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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

Now is the Time for Judicial Modification of Mortgages in Bankruptcy!

Posted on February 11, 2009
Over 46,000 foreclosures are filed per week in the United States. Per week! In my own state of North Carolina, it is estimated that over 1,000 foreclosures per week will be filed for 2009! Credit Suisse estimates that 8.1 million mortgages will be in foreclosure over the next four years! With the housing sector responsible for [...

How Do I Pass the Median Income Test in Bankruptcy?

Posted on February 11, 2009
To qualify for Chapter 7 bankruptcy you must pass the median income test. Chicago bankruptcy lawyer David Leibowitz blogged how Chapter 11 is an option for some people who have above-median income, in his article “Chapter 11 is for People Too.” He said that you are presumed to abuse the system if you make more [...

Judicial Mortgage Modification, Lobby Day in DC

Posted on February 11, 2009
Urging Congress to enact Judicial mortgage modification is what I, and over 100 other members of the National Association of Consumer Bankruptcy Attorneys were doing in Washington DC yesterday. We answered all the banking industry arguments, like, fairness...

Proverbs 17:22 - Sometimes Laughter Is The Best Medicine.

Posted on February 10, 2009
Laugh Proverbs 17:22 says “A joyful heart is good medicine, But a broken spirit dries up the bones.” Not only does God state that it is good to have a hearty laugh but science also verifies that a good laugh is healthy for the soul and your heart...

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Chapter 11 is for People Too

Posted on February 10, 2009
Chapter 11 is not for everyone. But these days, we are seeing many clients who were doing very well just a few months ago and who are now hitting the rocks. For these clients, chapter 11 often turns out to be a good answer and the only viable answer.

The King Amendment hurts the Middle Class

Posted on February 09, 2009
As David Leibowitz reports on Mortgage Law Network, under the ?King Amendment? to the mortgage modification bill in Congress (H.R. 200 and S.61), people who got their mortgage by ?fraud? won?t be able to get mortgage modifications in Chapter 13. There is no question that borrowers and lenders ignored the risk of loose underwriting requirements since [...

Budgeting is Critical in a Chapter 13 Bankruptcy Case

Posted on February 08, 2009
Budgeting your money is critical in a chapter 13 bankruptcy case because you will have to make a payment to the chapter 13 trustee every month. If you do not make this payment, your case may be dismissed and you will not gain any benefit from your bankruptcy filing...

Do I have to file bankruptcy for my corporation?

Posted on February 08, 2009
You and your small subchapter S corporation are two different things for bankruptcy purposes. Your wholly-owned corporation has its own tax ID number, its own assets and its own liabilities.

BLN Founder to Teach Bankruptcy to Solo Lawyers

Posted on February 07, 2009
Bankruptcy Law Network Co-founder and President Jay S. Fleischman has joined the faculty of Solo Practice University. He will teach a six-session online course consumer bankruptcy law. Solo Practice University? is a new web-based educational community to teach lawyers what they don’t learn in law school about practicing law as solo practitioners...

Foreclosures and Bankruptcy

Posted on February 07, 2009
So, your house is in foreclosure. That means that the mortgage company has filed papers to sell your home because you are behind in the payments. (There are other reasons for foreclosures of property, but this is certainly the most common.) There are, generally, three types of remedies to get you out of foreclosure: 1...

Credit Counseling and Financial Management Training - Traps for Debtors

Posted on February 05, 2009
Until we can convince Congress that this is a waste of time and money, take the credit counseling, and take the financial management course. Otherwise, your discharge is in jeopardy.

Income Contingent Repayment Plans & Student Loan Discharges in Massachusetts

Posted on February 02, 2009
Two Massachusetts bankruptcy judges have disagreed about requiring a debtor to apply for the Income Contingent Repayment Plan when seeking a discharge of student loans. Student loans are discharged if, after a trial, one can prove that repayment will impose an undue hardship...

Laid Off? I?m Going to Disney World!

Posted on February 02, 2009
According to this article in the February 2, 2009 Charlotte Observer, 3,400 people have already applied for 2,100 temporary summer jobs at the local Carowinds amusement park, more than triple the usual number. Of interest are the types of people applying...

My Employer is in Bankruptcy! What can I do?

Posted on February 01, 2009
If an employer goes into bankruptcy, what can employees do to protect themselves? Employees are not helpless. Employees have some important rights under bankruptcy and labor laws. Protect your pension plan Protect your health benefits Find out what rights you have under COBRA to continue your health insurance coverage Find out how your health claims will be paid...

How to choose a bankruptcy attorney

Posted on February 01, 2009
Consider quality, value and service when choosing a bankruptcy attorney.

Car in Someone Else?s Name: Resulting Trust

Posted on February 01, 2009
You’re worried about the car your son put in your name to save on insurance. Will a bankruptcy trustee take it? Not in Massachusetts, and probably not in your state. It’s called a “resulting trust,” and this trust relationship presumed where the non-owner son actually paid for the car and is its primary user...

