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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?t Access Pacer or ECF? You May Need to Change a Setting in Your Browser

Posted on May 28, 2009
I am writing this post for the benefit of fellow lawyers and other colleagues who may be having the same problems I have accessing bankruptcy court records electronically. If you use Firefox (Mozilla) or Opera as your browser, you will notice that your browser software periodically updates, and sometimes those updates create unintended consequences...

Credit Default Swaps Could Force General Motors Bankruptcy

Posted on May 28, 2009
GM Investors holding credit default swaps [CDS] may get a better return on their investment if GM files what would be history’s 4th largest bankruptcy. A credit default swap is a derivative contract between two parties where one party pays the other party a fee and receives a payoff if the specified investment fails...

How Flexible is Chapter 13 After You?ve Filed?

Posted on May 27, 2009
A big advantage to a Chapter 13 is there is a great deal of flexibility even after your case is filed, should your financial situation change. After all, a Chapter 13 plan typically runs three to five years (closer to five in my experience) and most people experience changes in any three to five year [...

Real Estate Commissions Lost to Chapter 7 Trustee, Even When Closings Occurred After Bankruptcy Filing

Posted on May 27, 2009
According to the Eighth Circuit Bankruptcy Appellate Panel, real estate commissions due from purchase agreements entered into prior to the filing of a chapter 7 case were property of the bankruptcy estate, even though the closings occurred after the case was filed, and even though the real estate agent continued to perform services after the [...

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Do Not Hide From Your Lawyer

Posted on May 26, 2009
Question: When is it a good idea to hide from your lawyer, refusing to return his calls and ignoring a pending court date? Answer: never. I experienced this situation last week in a case involving a Chapter 13 client who had completed almost 4 1/2 years of a 5 year plan, then ended up with a [...

Satisfy a Car Loan by Surrender in Connecticut

Posted on May 26, 2009
On February 24, 2009, Judge Dabrowski of the U.S. Bankrupcy Court in Connecticut ruled that a car may be surrendered toa creditor in a bankruptcy case to satisfy a car loan that is less than 910 days old. Well, there’s a mouthful. In short, 910 car claims are given special treatment in bankruptcy...

What Is the Difference Between Chapter 11, Chapter 7 and Chapter 13 Bankruptcy?

Posted on May 26, 2009
One of the most common questions asked is what is the difference between the types of bankruptcy. When people want to know what the difference is between types of bankruptcy, they really mean “What is the difference between Chapter 7 and Chapter 13?” Both Chapter 11 bankruptcy and Chapter 13 bankruptcy are reorganizations that provides for [...

What Happens To My Chapter 13 Payment If My Income Goes Down?

Posted on May 25, 2009
In a chapter 13 case, you have to propose a monthly payment to repay your creditors, at least in part. Most chapter 13 payment plans last for either 36 or 60 months. You might think this is a long time to commit to making a monthly payment. Or, you might even wonder if it’s even [...

Connecticut?s Exemption in Cars

Posted on May 25, 2009
Since July 1, 2007, Connecticut has recognized a $3,500.00 exemption in automobiles. Many websites out there (including some maintained by Connecticut lawyers) miss the fact that the exemption amount increased from $1,500.00 to $3,500.00 mearly two years ago...

Who Should File for Bankruptcy?

Posted on May 25, 2009
Who should file for bankruptcy? Here in Massachusetts, here are some common scenarios I see: You are trying to keep debts current but are borrowing money from one card to pay other (robbing Peter to pay Paul). You are trying to keep debts current by using your savings but can see the day approaching when [...

I?m Filing Bankruptcy But I Don?t Want My Family Members To Know

Posted on May 23, 2009
Most people are not thrilled with the prospect of filing bankruptcy. Most people would rather the whole affair be kept as quiet as possible. While this is understandable, it is sometimes advisible for you to discuss your financial situation with your family members and let them know that you are thinking about bankruptcy...

Credit Union?s Application of Automatic Payroll Deductions to Vehicle Loan Violates Bankruptcy Protection

Posted on May 23, 2009
Once a bankruptcy is filed, a credit union may not apply funds received from a bankruptcy debtor’s paychecks by means of an automatic payroll deduction to the payments due for a vehicle loan, according to the Eighth Circuit Bankruptcy Appellate Panel...

Can I Use Chapter 13 to Save an Elderly Parent or Adult Child?s Home?

Posted on May 23, 2009
In the real world, families help each other. Sometimes this help can be in the form of co-signing a debt or even entering into debt to help a family member. In my practice I frequently see situations where an adult child signs as the sole or primary mortgagee for a parent’s house...

How Long Does a Chapter 13 Case Take?

Posted on May 23, 2009
A Chapter 13 is a court-administered debt repayment plan. In a typical case, a percentage of general unsecured debts are paid (like credit cards) and the unpaid balances are discharged. How long the plan lasts depends on income. The 2005 BAPCPA bankruptcy amendments created ?commitment periods? that vary based on whether a [...

My income is going down - do I still have to file chapter 13?

