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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

An odd provision in HR 200

Posted on January 28, 2009
One of the stranger provisions in the proposed Helping Families Save Their Homes in Bankruptcy Act of 2009 is the requirement that the debtor certify that he attempted to contact the “holder” of the claim to discuss mortgage modification within 15 days prior to the commencement of the bankruptcy case...

Mortgage Modification in Bankruptcy would Mean More Money to Credit Card Banks

Posted on January 27, 2009
The new mortgage modification bill is not a give-away to homeowners, who will devote 3 to 5 years to payment of their credit card and other unsecured debts under a chapter 13 plan.

Pre-Bankruptcy Means Test Planning ? Try Moving

Posted on January 27, 2009
The 2005 amendments to the Bankruptcy Code created a very complex rule to discourage folks from moving around the country to protect more property. But the same amendments encourage people to do so if it helps avoid that same law. One aspect of the law we have come to hate is the change to discourage folks [...

If I File Bankruptcy, Can I Keep My Bank Accounts?

Posted on January 27, 2009
That is one of the most frequently asked questions I get from clients. Often, it’s not phrased as a question, but as a statement: “I know I can’t keep my bank accounts if I file bankruptcy.” This perception is so common that it almost rises to the status of urban legend...

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Court Rules Unauthorized Post-Petition Settlement Void

Posted on January 27, 2009
The recent case of In re Dooley, 2009 WL 95037 (Bkrtcy.D.Mass.2009) serves to highlight a few basic principles about lawsuits and bankruptcy. Dooley was (in this order) injured in a car accident, hired a PI lawyer, filed a Chapter 7 bankruptcy case, and settled his PI case...

Debt, Divorce, And Dealing With Both In Bankruptcy

Posted on January 27, 2009
Divorce and bankruptcy often go hand in hand. What many people don’t realize is that filing for bankruptcy can make a divorce easier by eliminating the fights and concerns over paying debts that the individuals are not in a position to pay. Financial problems can contribute significantly to marital problems, so it isn’t surprising that [...

Should I Sell My Business Before Filing For Bankruptcy?

Posted on January 26, 2009
Business owners who are thinking about filing for personal bankruptcy may think about closing down their business before doing so - either by sale or merely by shutting the doors altogether. It’s important to always keep one thing in mind when you’re in financial difficulty, and that is this simple rule: In the months leading up to [...

Chicago Bankruptcy Judge Says Chapter 13 Projected Monthly Income is based on Actual Income and Expense

Posted on January 26, 2009
Judge Wedoff of the United States Bankruptcy Court for the Northern District of Illinois has issued an opinion where he tries to harmonize conflicting opinions about what constitutes "projected monthly income." This is highly important in determining how much a debtor has to pay under a plan.

Demand your Congressman and Senators to Support Mortgage Modifications in Bankruptcy

Posted on January 26, 2009
The mortgage and banking industry will do everything it can to thwart mortgage modification legislation - unless you demand your Congressmen and Senators to help homeowners fight mortgage foreclosure -- NOW!

Can The Federal Government File Bankruptcy?

Posted on January 26, 2009
How good is the Federal Government’s credit rating? This is a question of great concern right now because President Obama and his incoming administration have indicated that they are open to the possibility of another stimulus package. In other words, they are looking to borrow another $800 plus billion dollars to help stimulate the economy...

In re Booth: Chapter 13 Plan Provisions Regarding Cure of Mortgage Arrearages and Application of Fees Disapproved by Court

Posted on January 25, 2009
A recent Arkansas bankruptcy court decision, In re Booth, 2009 WL 81327 (Bky.E.D.Ark. Jan. 14, 2009), was notable more for the chapter 13 plan provisions it disapproved, than for the chapter 13 plan provisions it approved. First, the court disapproved a plan provision which prohibited the mortgage lender from imposing costs or fees of any kind, [...

Allowing Bankruptcy Judges To Modify Home Loans Could Also Help The Credit Card Companies

Posted on January 25, 2009
The new legislation to allow Bankruptcy judges to modify home loans will not only help homeowners save their homes but often will increase the amount of money that credit card companies and other unsecured creditors receive in a Chapter 13 Bankruptcy...

When are you Safe after a Fraudulent Conveyance?

Posted on January 25, 2009
Very generally, a fraudulent conveyance is a transfer of money or property from a debtor to someone or something else when either (1) the debtor intends to defraud creditors or (2) the debtor received less than a reasonably equivalent value in exchange for the transfer and made it while insolvent...

California Court: $6,060 Monthly Mortgage Payment Not an Abuse of Chapter 7

Posted on January 23, 2009
In In re Johnson, 2008 WL 5265740 (Bky.S.D.Cal. Dec. 8, 2008), a California bankruptcy court ruled that a debtor with a $6,060 monthly mortgage payment was not to be denied a bankruptcy discharge based solely upon the size of the mortgage payment. The court turned aside a challenge under section 707(b) which claimed that the [...

Chapter 13 Bankruptcy Reform Bill Testimony

Posted on January 22, 2009
The House Judiciary Committee took testimony today on the pending Chapter 13 bankruptcy reform proposal. National Association of Consumer Bankruptcy Attorney Board Member Mathew Mason was among those appearing. The support of the BLN bloggers for this Chapter 13 bankruptcy reform has been longstanding and ongoing, witness these posts by Jacksonville Florida Bankruptcy Attorney Chip Parker and [...

