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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

How Not to be Selected as a Client by a Bankruptcy Attorney.

Posted on May 04, 2009
There are several ways to ensure that I will not represent you as a bankruptcy client. Keep in mind that when you have a consultation with a bankruptcy attorney the interview is a two way street. You are determining if you want me to represent you in the bankruptcy process...

Minimal Or Zero Dividend Chapter 13 Plans: The Newest Battleground

Posted on May 04, 2009
Fees and costs of bankruptcy have skyrocketed, forcing debtors to seek Chapter 13 just to afford access to the bankruptcy courthouse doors. The 2005 reforms have so increased the complexities and burdens of filing for bankruptcy protections that professional fees have increased about 50% and costs have doubled...

Why Did Cramdown Fail? Insurance and Principal.

Posted on May 02, 2009
On April 30, the US Senate voted against S. 61, a bill that would let judges modify home mortgages in bankruptcy. Karen Oakes wrote an excellent article, “Congress Votes Against Consumers Modifying Home Mortgages In Bankruptcy” discussing the vote...

If Chrysler Can File Bankruptcy, Why Can?t I?

Posted on May 01, 2009
You can. And maybe you should. ?No one should be confused about what a bankruptcy process means… [It] is not a sign of weakness…” This is what President Barack Obama said today in discussing the fact that Chrysler is declaring bankruptcy...

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Missouri Chapter 13 Plans Must Pay Mortgage Payments Through Trustee; Direct Mortgage Payments for Delinquent Debtors Disallowed

Posted on May 01, 2009
A recent Missouri case held that when drafting a chapter 13 plan for a bankruptcy debtor who is behind on home mortgage payments, the plan may not provide for direct payment of the regular, ongoing monthly mortgage payments by the debtor to the mortgage bank...

Congress Votes Against Consumers Modifying Home Mortgages In Bankruptcy

Posted on May 01, 2009
Today, the Senate voted on Senate Bill 61, the bill which would allow homeowners, consumers, everyday Americans, to modify their residential mortgages in bankruptcy. This bill had been debated for over 8 months, mostly during the presidential elections...

Owing Rent When Filing Chapter 13

Posted on May 01, 2009
If you owe rent when filing a Chapter 13 bankruptcy case, it’s not easy to figure out how to pay the back rent. You’ll be paying this pre-bankruptcy debt at 100% when you’re likely paying your credit cards maybe 5%. Trustees like to object when one class of creditors is paid better than another...

Help Families Save Their Homes! We Need Your Help Now!

Posted on April 30, 2009
We need your help! The Senate is set to consider Senate Bill 61 titled “Help Families Save Their Homes” which will allow bankruptcy judges to modify mortgages in chapter 13 bankruptcy cases. You can contact your senator and express your support for S...

Protecting College Funds In Bankruptcy

Posted on April 30, 2009
It’s possible to protect college funds (529 Plans; Educational IRAs) when filing bankruptcy. Complicated, but possible. Bankruptcy law looks at the timing of the contributions and not the current balance. Here are the rules: 1. Contributions made earlier than 720 days before a bankruptcy case is filed are fully protected...

Ten Reasons to Delay Filing Bankruptcy! Reason No. 6.1: The Means Test

Posted on April 30, 2009
When determining when to file for a bankruptcy, an issue to consider is whether a delay in filing can place the debtor within the current monthly income guidelines for his state. Under the changes to the bankruptcy code that resulted from the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a debtor who wants [...

My Bankruptcy Attorney Doesn?t Return My Phone Calls. Why?

Posted on April 30, 2009
The most frequent complaint made about attorneys is the lack of communication or not returning phone calls requesting information. Attorneys generally know this. So, why wouldn’t an attorney return phone calls on a timely basis? Volume. Solo attorneys (as most bankruptcy attorneys operate on their own) are the practicing attorney, the office manager, the human resources [...

Louisiana House To Consider Raising Homestead Exemption!

Posted on April 30, 2009
The Louisiana Legislature began its 2009 regular Legislative Sessions on Monday, April 27, 2009. Two bills are before the Louisiana House of Representatives that would raise the Homestead Exemption from seizure of a house by unsecured creditors. The homestead exemption from seizure is not to be confused with the homestead exemption that most Louisiana residents are aware [...

Business credit cards and the individual bankruptcy case

Posted on April 30, 2009
Small corporations may have their names on the shareholder’s credit card, but likely are not actually liable for the charges made on the card. Clients come with lists of “personal” credit cards and “business cards” for their corporation or LLC...

Can A Bankruptcy Trustee Search Your Home?

Posted on April 30, 2009
“I can’t file bankruptcy. I heard that a trustee will come into my home and take what he wants.” Is there anything more frightening than this sentence? It isn’t true, of course, but the fear is real. Yes, there is a remote one-in-a-bazillion chance that a trustee can get an order allowing seizure of unprotected property, but [...

