NACBA aggregates bankruptcy related articles from around the web. Many of the articles listed below are from attorneys that practice bankruptcy law.
Tuesday, February 9th, 2010 - Bankruptcy Law Network
As a consumer bankruptcy attorney, I am often asked: Why does it seem that in the United States Corporate Bankruptcy is deemed a good business decision and Personal Bankruptcy is deemed to be an Individual failure. My response is simple: ”Nothing can be further from the truth.”
Because I am in this business, I see what [...]
Monday, February 8th, 2010 - Bankruptcy Law Network
Credit counseling is a requirement that must be fulfilled before an individual debtor is permitted to file a bankruptcy. The statute, passed by Congress in 2005 and made a part of the bankruptcy code as 11 USC §109(h)(1), reads in relevant part as follows:
…an individual may not be a debtor under this title unless such [...]
Monday, February 8th, 2010 - Credit Slips
The January bankruptcy filing basically held steady to December, according to the new bankruptcy statistics now available from Automated Access to Court Electronic Records (AACER). There were just over 102,000 total bankruptcies spread over the nineteen business days in January....
Monday, February 8th, 2010 - National Bankruptcy Forum
Since 2006, debtors filing for bankruptcy protection have been subject to random audits. As part of the reforms of the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), Congress required random audits to verify the accuracy and completeness of debtors’ bankruptcy filings. 28 USC 586(f). The targets are randomly selected and average approximately
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Monday, February 8th, 2010 - Consumer Law & Policy
by Jeff Sovern Today's Times reports that banks and bankers that formerly donated to Democrats are instead contributing to Republicans. The article lists the Consumer Financial Protection Agency as one of the Democratic proposals that has bankers riled up. Indeed,...
Monday, February 8th, 2010 - Bankruptcy Law Network
People frequently ask, “how do I file bankruptcy”? It’s easy to file a bankruptcy case. Lots of people do it themselves. It’s hard to do it right, however. Even some lawyers get it wrong.
Before you can even think about filing bankruptcy, you have to take credit counseling from a credit counselor approved by the Office [...]
Monday, February 8th, 2010 - Bankruptcy Law Network
There have been a number of recent news reports about people choosing to “walk away” from their under water homes. One recent example is this CNN story:
Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction. [...]
Monday, February 8th, 2010 - Bankruptcy Law Network
For the last several weeks LTD Financial Services and United Recovery Systems have been running ads in the Houston Chronicle for Collectors. While this is no big surprise what with the economy like it is, it is surprising to see them admit to some of the benefits they offer: “great bonus program, plus full benefits”, “above industry [...]
Sunday, February 7th, 2010 - Bankruptcy Law Network
“Will I lose my home if I file for bankruptcy?” This is one of the most frequently asked questions I hear from prospective bankruptcy clients. More and more that the answer is “Yes you may very well lose your home but you will not lose it because of the bankruptcy. If you lose it, it [...]
Sunday, February 7th, 2010 - Bankruptcy & Your Passage Into & Out of Debt
In the Bad Ideas for the Bankruptcy Bound series, you’ve received an introductory look at the many reasons why it’s never a good idea to hide, or attempt to hide, a bankruptcy filing from your spouse. In later discussions we’ve seen how to avoid many of the pitfalls and pratfalls of filing for personal bankruptcy, including transferring property, using credit and avoiding creditors. Here, we’ll expand on why automatic bill payments from your checking account can lead to a loss of precious control for the bankruptcy bound.
Sunday, February 7th, 2010 - Consumer Law & Policy
This blog has covered the mortgage meltdown (for instance, among many posts, here, here, and here). We have discussed the regulatory failures of the Clinton and Bush II Administrations, under which agencies permitted (and encouraged) people of relatively little means...
Sunday, February 7th, 2010 - Bankruptcy Law Network
Medical malpractice in bankruptcy can be complicated. But if handled carefully and properly, it can work out to the benefit of all concerned.
Sunday, February 7th, 2010 - Bankruptcy & Your Passage Into & Out of Debt
While times are admittedly tough for everyone—with the poor getting poorer and even the recently rich and famous falling on hard times—a truly unique phenomenon of the recent global recession and continual economic downturn is how catastrophic it’s been for our country’s middle class, driving many in the majority further and “further from the American Dream” and, in some cases, “directly into poverty.”
