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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

My school won?t give me my transcript after banrkuptcy

Posted on April 20, 2009
If you owe your school tuition and file for bankruptcy relief, your school might hold up your transcript or even your diploma. But not every debt for a school, college or university is a “student loan.” The Seventh Circuit Court of Appeals - covering Illinois, Wisconsin and Indiana - has just reminded us that a [...

My employer is in bankruptcy - what happens to my pension?

Posted on April 20, 2009
Your employer’s bankruptcy puts your rights under a pension plan or a 401k retirement plan at risk. You must take steps to protect yourself if your employer is in bankruptcy or chapter 11. Get a current summary plan description of the pension or retirement plan from the plan administrator If you don’t have one, call [...

Student Loan Hangover - The Economy And Bankruptcy

Posted on April 20, 2009
Student Loans are a necessary evil for most individuals looking to pursue higher education. They were for me, and as I look back, I didn’t have to worry about the economy or a difficult job market after I dealt with the bar exam. Historically, when times get tough, many people go back to school, and [...

Carpenter?s Apprentice Training Costs Non-Dischargeable as ?Student Loans,? Even Though No Loans Were Made

Posted on April 20, 2009
In re Kesler, 2009 WL 650421 (Bky.S.D.Ill. March 9, 2009), held that $29,118.18 in carpenter’s apprentice training costs were non-dischargeable as “educational loans” within the meaning of section 523(a)(8) of the bankruptcy law. The bankruptcy court rejected the debtor’s argument that because no actual monetary loans were ever made to him, his obligation to pay [...

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My employer is in bankruptcy - what happens to my health insurance?

Posted on April 20, 2009
If your employer if in chapter 11 or bankruptcy liquidation under chapter 7, you could lose your health insurance. What can you do to protect yourself? Get the summary plan description and find out what health insurance benefits you had under the plan...

Balance Transfers Can Be Avoidable Preferences

Posted on April 19, 2009
Bankruptcy law allows a trustee to recover payments made to creditors on the eve of bankruptcy, even if the payment was made with borrowed money the debtor never touched, according to the Sixth Circuit Court of Appeals. The situation is very typical. A consumer carrying too much debt gets an offer to transfer balances from one [...

Carolina Place Mall Parent Files Chapter 11 Bankruptcy

Posted on April 17, 2009
Carolina Place Mall is open for business, even though it’s parent company filed a Chapter 11 bankruptcy. I was there last night, and no one shopping there would know that there is any problem. The company has stated that they are not closing the malls, and shoppers should not notice the difference...

Attorney May Charge No More Than $1,500 for Routine Chapter 7 Case, Florida Court Rules

Posted on April 16, 2009
In the case of In re Gonzalez, 2009 WL 748912 (Bky.M.D.Fla. Feb. 11, 2009), a Florida bankruptcy court held that an attorney was allowed to charge no more than $1,500 for a routine chapter 7 case, in which no unusual legal research had to be performed, and in which no novel legal issues arose...

Before You Move, Talk To A Bankruptcy Lawyer

Posted on April 15, 2009
If you are thinking about moving and you are considering filing for bankruptcy, you should speak to a lawyer before you make your move. I have had several calls this week from people in other states who plan to move to Charlotte NC and want to file for bankruptcy...

Fourth Circuit Rules That The ?Hanging Paragraph? Protects Negative Equity

Posted on April 14, 2009
Today, the Fourt Circuit Court of Appeals (Virginia, West Virginia, North Carolina, South Carolina, Maryland) ruled that the “hanging paragraph” of Section 1325 of the Bankruptcy Code protects negative equity financing in motor vehicles. Negative equity financing is when you trade in your vehicle but you owe more on the vehicle than the dealer will give [...

Always Tell Your Lawyer The Truth

Posted on April 13, 2009
When you file Bankruptcy, your lawyer is your best friend. He or she can guide you through the process with a minimum of disruption to your life; save any of your assets that can legally be kept; and make the process as easy and non-confrontational as possible...

Statistics: Utah sees 56% increase in bankruptcy

Posted on April 13, 2009
Consumers in Utah filed bankruptcy in the first three months of 2009 at a rate 56% higher than the previous year. The bulk of filings, 1395 in March, represent a 73% jump over March 2008 filings. US Bankruptcy Clerk David Sime told Salt Lake City’s Deseret News it was the biggest increase seen in a [...

Should I Stop Paying my Credit Card Debt if I Plan to File Bankruptcy

Posted on April 13, 2009
As credit card debt underlies many bankruptcy filings, it is not surprising that prospective bankruptcy filers want to know if they should stop paying credit card debt if they plan to file for bankruptcy. At first blush, the answer to this question should be obvious - why should anyone “throw good money after bad?” However, I [...

Practice Tip: Debt Relief Agency Notices

Posted on April 12, 2009
The majority of courts that have considered the issue have found attorneys are debt relief agencies under the Bankruptcy Abuse Prevention and Consumer Protection Act. Being a debt relief agency requires compliance by bankruptcy attorneys with Sections 342 and 527...

Credit Crisis Simplified

Posted on April 12, 2009
Jonathan Jarvis produced a visual explanation of the credit crisis for his media design thesis he calls The Crisis of Credit Visualized. It is a delightful seven-minute video that explains the current credit crisis in simple terms. If you liked that post, then try these...

