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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 Does it Cost to File Bankruptcy?

Posted on May 18, 2009
The bankruptcy court charges a fee of $274 for a Chapter 13 Bankruptcy and $299 for a Chapter 7 Bankruptcy. Credit counseling costs approximately $50 and it costs another $20 or so for the financial management course the debtor is required to take in order to qualify for a discharge...

Can I Keep My Car if I File Chapter 7 in New York?

Posted on May 18, 2009
If you?re thinking about filing Chapter 7 in New York, you?ve probably wondered whether or not you will get to keep your car after you receive your discharge. If you?re like most of us, you?ll still have a job to go to every day, so you?ll need a means of transportation to get there...

Free Rent For A Parent?

Posted on May 17, 2009
What could be wrong with this? Your mother conveys her home to you, and you let her live there for the rest of her life. No need to pay an attorney. “Gotcha”, says the trustee. A bankruptcy trustee takes over control of your assets, and may well threaten to evict your mother so rent can be [...

I still owe HOA Fees after I filed Bankruptcy and Surrendered my Home?

Posted on May 16, 2009
Technically yes. Debtors are frequently surprised to find that they are still personally liable for HOA fees after filing for bankruptcy, even though they have moved out for all intents and purposes, and have made known in their bankruptcy schedules their intent on surrendering the property back to the bank...

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The Continuing Concealment Doctrine

Posted on May 16, 2009
The Continuing Concealment Doctrine applies when someone appears to have transferred an asset, but retained secret control or a beneficial interest. It commonly applies where someone convenys a house to another, but continues to live there, pay the mortgage and utilities, maintain and improve the property, and so forth...

Notes on Bankruptcy Article in The Atlantic

Posted on May 15, 2009
The June 2009 issue of The Atlantic magazine contains an interesting article on bankruptcy, Sink and Swim by Megan McArdle. The subtitle and thesis of the article is "Bankruptcy helps the undeserving-and that’s the way it should be." Ms. McArdle argues that attempting to make a "fair" (read "harsh") insolvency system misses the [...

The Dilemma of Private Student Loans in Bankruptcy

Posted on May 15, 2009
The misleadingly named Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 created a dilemma for debtors with private student loan obligations. That act extended the undue hardship requirement for discharge in bankruptcy to private student loans without making available the Federal reduced payment plans that partially relieved burdens to lower-income debtors...

Pay Advices?What Is That? Evidence of Income for Bankruptcy.

Posted on May 15, 2009
A requirement under the Bankruptcy Code is that you provide copies of all pay advices or other evidence of payment received within 60 days of your filing for bankruptcy. For most people who go to work every day and receive a paycheck, this is not a big hurdle...

How long does it take to file a bankruptcy case?

Posted on May 15, 2009
Bankruptcy cases can’t be prepared overnight. We find that it takes at least a week or two to prepare a case for filing even under the best of circumstances. You need to take credit counseling before you can file. You need to tell your lawyer all the information needed to determine your assets, your debts, [...

Don?t Be So Quick to Dismiss the Relevance of Means Test Numbers

Posted on May 14, 2009
Much has been written on this blog about the two different types of budgets required in many bankruptcy filings. If your average income - calculated by looking at your household earnings for the six months prior to the month of filing - is over the “median income” for a similarly sized family in your State, [...

Massachusetts Bankruptcy Court Issues New Standing Orders

Posted on May 14, 2009
The Massachusetts Bankruptcy Court recently issued three new standing orders. The first order allows limited (un-bundled) representation of debtors in pro bono bankruptcy case. The second requires that stipulated provisions which could lead to automatic dismissal or relief from the automatic stay be set forth conspicuously, in bold, uppercase type...

Bankruptcy, exemptions and a fresh start

Posted on May 14, 2009
My clients lately are so down on themselves that they insist on worrying that the bankruptcy trustee will strip them of everything, their home, their car, their consulting practice. Not so, I repeat, and repeat. FIrst of all, the bankruptcy trustee is only interested in assets that have net equity...

When bankruptcy is smarter choice

Posted on May 13, 2009
AARP’s magazine column The Short Answer echoed my view exactly: stop fighting bankruptcy. People often wait too long to make the bankruptcy decision, invading retirement and college savings to the detriment of their future. The fear about “ruining credit” is misplaced: most of those in deep enough to consider bankruptcy have lousy credit already says AARP...

A grateful client thanked me for his fresh start

Posted on May 13, 2009
There is nothing more professionally rewarding to a bankruptcy attorney than to revel in his client's success just a few years later.

Limited Stay Relief Is Automatic In Massachusetts

Posted on May 13, 2009
A secured creditor, or its non-attorney representative, may now send account statements and the like to a debtor without first seeking stay relief, so long as the communication does not demand payment or threaten foreclosure or case dismissal. The secured creditor may also discuss or negotiate a mortgage modifcation with debtor’s counsel, but not directly with [...

Bank of America squeezes its credit card holders - no default necessary. ?I?m mad as hell and not going to take this anymore.?