Sunday, February 7th, 2010 - Bankruptcy Law Network
Because so many income tax filers are afraid to owe the IRS, they have more taxes deducted from their paychecks throughout the year than is required. They would rather pay a little extra in taxes each pay period than to find themselves in a jam on April 15.
As soon as the W2 statements and other [...]
Saturday, February 6th, 2010 - Consumer Law & Policy
by Jeff Sovern Here. The article reports that Democrats will proceed on their own with the proposal. The ranking Republican on the Committee, Richard Shelby, explained his position: “I fully support enhancing both consumer protection and safety and soundness regulation,”...
Saturday, February 6th, 2010 - Consumer Law & Policy
In today's can-you-top-this-for-irony story, the Wall Street Journal reports today that the trade group representing America's mortgage lenders sold its severely underwater Washington DC headquarters for $41.3 million, but did not disclose how the $75 million debt on the building...
Saturday, February 6th, 2010 - Bankruptcy Law Network
1099 C forgiveness of debt is really income to you in the year the debt was written off. WHAT? You bet. A creditor is required by law to issue a 1009 C to any individual who settles a debt or has a debt written off that is in excess of $600. This is a very [...]
Saturday, February 6th, 2010 - Bankruptcy & Your Passage Into & Out of Debt
In these tough economic times, you may be asking why should you care about the downfall of formerly wealthy sports stars and Powerball pickers? The answer is clear: the same principles apply to your money as well as their millions.
Saturday, February 6th, 2010 - National Bankruptcy Forum
Three important points to consider regarding cars and bankruptcy:
1. How much “equity” do you have in your car? As we’ve discussed on previous posts, a car or any other asset is only subject to liquidation in chapter 7 bankruptcy if there is non-exempt equity. Every state allows debtors to protect a certain amount of equity
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Saturday, February 6th, 2010 - Bankruptcy Law Network
Your bankruptcy petition is a public record. Anybody, and I mean anybody, can learn an awful lot about you by looking at your bankruptcy papers. Protect yourself by insisting on redaction.
Saturday, February 6th, 2010 - Bankruptcy & Your Passage Into & Out of Debt
No doubt you have seen teenagers, maybe even your own, thumbing madly away on their mobile device, ignorant to the world around them. Well, with every OMG and TTYL the cell phone companies are LOL. Really loudly.
Friday, February 5th, 2010 - Credit Slips
A popular explanation of the financial crisis lays the blame at the feet of the Federal Reserve for lax monetary policy. In this story, the Fed dropped interest rates starting in 2001 and kept rates too low for too long....
Friday, February 5th, 2010 - National Bankruptcy Forum
As I recently discussed here, one important step in a Chapter 7 or Chapter 13 bankruptcy case is the filing of the “proof of claim.” A proof of claim is a document a creditor files with the Bankruptcy Court to prove that the debtor owes a debt to that particular person or entity. One recent
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Friday, February 5th, 2010 - Bankruptcy & Your Passage Into & Out of Debt
Thousands of Americans are now finding that the tide is again rising around them, as banks and lenders are coming back for the remainder of what is owed on the home after they turned in the keys.
Friday, February 5th, 2010 - Bankruptcy & Your Passage Into & Out of Debt
The fees were going to be applied to "EZ Checking" and "Access" accounts. The products would allow customers who made at least two monthly online bill payments or used direct deposit to not be subject to maintenance fees and per-check charges.
Needless to say, this did not sit well with a lot of people. Nor did it pass the smell test for the New York State Attorney General's office.
Wednesday, February 3rd, 2010 - Credit Slips
Lots of attention on Greece these days, but has anyone noticed that France's CDS has declined more on a percentage basis this year (from 32.05 to 53.40)? Even Germany has seen a bigger percentage decline (from 26.33 to 37.84). And...