Don?t break bankruptcy?s 90 day rule

Posted on April 11, 2009
Most of my clients arrive in my office familiar with the 90 day rule in bankruptcy. They’ve talked to friends or read on the internet. They often volunteer that they are familiar with the prohibition. Sometimes, though, they ask questions about the details of its application...

Actions Taken Against Non-Debtor Spouse Violate Discharge Injunction

Posted on April 09, 2009
In Lumb v. Cimenian, 2009 WL 427836 (1st Cir.BAP Me. Feb. 23, 2009), the First Circuit Bankruptcy Appellate Panel held that actions taken post-discharge against the non-debtor spouse of a chapter 7 bankruptcy debtor can violate the discharge injunction of 11 U...

What are the Implications of Non-reaffirmed Mortgage Debt in a pre-BAPCPA Chapter 7 case

Posted on April 09, 2009
Although most of the posts on this blog relate to questions about filing for bankruptcy now, bankruptcy lawyers like me regularly receive questions from prior bankruptcy filers (sometimes old clients and sometimes individuals seeking information). Here is a question I received from a woman who filed Chapter 7 pre-BAPCPA and is now having problems obtaining [...

Bankruptcy Good for the Economy

Posted on April 08, 2009
Sounds wrong, but studies show the easier it is to file bankruptcy, the more people will take risks to start a new business. One of our favorite themes here at the bankruptcy law network, problems with the 2005 bankruptcy law changes James Surowiecki in the New Yorker...

Statement of Financial Affairs: Questions 1 and 2

Posted on April 08, 2009
This is the second in a series of blogs about the Statement of Financial Affairs and the questions it asks. The first two questions in the Statement of Financial Affairs (SoFA) ask about income. Question 1 asks about income from employment or the operation of a business, and Question 2 asks about income other than from [...

Statement of Financial Affairs Information

Posted on April 08, 2009
My series about the Statement of Financial Affairs consists of many parts. This blog will serve as a “Table of Contents” with links to all of the articles, and will be updated as articles are posted. Statement of Financial Affairs Blogs: Overview Questions 1 and 2 Question 3 Questions 4 and 5 Question 6 Question 7 Question 8 Question 9 Question 10 Questions 11, 12 and [...

Disclose Debt Relief Payments And Attorney Fees On SOFA 9

Posted on April 07, 2009
Debtors filing bankruptcy are required to disclose money paid to anyone, including attorneys, for debt consolidation, bankruptcy relief or petition preparation within one year before filing. This disclosure occurs on the Statement of Financial Affairs at question number 9...

Many People Keep Their Homes When They File For Bankruptcy

Posted on April 07, 2009
There is a misconception that people who file for bankruptcy will loose their homes. I hear from many people who avoided speaking to a bankruptcy attorney because ’someone’ told them that if they file for bankruptcy they will loose everything, including their home...

Bankruptcy does not allow you to keep your home AND not pay for it!

Posted on April 06, 2009
Recently I have had a number of clients coming in who are under the impression that they can file bankruptcy and keep their home - without paying for it. I don’t know where they are getting this advice - but it is wrong. If you can no longer afford to make the payments on your home [...

Disclose Attorney Fees in Bankruptcy - Show Me The Money

Posted on April 06, 2009
A Bankruptcy Lawyer is required to inform the Court of how much money debtor has paid or will pay in attorney fees in contemplation of or in connection with a bankruptcy case. The Disclosure of Compensation form is filed, and signed by the attorney not by the debtor, in every case to identify payment received [...

New Massachusetts Median Income Figures

Posted on April 06, 2009
For 2009 the new median income figures for Massachusetts are: Family of one: $54,842 Family of two: $66,437 Family of three: $83,104 Family of four: $100,280 Add $6,900 for each family member above four. If you liked that post, then try these...How Long Should I Try To Avoid Filing Bankruptcy? by Susanne Robicsek, North Carolina Bankruptcy AttorneyIf I sign a reaffirmation [...

Is Senator Mel Martinez a Republican or Floridian first?

Posted on April 06, 2009
Senator Mel Martinez (R-FL) figures to be a critical vote on the Bankruptcy Reform Act of 2009 (S. 61) when the Senate resumes its session after a month-long recess. The pending bankruptcy bill, if passed by the Senate, would save most of the Middle Class from imminent foreclosure and displacement from their homes...

I Lost My Job and Cannot Make My Chapter 13 Payment

Posted on April 05, 2009
Illinois Bankruptcy Lawyer Andy Miofsky says, “A lack of income will be fatal to most chapter 13 cases. If you are unable to fund your existing plan, that plan will no longer work. You have six basic choices, some of which might offer assistance, while others will not solve the problem...

Is 800CreditCardDebt Better Than Bankruptcy?

Posted on April 05, 2009
The company 800CreditCardDebt seems to think that you should not get the whole story before using their services! A commercial I saw says: “Don’t let the word bankruptcy enter your thoughts”. Really? Not even consider it? Advising people not to at least consider any solution that might help them is bad advise...

Bankruptcy and Short Sales: California

Posted on April 05, 2009
Every week we get clients filing for bankruptcy protection asking questions whether they should proceed with a short sale on their real estate. The bottom line, is that if you are filing for bankruptcy, you should forget about a short sale in most situations...

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