How Will Mortgage Modification Work under the New Bankruptcy Law?

Posted on February 01, 2009
How does the (proposed) bankruptcy law, known as Helping Families Save Their Homes in Bankruptcy Act of 2009, actually work? Here is an example: Joe is a successful Jacksonville plumber who is a sub-contractor for ACME Homebuilders. In June of 2005, he and his wife purchased a house for $440,000 with 80/20 financing...

Octuplets? Grandmother Filed For Bankruptcy! News Or Cheap Shot?

Posted on January 31, 2009
ABC News reports: “Octuplets’ Family Has Bankruptcy History”! CBS News reports: “Octuplets’ Family Filed For Bankruptcy”! ABC and CBS are reporting on the recent birth of Octuplets’ to a woman in California who already had six children and lives with her mother in a three bedroom house...

Credit Suisse Supports Change To Bankruptcy Code

Posted on January 31, 2009
In an article published on the internet, Credit Suisse has come out in favor of a proposed change to the Bankruptcy Code to allow Bankruptcy Judges to modify residential mortgages. This is now the second major lender who supports this common sense change...

Ten Reasons To Delay Filing Bankruptcy! Reason No. 2: The Debtor?s Domicle

Posted on January 31, 2009
The 2005 amendments to the Bankruptcy Code, known as the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) changed the time that a debtor must be domiciled in a state before the debtor can claim the bankruptcy exemptions of that state. Under the pre-BAPCPA Bankruptcy Code the debtor generally had to wait 90 days to use [...

Should I File Bankruptcy Now if the Law is Going to Change?

Posted on January 31, 2009
Congress is debating a change to Chapter 13 of the Bankruptcy Code to allow homeowners with “negative equity” in their homes to reduce the amount owed on their mortgages to the amount of their home’s value. This is the “cram down” legislation, which has failed on many occasions due to the the banking industry’s [...

Wah, Wah, Wah, Wah, Wah.

Posted on January 30, 2009
When you go to an attorney for a consultation do you hear Charlie Brown’s Teacher in your head? You are NOT alone. I too sometimes hear the wah, wah when I speak to other attorneys. My staff often tells me that I presume that everyone else in the world is as excited about bankruptcy as I [...

Should I Try to Negotiate a Mortgage Modification or Should I Just Go Ahead With Chapter 13?

Posted on January 30, 2009
I wish that question had an easy answer. I wish we could say if you have this mortgage, yes, if your situation is that, don’t bother. But the fact of the matter is that everyday I hear a different story. There are some common themes: it’s hard to get to the right person; when you [...

Contributions to Retirement Plan OK says Wisconsin Bankruptcy Court

Posted on January 30, 2009
Clients ask “Can I keep making contributions to my retirement plan in a Chapter 13 case?” They also ask “can I include contributions to my retirement plan in my budget” for purposes of a chapter 7 case. Why is this important? If your income after taxes is greater than your expense, your chapter 7 case [...

What The Heck Is Bankruptcy?s Order of Reference?

Posted on January 30, 2009
Every federal district court has a standing order of reference which refers all bankruptcy cases to the bankruptcy court for its district. The reference can be withdrawn by the district court at any time, usually because a case requires resolution of a conflict between bankruptcy laws and other laws affecting interstate commerce...

Protect your income tax refund in bankruptcy

Posted on January 29, 2009
Tell your bankruptcy attorney if you are expecting an income tax refund or economic stimulus payment.

Three Bankruptcy Filings in 12 Months Equals No Automatic Stay

Posted on January 29, 2009
Three bankruptcy filings in 12 months seems a bit much, yes? But it happens. Perhaps there was carelessness by the filer or an attorney, or perhaps there was misplaced hope that a Chapter 13 case could succeed but then a sudden loss of income occurred...

Defending a Fraud Complaint

Posted on January 29, 2009
In bankruptcy, creditors are permitted to object to the dischargeability of a debt incurred by fraud. Such complaints often initiate very contentious proceedings (and are often combined with complaints to deny a debtor’s general discharge). When faced with a fraud complaint in bankruptcy under Section 523(a)(2), here are some points to remember...

The Means Test: Increasing Punishment for Consumers as the Economy Declines?

Posted on January 28, 2009
The bankruptcy means test could be a new source of pain for consumers as the recession deepens. The 2005 Congress tied everyone together in a community and, perversely, elected to punish consumers who live in the hardest-hit communities more. In a nutshell, BAPCPA dictates that consumers with average income over the prior six-months which is greater [...

Do I Have to File Bankruptcy all my Credit Cards?

Posted on January 28, 2009
If you are filing a bankruptcy case, you must declare all of your assets and all of your debts. You can't decide "not to file bankruptcy on" a particular asset or a particular debt. Instead, you can try to exempt an asset or to reaffirm a particular debt...

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