Wednesday, February 3rd, 2010 - National Bankruptcy Forum
I just filed a case where we listed a potential FDCPA claim in my client’s bankruptcy schedules. She had been harassed by a debt collection agent who had left an inappropriate voicemail on my client’s answering machine. It was heard by people who were beyond the scope of FDCPA communication and it was
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Wednesday, February 3rd, 2010 - Consumer Law & Policy
by Jeff Sovern A company claims to make it possible. But what about the FDCPA's required disclosures? Some of them, like the validation message required under section 1692g, are only required within five days of the initial communication, and so...
Wednesday, February 3rd, 2010 - National Bankruptcy Forum
Before filing for consumer bankruptcy protection a debtor should consider the type of debt that will be affected. If any debt is secured by a co-signer, filing for bankruptcy could place the co-signer in the position of being compelled to cover the debt.
Regardless of whether a debtor is seeking a Chapter 7 discharge or Chapter
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Wednesday, February 3rd, 2010 - Consumer Law & Policy
Go here for the January 2010 product recalls from the Consumer Product Safety Commission.
Tuesday, February 2nd, 2010 - National Bankruptcy Forum
There are generally two:
First, if you wish to keep your home, you’re going to have to be able to pay the mortgage. Bankruptcy can eliminate unsecured debt such as credit cards, but requires that secured debts be paid after filing if the debtor wishes to keep the colatteral (car, home, boat etc.) In some cases,
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Tuesday, February 2nd, 2010 - Bankruptcy & Your Passage Into & Out of Debt
In the abstract, your tax refund can be a problem if you’re headed for bankruptcy. The money you get at tax time could be considered a part of your “bankruptcy estate” allowing your assigned bankruptcy trustee to take a part or all of your refund in order to pay back your awaiting creditors. But, just in time to file (for taxes and/or bankruptcy), here are some timely tips for protecting your tax refund
Tuesday, February 2nd, 2010 - Bankruptcy & Your Passage Into & Out of Debt
Own rental property and are afraid of losing it in a bankruptcy? Your worries may be misplaced.
Tuesday, February 2nd, 2010 - Bankruptcy & Your Passage Into & Out of Debt
The total number of filings, both personal and business, is now at its highest level since 2005, when scores of Americans filed in order to avoid strict legislative changes that added a significant number of legal hurdles to the bankruptcy code.
Monday, February 1st, 2010 - Bankruptcy & Your Passage Into & Out of Debt
The bankruptcy concept itself is fairly straightforward. The process however, requires a good deal of legal expertise. Engage it wisely. And take time to understand the basics of filing.
Monday, February 1st, 2010 - Bankruptcy & Your Passage Into & Out of Debt
Can your landlord evict you if you declare bankruptcy? That depends on the circumstances. If you’re not behind on your rent, your landlord may never have to know about your bankruptcy. As long as you keep paying your rent, it’s not really his business. A landlord can’t evict you just because you filed for bankruptcy.
If [...]
Monday, February 1st, 2010 - Bankruptcy & Your Passage Into & Out of Debt
When money is tight and you're considering bankruptcy, the thought of saving money by cutting out attorneys and their fees can be pretty tempting. But there are many reasons this is a bad idea.
Monday, February 1st, 2010 - Bankruptcy & Your Passage Into & Out of Debt
Because it is generally accepted that the federal law banning marriage equality, ("DOMA") would preclude the filing of a joint bankruptcy petition by a same sex married couple, these folks face two very different options: (1) make two separate bankruptcy filings, or (2) pursue the right to seek bankruptcy relief as would an opposite-sex married couple.
Monday, February 1st, 2010 - Bankruptcy & Your Passage Into & Out of Debt
Tishman Speyer Properties was able to simply “walk away” from 11,232 Manhattan apartments because it couldn’t pay its mortgage, under the guise of “good business,” while at the same time, in the same country, Rick Gilson, a college custodial supervisor in South Dakota, resists walking away from the mortgage on his mobile home, fearing he'll be considered “a deadbeat.”
Sunday, January 31st, 2010 - Bankruptcy & Your Passage Into & Out of Debt
In his address on Wednesday night, the President laid out an ambitious agenda attempting to attack one specific problem from every conceivable angle: the terrible economic squeeze on America’s middle class. One portion of his plan mentioned helping Americans stay in their homes, retain home value or absolve home debt, as the President works to “lift the value of a family’s single largest investment – their home.”
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