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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 I Refinance My Home While I?m In Bankruptcy?

Posted on March 24, 2009
It is possible to refinance your home while you are in bankruptcy, though it will require court approval. If you are in a Chapter 7 and are trying to do a traditional refinance (a new lender, all new paperwork, etc.) your lender is probably going to want to wait until you receive your discharge to [...

How Fast Can A Bankruptcy Be Filed?

Posted on March 24, 2009
People thinking about filing bankruptcy often think about doing it on their own - the reasoning is that if they could afford a pricey lawyer, they wouldn’t be in bankruptcy. But consider this, if nothing else. If you do it on your own (and legally there’s no reason why you can’t) you’re going to spend a [...

Madoff bankruptcy: What?s a claw-back? Are you at risk?

Posted on March 23, 2009
The Madoff case reminds us that bankruptcy trustee has the right to "claw-back" certain types of transfers. Are you at risk?

Bankruptcy And A New Car

Posted on March 22, 2009
You can buy a new car even though you are filing Bankruptcy (assuming, of course, that you can make the car payments). First of all, if you are going to file a Chapter 7 Bankruptcy, and know that you will need a new car in the immediate future, it?s perfectly legal to buy one before [...

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Can I transfer my house to my kids?

Posted on March 22, 2009
Sometimes, even today, clients have a have a house worth a lot more than the mortgage - the house has equity. Yet they face massive debt. They want to save their home. In Illinois and in Wisconsin, the homestead exemption may not be enough to protect all of the equity, unlike Texas or Florida which [...

Is there a good time to file my bankruptcy case?

Posted on March 21, 2009
You may not be eligible for chapter 7 if your income during the last 6 months was higher even though you have suffered a big decrease in pay.

Strange Days: Means Test Numbers Don?t Make Sense

Posted on March 21, 2009
Consumer bankruptcy debtors must complete a series of calcuations based on their median income from the six months prior to bankruptcy– in order to complete one of two forms, either Form 22A for Chapter 7 debtors or Form 22C for Chapter 13 debtors, using standards supplied originally by the IRS/Census Bureau...

Chapter 7 Reaffirmation Only Available if You can Afford to Pay

Posted on March 20, 2009
The reaffirmation process in Chapter 7 is a useful and widely used tool for debtors to keep and continue to pay for houses, cars, furniture, electronics and co-signed debts. As I wrote in this blog back in February, 2008, reaffirmation will work in Chapter 7 if you have little or no equity in the collateral [...

NYS Attorney General Andrew Cuomo Intervenes For Consumers in Central NY Bankruptcy Case

Posted on March 20, 2009
A Central New York Bankruptcy Court ruled that Affordable Furniture Stores in Central New York must reopen to allow customers to pick up furniture that they had already paid for. Attorney General Andrew Cuomo’s office had received three dozen complaints from people who had discovered the stores were closed in Syracuse, Utica, Rome and Watertown when [...

Can I get credit after bankruptcy?

Posted on March 20, 2009
You can get credit after bankruptcy. But you must act responsibly.

I Co-Signed An Account?What Happens If I File Bankruptcy?

Posted on March 19, 2009
People who co-signed an account and have to file bankruptcy are understandably concerned whether their bankruptcy filing will be reported on the other person’s credit report. The answer to this question is that it won’t. Many times when someone talks with a bankruptcy lawyer, he or she is concerned that an account that was co-signed will affect [...

I have an account at a bank I owe money - What should I do? What if the bank makes a set-off?

Posted on March 19, 2009
People frequently bank at the same bank where they borrow, either personally or for their business. When they are thinking about bankruptcy, this is dangerous. Banks or other creditors have the right to set-off debts they have against you against money you have on deposit at their bank...

Can I modify my mortgage in chapter 13?

Posted on March 18, 2009
Clients ask me every day “Can I modify my mortgage in chapter 13?” Unfortunately, the answer is “Not yet if you’re thinking about your home.” The House of Representatives voted in favor of mortgage modifications in chapter 13...

What Is A Proof of Claim?Does it come off a cereal box?

Posted on March 18, 2009
A proof of claim is an official document filed by a creditor in your bankruptcy case demonstrating to the court that the creditor is entitled to payment. Filing a proof of claim in a bankruptcy case is critical if a creditor wants to be paid anything...

Can I keep my income tax refund in bankruptcy?

Posted on March 18, 2009
As April 15 draws near, clients often ask “Can I keep my income tax refund in bankruptcy?” Depending upon the laws of your state and the amount of the refund, the answer often is Yes! Here’s what you have to do. Like everything else in bankruptcy, it is very important that you be completely open and honest [...

How To Keep Your Chapter 7 Trustee Happy.

Posted on March 17, 2009
When you file a Chapter 7 bankruptcy, a trustee is appointed to oversee the process, make sure you have listed all of your assets and debts, and distribute any property of the estate to the unsecured creditors. Understanding what they do can make the process easier...