Posted on May 22, 2009
Many people are losing their jobs these days. For example, car dealers are closing their doors everywhere.So are auto factories. People who used to make a very nice living are really struggling. Their income over the past few months might have been above the national average...

Chapter 11 for Individuals or Small Businesses

Posted on May 22, 2009
Chapter 11 for large corporations has been much in the news lately, but Chapter 11 can be a valuable tool for individuals and small businesses, too. For most individuals and small businesses, Chapter 7 and Chapter 13 are the first options considered, but Chapter 11 relief is not limited to large companies, or even to [...

Hardship Discharge in Chapter 13 Bankruptcy: What is It?

Posted on May 22, 2009
If you?re dealing with excessive personal debt, and you are considering bankruptcy as a solution, you will have two options: Chapter 7 bankruptcy erases your liability for most debts, so you will not be required to pay them back; Chapter 13 bankruptcy, conversely, allows you to pay your debts over an extended time period (typically [...

Can I Keep My Car in Bankruptcy?

Posted on May 22, 2009
People are often worried about whether they can keep their car in bankruptcy. This makes sense because in places without pervasive public transportation people need cars to get to work, take their kids to school, etc. There are a few key points about cars to remember...

Debt Management Firm Says Bankruptcy the Best Solution

Posted on May 22, 2009
In Charge Debt Solutions, one of the most reputable of debt management firms which try to keep people out of bankruptcy through so-called “debt settlement plans” now says that bankruptcy is the best solution for many of the people it counsels...

Student Loans In Bankruptcy?A Thorny Problem

Posted on May 21, 2009
Student loans are not dischargeable in bankruptcy-almost everyone who has student loans knows that is the case. So why consult a bankruptcy lawyer when you have student loans? There are several reasons to check your particular situation with a bankruptcy lawyer...

My Employer is in Bankruptcy, Can I Still Sue Them?

Posted on May 20, 2009
The current recession is sending a lot of large companies into bankruptcy, and a lot of employees are affected. If you have a claim of some kind against a bankrupt employer, you have more hoops to jump through. The most important thing to be aware of is the automatic stay...

Revocable Trusts and Entirety Property

Posted on May 20, 2009
Using revocable living trusts to avoid probate has become more popular recently. But the impact of such trusts in bankruptcy makes some relatively simple cases much more complex - expecially in states that recognize tenancy by the entirety. A tenancy by the entirety (TBE) is an ancient way of owning property between a married couple...

Statement of Financial Affairs: Question 5

Posted on May 20, 2009
This is the fifth in a series of blogs about the Statement of Financial Affairs and the questions it asks. Question 5 of the Statement of Financial Affairs asks for information about repossessions, foreclosures and returns. What needs to be listed here? * Foreclosures; * Repossessions; * Deeds in Lieu of foreclosure; * Voluntary repossessions; * Returns...

Determining Household Size for Means Test

Posted on May 20, 2009
The means test is a key feature of the 2005 BAPCPA bankruptcy amendments. It incorporates state median income figures to determine who should pay back some of their debts in a Chapter 13 plan. Median income is on a sliding scale based on family size...

Can I Keep my Tax Refund in a Massachusetts Bankruptcy?

Posted on May 20, 2009
Here in Massachusetts, most people can keep their entire tax refund in bankruptcy. It is important to note that one never loses property in a Chapter 13 case. This is the case because Chapter 13 is a reorganization chapter while Chapter 7 is the chapter that requires the liquidation of non-exempt property...

Civil Judgments For Past Due Debts - Why Do I Care?

Posted on May 20, 2009
When you owe money for a past due debt - a credit card, deficiency judgment, old rent, whatever - the creditor can choose to sue you. When you fail to file a timely Answer to the Complaint (in New York, that’s either 20 days after you received the papers in hand or within 30 [...

Questions To Ask A Bankruptcy Lawyer Before Signing A Retainer Agreement

Posted on May 20, 2009
So the stress of dealing with overwhelming debt has finally gotten to you, and you?ve decided that bankruptcy might be the best solution for regaining your financial footing. If bankruptcy seems like the logical course of action, you?ll need to contact a bankruptcy attorney to take your case...

Statement of Financial Affairs: Question 4

Posted on May 19, 2009
This is the fourth in a series of blogs about the Statement of Financial Affairs and the questions it asks. Question 4 of the Statement of Financial Affairs asks for information about suits and administrative proceedings, executions, garnishments and attachments...

What is the Wild Card Exemption?

Posted on May 19, 2009
In states that haven’t opted out of the federal exemptions, such as Massachusetts, there exists something referred to as the “wild card” exemption. This is a very useful exemption and what allows most bankruptcy debtors to keep all their property...

Can I File Bankruptcy Again?

Posted on May 19, 2009
If you have previously filed for bankruptcy protection, and you?ve found yourself dealing with unmanageable debt a second time, you may be wondering if you can file bankruptcy again. Going through bankruptcy a second time is not exactly a pleasant thought ? but if you?re struggling with debt, and you think you may need to [...

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