruptcy case?

Posted on June 22, 2009
Clients frequently ask us if they must be a citizen of the United States to file a bankruptcy case in the United States. No - you don’t have to be a citizen to file a bankruptcy case in the United States. You do have to be a resident of the place where you plan to [...

Why File A Response In A Chapter 7 Motion For Relief From Stay?

Posted on June 22, 2009
Courts may grant a Motion for Relief from Stay in a Chapter 7 if it was filed because a debtor is behind on the mortgage when filed, and there is no equity in the property for creditors. Chapter 7 is not designed to stop foreclosures to give people time to catch up on their mortgages...

Does bankruptcy protect me against debts from other countries?

Posted on June 21, 2009
Clients frequently face debts from countries other than the United States. If you file a bankruptcy case in the United States, what is the effect on your debts from overseas? We tell clients not to worry too much about this. First of all, it takes some effort for a foreign creditor to make its judgment enforceable in [...

Force Placed Insurance Only Protects The Lender

Posted on June 20, 2009
I often find that when asked about their insurance, my bankruptcy clients tell me that they are “covered by insurance from the mortgage company.” Bankruptcy or not, be very clear about this: if your insurance lapsed and you were notified by your mortgage company that they have obtained insurance for you, this insurance covers their [...

California Foreclosure: 90 More Days Added under 2923.52(a)

Posted on June 20, 2009
Good news for California Homeowners who are in default on their mortgages. On February 20, 2009, Governor Schwarzenegger signed ABX2 7 and SBX2 7. These new laws provide additional time for borrowers to work out loan modifications who are presently facing foreclosure...

Should I file bankruptcy before I get married?

Posted on June 20, 2009
In June, people’s thoughts turn to marriage. These days, people’s thoughts also turn to bankruptcy. Clients ask me, “Should I file my bankruptcy case before my wedding?” It’s a good question. The answer is not always simple...

Fees From A Creditor Who Tried To Dismiss Your Case

Posted on June 20, 2009
Creditors can argue that your case should be dismissed for abuse, a term not defined in the Bankruptcy Code; It generally means that you’ve been a bad boy. There’s a presumption of abuse when you flunk the Means Test and show that you have means to pay some of your debt...

Bankruptcy and Reverse Mortgages

Posted on June 19, 2009
Senior citizens with fixed incomes frequently think about filing for bankruptcy. Even though we have experienced a horrible mortgage meltdown, many retired people have actually paid off their houses and, at least in theory, still have equity. Yet their social security income is not enough to live...

Bankruptcy Erases Most Judgments

Posted on June 19, 2009
It often happens that a creditor gets a judgment against you before your bankruptcy case is filed. That judgment is erased by the filing, unless it’s a type of debt that isn’t discharged anyway (fraud, theft, intentional injury, and the like)...

How to Value a Car for Chapter 13 Plan ?Secured Claim? Purposes

Posted on June 19, 2009
Ever wonder how a bankruptcy court would rule, if you actually had a hearing on the question of how much a car is worth in chapter 13? Did you doubt you could really get a court to reduce the amount of the secured claim to take into account the car’s need for expensive repairs? Maybe [...

How Long Will My Chapter 7 Take?

Posted on June 18, 2009
In general, a simple, no asset Chapter 7 bankruptcy case will usually go on for about 4 months, but the case could be open a lot longer. When filed, the Court sends out a Notice of Filing to all parties in the case, notifying everyone of the filing and of the deadlines involved...

New Massachusetts Bankruptcy Means Test Decision

Posted on June 18, 2009
Judge Feeney, Massachusetts Bankruptcy Judge, days ago issued an important decision on an issue of whether a Chapter 13 debtor would be allowed a means test deduction for a payment of a secured debt when the payment was not being paid due to lien avoidance...

New York News Report Debunks 5 Myths of Bankruptcy

Posted on June 17, 2009
Hat tip to my New York colleague, David B. Shaev, for the excellent coverage and honest statements. Finally, the news media gets their information about bankruptcy right!

Beware Of Letters (Ads) For Bankruptcy Financial Mangement Class

Posted on June 17, 2009
Some companies are sending letters to bankruptcy debtors for the 2nd bankruptcy course that must be taken in bankruptcy. These letters can be misleading and many debtors believe, after reading the letter, that they must take the course from that particular company...

HELOC in bankruptcy: dischargeable?

Posted on June 16, 2009
The borrower’s personal liability for a home equity line of credit or a standard second position home mortgage is dischargable in bankruptcy. A reader of my website Bankruptcy in Brief, emailed me about conflicting input she was getting in her self prepared bankruptcy case...

Bankruptcy and Foreclosure Defense Attorney Opens New Southern Illinois Office

Posted on June 16, 2009
Bankruptcy and Foreclosure Defense attorney Andy Miofsky announces the opening of his new office in Mt. Vernon Illinois. ?Clients from deep Southern Illinois are driving 90 minutes or more to my Granite City office for a consultation, so I know there is a need that isn?t currently being met in that area,? reports Andy Miofsky...

Statements Received After Discharge May Violate Bankruptcy Code Even If Creditor Includes A Disclaimer

Posted on June 16, 2009
If a creditor sends a letter to you after your discharge, they may be violating the Bankruptcy Code - even if they include language saying it’s just for informational purposes. The recent case of In re BIRAKOYE NASSOKO, Case No. 07-11966 (ALG) (SDNY 2009) involved a car lender that sent a consumer a payment demand comtaining [...

Means Test Vehicle Ownership Expense: Another Appeals Court Says ?Yes? Even When There?s No Car Payment

Posted on June 15, 2009
The U.S Court of Appeals, Fifth Circuit, recently ruled that on the means test’s Form B22A, a vehicle ownership expense is allowed even when the debtor has no car payment. The court’s ruling in In re Tate, No. 08-60953 (5th Cir. June 10, 2009), agrees with the only other circuit court opinion on this issue, In re [...

Reject Commercial Leases Quickly, Says 8th Circuit BAP

Posted on June 15, 2009
If you have a commercial lease in bankruptcy, it pays to reject it quickly according to the Eighth Circuit Bankruptcy Appellate Panel. When a business or individual with a lease on commercial real estate, like a store or (in this case) farmland, files bankruptcy, the debtor or trustee has the right to assume or reject the [...

Appeals Court Holds More Than Mere ?Mistake? Required for Imposition of Constructive Trust; Bankruptcy Trustee Entitled to Mistaken $90,000 Deposit into Debtor?s Account

Posted on June 12, 2009
The Eighth Circuit Bankruptcy Appellate Panel recently reversed a Minnesota bankruptcy court’s ruling that under Minnesota law, a chapter 7 trustee was not entitled to $90,000 which had been mistakenly deposited by a bank president into the debtor’s bank account before he filed bankruptcy...

Bankruptcy and Older Folks

Posted on June 11, 2009
I’ve been having more and more potential clients who are older come see me asking about bankruptcy. Sometimes, bankruptcy is a good solution for these people. Sometimes though, bankruptcy is not a good option. And quite often, very few good options remain to deal with your debt...

Bankruptcy Judge Can Order Conversion from Chapter 13 to Chapter 7

Posted on June 10, 2009
Your decision to file for bankruptcy should involve a great deal of thought and discussion with both your loved ones as well as your legal counsel. Once filed, a bankruptcy carries with it some significant consequences. First, your credit will be affected if you are bankruptcy for one day, one month, one year, or longer...

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