Why ?Show Me The Note? Matters

Posted on March 17, 2009
More bankruptcy courts are demanding mortgage servicers prove they are entitled to collect on a mortgage loan note before foreclosing. The fight over standing to appear in court runs deeper than technicalities and tactics to stall a lender. It is a matter of fundamental rights...

Should I Keep Paying My Homeowner?s Insurance After Filing Bankruptcy?

Posted on March 17, 2009
Many people surrender their homes to their lenders when they file for bankruptcy but as long as the property is titled to them, they may have some risk if someone is hurt on the property. As long as the property is in your name, your homeowner’s insurance would protect you from liability...

Banks? Future Woes in One Word: Plastic

Posted on March 16, 2009
So read the headling in this CNN-Money story. As this article noted: Just last month, Bank of America CEO Ken Lewis warned lawmakers at a high-profile Congressional hearing on the government’s $700 billion rescue plan that he had no doubts 2009 would be an “awful year” for the credit card industry...

When Preparing to File Bankruptcy, Don?t ?Dump and Run?

Posted on March 16, 2009
Every bankruptcy lawyer I know has had this experience. No matter what the stated procedure for providing paperwork in an organized fashion, a new client drops by the office unannounced, and drops off an enormous, amorphous mass of paper, usually including a stack of unopened bills...

How Much Do I Have to Pay the Chapter 13 Trustee?

Posted on March 15, 2009
Clients always ask how much their Chapter 13 Plan payment will be, and how much they will have to pay the Chapter 13 Trustee each month. This isn’t an easy question to answer, since there are four different tests used to determine the number: the Means Test, the Chapter 7 Liquidation Test, the Disposable Income [...

Has the Recession ?Bottomed Out??

Posted on March 14, 2009
This week’s media has been filled with stories about the Dow’s 9% increase, GM’s refusal of the next installment of its bailout money, Citibank’s report of being in the black so far this year, and banks’ requests to return TARP money...

1st Circuit B.A.P. Decision on Implied Acceptance

Posted on March 12, 2009
The 1st Circuit B.A.P. recently reviewed the case of In re Flynn, Case No. 07-15470-WCH, in which Massachusetts Bankruptcy Judge Hillman denied confirmation of a Chapter 13 plan containing a balloon payment provision. Judge Hillman denied confirmation of the plan even though the affected mortgage creditor had not objected to it...

Avoiding probate with property transfer costly in bankruptcy

Posted on March 11, 2009
Do it yourself transfers of real estate to the younger generation can result in the loss of the family home in bankruptcy. One of the powers granted Chapter 7 trustees is standing as a bona fide purchaser for value (b.f.p.). That’s legalese for an innocent buyer who has no reason to know that title is [...

Mortgage Modification Bill Now In Senate?s Hands - Judges Speak Out!

Posted on March 11, 2009
Last week, the House of Representatives passed H.R. 1106 (Helping Families Save Their Homes in Bankruptcy Act 2009). Now, the fight begins in the Senate, and it looks like the gloves are going to come off for this fight. Opponents of the bill have been lobbying Congress very hard, and the tsunami of lobbyists converging [...

Do I Qualify For A Chapter 7 Bankruptcy?

Posted on March 10, 2009
Most people qualify to file a chapter 7 bankruptcy. BAPCPA, the law that changed bankruptcy and went into effect in October of 2005 did attempt to make it harder to qualify, but in reality, only a very small percentage of consumers aren?t eligible. First of all, if your debts are primarily business related, you can [...

Bankruptcy Will Stop A Foreclosure?No Doubt About It!

Posted on March 10, 2009
A bankruptcy filing will stop a foreclosure proceeding. As soon as you file for bankruptcy protection, a court order called the automatic stay, goes into effect immediately. With the number of foreclosures climbing to record levels, clients facing foreclosure will often ask whether a bankruptcy filing will really stop a foreclosure...

New Mortgage Modification ?Cram Down? Bankruptcy Laws to Help San Diego

Posted on March 09, 2009
New Bankruptcy Laws may soon go into effect to relieve San Diego County’s underwater real estate market, wherein mortgages may be modified or “crammed down” by Bankruptcy Judges. In the first week of March, 2009, the House of Representatives passed the long overdue Bankruptcy “Cramdown Bill” (a mortgage modification bill) by a vote of 234 - 191, [...

1st Circuit B.A.P. Rules on Balloon Payments

Posted on March 09, 2009
The U.S. Bankruptcy Appellate Panel for the First Circuit recently issued its highly-anticipated decision on the permissibility of balloon payments in Chapter 13. The long-and-short of it is that the panel held that the 2005 bankruptcy amendments eliminated balloon payments as an option for Chapter 13 debtors...

Bankruptcy Case Law Blog Launched

Posted on March 07, 2009
The bankruptcy law students at St. John’s University School of Law in Queens, NY, have launched a new blog to report the rulings of the nation’s bankruptcy judges. The students will write a succinct analysis of the issues and holding in cutting edge bankruptcy cases...

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