Ten Reasons to Delay Filing Bankruptcy! Reason No. 5: The Means Test

Posted on April 29, 2009
When determining when to file for a bankruptcy, an issue to consider is whether a delay in filing can place the debtor within the current monthly income guidelines for his state. Under the changes to the bankruptcy code that resulted from the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a debtor who wants to [...

Is There Such A Thing As a ?Secret? Bankruptcy?

Posted on April 29, 2009
As a consumer bankruptcy attorney, I often find myself reassuring folks who come into my office for consultations that the filing of a bankruptcy won’t be published in the newspaper, that their employer won’t have to know, that their kids won’t have to know, or that the neighbors won’t be talking about them at the [...

Ten Reasons to Delay Filing Bankruptcy! Reason No. 6.1: The Means Test

Ten Reasons to Delay Filing Bankruptcy! Reason No. 6: Payment of Creditors

Posted on April 29, 2009
In my recent article on reasons to delay the filing of a bankruptcy to avoid issues of preferential payments in pre-bankruptcy transfers, I addressed the right of the bankruptcy trustee to set aside preferential transfers. Related to the preferential transfer issue, and another reason to possibly delay the filing of a bankruptcy is to permit a debtor to [...

Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 10: Bankruptcy

Posted on April 28, 2009
Part 10 of my review of Kevin Trudeau?s book, ?Debt Cures ?They? Don?t Want You to Know? examines Chapter 15: No Bankruptcy. The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense in this [...

U.S. Supreme Court to Hear Bankruptcy Exemption Issue

Posted on April 27, 2009
The U.S. Supreme Court accepted a case for review with two bankruptcy exemption issues: 1) When a debtor exempts property as his own and places a value on it in his bankruptcy paperwork, is he limited to that dollar amount or is the asset fully exempt? 2) Is there an exception to the 30-day deadline [...

Paychecks And Uncooperative Employers

Posted on April 27, 2009
Bankruptcy filers must provide paycheck information (”pay advice”) to a truste for the 60 days before a filing, and also must provide their attorneys with income information for the six months before a filing (including gross pay and often detailed paycheck deductions) for means test calculations...

Should I use a petition preparer so I can file bankruptcy without an attorney?

Posted on April 27, 2009
Fiilng a bankruptcy pro se is like walking through a maze blind-folded. You might get through but you will certainly get lost along the way. So why take chances? Get a competent, experienced bankruptcy attorney to represent

Can I get out of debt without bankruptcy?

Posted on April 26, 2009
You’ve seen commercials that promise that you can get out of debt without bankruptcy. It’s possible. But not easy. And you’ve probably heard from people like Dave Ramsey that bankruptcy is a horrible evil and that you should avoid it at all cost...

Reasons to hire an attorney for your bankruptcy case

Posted on April 25, 2009
You can file a bankruptcy case without an attorney. But you'd be giving up a lot. Here's just a few of the things a lawyer can do to help you with your bankruptcy case.

Wage Garnishment for a Chapter 13 Plan Payment Increases Success Rate.

Posted on April 24, 2009
If you are filing a chapter 13 bankruptcy I strongly encourage you to use wage garnishment instead of a direct payment as this will increase your success rate. Why, because if you use a wage garnishment you are forced to place yourself on a budget in order to make it through your chapter 13 bankruptcy...

The Company That Owes Me Money Is In Chapter 11?What Now?

Posted on April 23, 2009
When a local grocery store chain filed a Chapter 11, I began fielding calls from people who had received notice of the bankruptcy filing from the court, along with a form to use to file a claim with the court. It’s a confusing and unsettling thing to get in your mailbox...

Why are chapter 13 cases being filed less frequently?

Posted on April 23, 2009
Professor Lawless reports in Credit Slips that chapter 13 cases are now being filed at the lowest rate since the Bankruptcy Code was amended. Why is this happening? You need disposable income for a chapter 13 plan - yet more people are out of work You would want equity in property in order to file a chapter 13 [...

How Is My Chapter 13 Plan Payment Figured?

Posted on April 23, 2009
How much will my chapter 13 plan payment be? Understandably, this is the question that figures prominently in people’s minds as they contemplate a chapter 13 bankruptcy filing. While plan payments can often be projected with a reasonable degree of accuracy, there is a lot that goes into figuring what it will be...

How long does it take to file a bankruptcy case?

Posted on April 22, 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, [...

Does It Matter, For Bankruptcy Purposes, How the Credit Cards Were Used?

Posted on April 20, 2009
Bankruptcy deals with secured and unsecured debts. Credit card bills are generally unsecured, unless the card was issued by a specific store with a properly executed security agreement. Debts owed on most credit cards, like Visa or MasterCard, are almost always unsecured...

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