Savings back in style

Posted on January 21, 2009
On my way to bankruptcy court, I saw a Wachovia billboard touting savings , and I thought, “Hurrah!, Someone in addition to ING promoting saving, rather than spending”. Therein lies a blog, I was sure. On the train, before I could get to keyboard, I read a decision by Judge Deasy, ostensibly about the means test, [...

Obama White House Position on Bankruptcy Laws

Posted on January 20, 2009
The White House website has been updated to announce the Obama administration position on changes needed in the bankruptcy law. The administration promises to reform corporate bankruptcy laws to protect workers and retirees. Bankruptcy and credit card laws were included on the list of promised reforms...

Is California Going Bankrupt?

Posted on January 19, 2009
John Chiang, the chief financial official in California, has recently announced that California may not be able to pay billions of dollars in income tax refunds. It seems that the sunshine state is running out of money. Social service programs are going to take an immediate hit, as will student loans, tax refunds and other [...

Bankruptcy and Guilt

Posted on January 19, 2009
?I need to file bankruptcy, but I feel so guilty about not paying my bills.? I here this a lot during initial conferences with clients asking about debt relief. My answer is usually the same: look at the amount of money you have paid to the credit card companies over the past several years, and [...

When?s the Right Time to File Bankruptcy?

Posted on January 19, 2009
In her January 3, 2009 article, The Case for Walking Away, Jane Bryant Quinn, Newsweek columnist and financial advisor, makes the same argument that many bankruptcy attorneys make: sometimes the best thing you can do is walk away from your house and your bills and get the fresh start that’s the purpose of the Bankruptcy [...

Chicago Bankruptcy Professor Hired Obama

Posted on January 18, 2009
Professor Douglas Baird, a bankruptcy law professor at the University of Chicago, asked Barack Obama to come to the Chicago and teach after he graduated from the Harvard University Law School. Baird solicited Obama when he was president of the Harvard Law Review...

Why not allow mortgage modifications in Chapter 7?

Posted on January 18, 2009
All of us here at Bankruptcy Law Network file consumer bankruptcies, and we are all very excited by the prospect of the new bankruptcy law that will allow the modification of mortgages in Chapter 13. However, our excitement is fueled by the fact that it is the first real piece of legislation to help the [...

Citigroup Breaks Promises and Raises Credit Card Rates

Posted on January 17, 2009
According to a recent article in The Huffington Post, Citigroup has gone back on its word to Congress that if its customers didn’t breach their credit card agreement it wouldn’t raise its interest rate. When Congress was considering imposition of new rules on credit card companies in 2007 because of perceived abuses in their practices, Citigroup [...

San Diego Bankruptcy Cases Rising

Posted on January 17, 2009
As the economy continues its downward spiral, and government bailouts seem to have little if any effect, the individual consumer can not seem to escape the economic turmoil. All too often, more and more people are turning to Bankruptcy Relief. For the year ended 2008, there were 13,633 filings for the Southern District of California Bankruptcy [...

Can Bankruptcy Help Save Your Home From Foreclosure?

Posted on January 17, 2009
Bankruptcy can help save homes from foreclosure in a few ways. Under the present laws, filing either a Chapter 7 or a Chapter 13 bankruptcy will stop a foreclosure, but you will have to cure the mortgage somehow. Chapter 7 is a temporary stop to the foreclosure, but might give you a short time to [...

Bankruptcy and Foreclosure: The Basics in California

Posted on January 17, 2009
As real estate values plummet and foreclosures skyrocket in California, more and more debtors are inquiring as to whether Bankruptcy can stop Foreclosure. The short answer in most cases is Yes. With few exceptions, a Bankruptcy will stop a foreclosure proceeding and save a home...

Unusual Means Test Ruling Allows Chapter 7 Debtor to Receive a Discharge, Despite Failing the Means Test

Posted on January 16, 2009
A recent Wisconsin case allowed a chapter 7 bankruptcy debtor to receive a discharge, even though she “failed” the means test, and even though she presented no special circumstances to rebut the presumption of abuse under section 707(b). Instead, the court made the unusual ruling that section 707(b) states only that the court “may” dismiss [...

Bankruptcy Filings Up Over 30% In 2008- Can You Hear Me Now?

Posted on January 16, 2009
The 2008 numbers are out. Bankruptcy Filings in 2008 are up over 30% from 2007. In total, almost 1.1 million bankruptcies were filed. That is almost 100,000 cases per month. In 2007, there were approximately 827,000 bankruptcy filings. I anticipated that bankruptcy filings would go up; however, I could not have anticipated how band things [...

Is the Trustee Mean?

Posted on January 16, 2009
Chapter 7 bankruptcy trustees have a dirty job in consumer cases. Sometimes they have to be harsh to do it right. But if you’re playing by the rules, they hope it will be as painless as possible. Trustees don’t exist to make you feel bad for having to file bankruptcy...

What Happens To A Student Loan In Bankruptcy?

Posted on January 14, 2009
Student loan debt will not be discharged in most cases, and the loan will continue to incur interest during bankruptcy. If you are in a chapter 13, your plan will generally provide that student loan debt receives the same per cent dividend as other unsecured debt...

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