Bankruptcy Law
« Previous EntriesSuccess Rate in Filing Bankruptcy
Sunday, December 14th, 2008What constitutes success in a bankruptcy case? How does one determine an attorney’s success rate? It depends on how “success” is defined.
Get things in writing and get receipts
Wednesday, November 26th, 2008If there’s one thing lawyers in general repeatedly see from their clients–in any field of law–it’s the lack of proof or evidence necessary to properly represent them or assist in solving their problems. This is as true for a contracts attorney whose client insists is the victim of a breach of an oral contract [...]
repaying relatives and friends before bankruptcy
Sunday, November 16th, 2008One of the most common mistakes my clients make is repaying debts to friends and family before filing their bankruptcy case. In many cases this leads to extremely undesirable results.
The basic law as stated in the bankruptcy code (and in many state laws as well) is that anything repaid to a relative or other [...]
Reaffirmation Agreements in Chapter 7
Sunday, November 16th, 2008Much has been written already about reaffirmation agreements and this blog will not cover any new ground, but will provide a quick explanation for potential bankruptcy clients.
A reaffirmation agreement is a contract entered into during the pendency of (usually) a Chapter 7 bankruptcy case which stops the particular debt from being discharged. In other words, [...]
Means Test for Bankruptcy
Saturday, October 11th, 2008The means test is a budget analysis created by Congress purportedly to determine whether one is ineligible to file for bankruptcy relief under Chapter 7, Chapter 11 or Chapter 13. I say “ineligible” as opposed to “eligible” because in most court districts, “passing” the means test is not conclusive on the issue of eligibility—meaning, that [...]
Bankruptcy Attorneys and Debt Relief Agencies
Sunday, September 28th, 2008I write this post to clarify the definitions of a “bankruptcy attorney” and a “debt relief agency” (”DRA”) because, at least according to one recent client, there is a substantial amount of confusion over these terms.
A bankruptcy attorney is an attorney (or lawyer), licensed to practice in the courts of whatever jurisdiction he is practicing, [...]
Short Sales or Foreclosures: Which is Better?
Thursday, September 18th, 2008There is an epidemic of people defaulting on their mortgage payments, as everyone knows. Real estate brokers are pushing hard to have people do “short sales” on their properties, instead of allowing them to go to foreclosure. In most circumstances, this is a very bad idea.
What is a short sale? A short [...]
Will Obama Change the Bankruptcy Laws?
Wednesday, September 17th, 2008Of the many important issues in this year’s presidential race, bankruptcy laws still rank among them, at least in Barack Obama’s view.
For those who don’t know, the bankruptcy laws were dramatically complicated in 2005 after years of lobbying by the credit card industry, and numerous vetoes (or at least threatened) by President Clinton. The [...]
Debt Charge-offs: Do you still owe the money?
Monday, August 4th, 2008A common misconception people have regards charge-offs on their credit reports. Many people think that if a credit card company or other creditor “charges off” the debt, that it means they no longer owe the money, or they will no longer try to collect on that debt. This is simply not correct.
A [...]
Non-Filing Spouse’s Income Must Be Included in Bankruptcy
Thursday, July 17th, 2008The fact that a non-filing spouse’s income must be included in the bankruptcy case of the other spouse is one of the most difficult concepts for my clients to grasp. The common scenario is this:
One spouse has certain debts which are only in that spouse’s name and may have even been incurred entirely prior [...]