Posted on May 12, 2009
Yesterday, I wrote that Banks were drastically raising rates on credit cards even if people were just a few days late. That’s true enough. But some banks are so desperate and greedy that they don’t even wait for the consumer is late before squeezing them for payment...

Limited Attorney Appearances Allowed In Massachusetts

Posted on May 12, 2009
An attorney can limit her appearance in a bankruptcy case to a particular contested matter or adversary proceeding in Massachusetts, without generally appearing on behalf of a debtor for all contested matters, if the client agrees and either (1) the client is otherwise pro se (case filed without an attorney) and the attorney is working [...

Consumer credit evaporating - Consumer bankruptcy cases to climb

Posted on May 11, 2009
Consumer credit is drying up - fast. We expect this will result in tens of thousands of new bankruptcy cases by the end of 2009 and even more through 2001. Every credit card issuer has been approving fewer new applicants, reining in credit lines and canceling unused accounts...

Attorney Fees Are a Means Test Deduction

Posted on May 11, 2009
Prospective Chapter 13 attorney fees are deductible from income for the Means Test. You remember the Means Test, don’t you? It’s that nasty form for Above Median Income Debtors to determine if they might be forced into a mandatory five year Chapter 13 case...

Massachusetts Attorney General Warns on Mortgage Modifications

Posted on May 09, 2009
Yesterday on Greater Boston (the PBS television program) Martha Coakley, the Massachusetts Attorney General, warned consumers against the increasing number of scams promising mortgage modifications for an upfront fee. The number of these scams have been increasing due to the economic crisis...

Unlisted Debts Are Not Discharged in First Circuit

Posted on May 08, 2009
Unlisted, unscheduled debts are not discharged in the First Circuit, which covers Puerto Rico and New England (except Connecticut). All medical bills must all be listed, even if you believe them to be covered by insurance, because the insurance company may later deny the claim...

How Do I Find Out My Chapter 13 Balance?

Posted on May 07, 2009
So its been 2 years now and you are wondering the current status of your Chapter 13. What is your payoff? What claims have been submitted? What is the balance of each claim? How do you go about finding out this information? Many times, debtors simply contact their attorney who they assume has all the [...

Bankruptcy and Lenders who Refuse to Pick Up Vehicles

Posted on May 06, 2009
Recently, many lenders have been refusing to pick up vehicles that debtors are surrendering in bankruptcy proceedings. Perhaps if these lenders picked up these vehicles and sold them at auction, they would need less bail out money and might avoid Chapter 11...

Insurance Requirement on Vehicles in a Western District of Missouri Bankruptcy

Posted on May 05, 2009
When you file for bankruptcy in the Western District of Missouri you must maintain certain insurance coverage on your vehicle if you have a lien on your vehicle. Local Rule 4070-1 D(4) of the Western District of Missouri states that the debtor must maintain 3 months of pre-paid insurance on the vehicle and have a deductible no [...

Statement of Financial Affairs: Question 3

Posted on May 05, 2009
This is the third in a series of blogs about the Statement of Financial Affairs and the questions it asks. Question 3 is broken down into three parts, (a), (b) and (c). Part (a) requires the listing of certain payments made to creditors within the 90 days before the case is filed if your debts are [...

Ask For A Discharge After Making Last Chapter 13 Payment

Posted on May 05, 2009
You must request a discharge in Chapter 13 and certify your eligibility for that discharge or your case will be closed and your debts will remain collectable. Your Chapter 13 Trustee will report when you have finished making your Plan payments. You then have 20 days to file a Motion, under Section 1328 and Rule 2002f asking [...

The Terrible Consequences of Not Getting A Discharge In Bankruptcy

Posted on May 04, 2009
You file a bankruptcy to get rid of, to discharge, your debts. You might not get a discharge, if there is a successful objection based on fraud, poor records, hiding assets, not cooperating with the trustee, giving stuff away with one year before the filing, etc...

Filing Bankruptcy: First Steps

Posted on May 04, 2009
The first thing to do if you are wondering about filing bankruptcy is to speak with a competent, qualified, consumer bankruptcy attorney. You can find one through this site or from the National Association of Consumer Bankruptcy Attorneys. Then set up an appointment with the Attorney...

I?ve Moved During My Bankruptcy: Now What?

Posted on May 04, 2009
It is not uncommon for debtors to move while their Chapter 7 or 13 bankruptcy is pending. Generally, this is not an issue provided a change of address is sent to all necessary parties. If you move before your case is discharged, do not assume your mail will be forwarded...

How To Become A Former Client Of A Bankruptcy Attorney

Posted on May 04, 2009
Rachel Lynn Foley, my esteemed colleague in Missouri, wrote today on “How Not To Be Selected As A Client” from her perspective as a bankruptcy attorney. I also wrote a blog this past week on ”My Bankruptcy Attorney Doesn’t Return My Phone Calls, “ explaining that sometimes attorneys prioritize the calls back to clients or wait for [...

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