News Topic: BankruptcyLawNetwork

Credit card debt is frequently discharged in bankruptcy.  Taxes can be paid with a credit card.  State and Federal governments accept and even encourage such payment.  However, a credit card debt incurred to pay tax is probably not dischargeable.  There ... Read full article

In a recent BLN post, I suggested that student loans used for “for-profit” colleges be dischargable in bankruptcy since they make up only 10% of the guaranteed student loan market but account for 50% of the defaulted student loans.   However, lest you ... Read full article

Last month, we marked the sixth anniversary of changes to the bankruptcy law.  The Bankruptcy Abuse Prevention and ConsumerProtection Act (BAPCPA or dis-affectionally called BARF by many in the field of bankruptcy) became operative on October 17, 2005. ... Read full article

When a bankruptcy is filed, the debtor can keep anything that is “exempt.” That always includes household goods and personal effects, and, most of the time, provides a homestead exemption that protects the debtor’s home. But why? Actually, bankruptcy ... Read full article

Unlike red wine, the information you provide a bankruptcy lawyer does not improve with age. Bankruptcy information is far more like fish:  no longer palatable after it sits for a while. A bankruptcy filing is a snapshot of the client’s situation on the day ... Read full article

  At least the graduate in the picture has a job.  Being that is involves wearing a chicken suit, it might not produce enough scratch to pay off his share of the more than $1 trillion dollars in student loan debt now owed in our country. (image credit ... Read full article

Just like the prescription for a medicine, the bankruptcy filing is part of the treatment plan. Unless you take the right drug, at the right time, in the right amount you risk a serious problem. With bankruptcy you only file in the right way, at the right ... Read full article

You want to file bankruptcy but you are not sure if you are eligible to file again. There is a quick an easy way to see if you MIGHT be eligible to file and receive a discharge. On the top line of the image above choose the case that you have filed in the ... Read full article

Everyone seems to have heard of a simple “formula” for determining when you should consider filing a chapter 7 or chapter 13 bankruptcy.  The problem is that once you start looking for the formula, it becomes apparent that there are numerous versions, and ... Read full article

Most of us have an idea of what income is for federal or state tax purposes.   Wages are income, as are gains on the sale of stock.  Dividends and interest also qualify.   We know that.  It’s intuitive and easy to understand. The classic definition of ... Read full article

The latest recession has spawned a whole industry of websites crowing about how to properly deal with too much debt.  For example, if your house is worth less than what you owe on your mortgage, perhaps a website will promise to negotiate a short sale–that ... Read full article

You tried every possible way to avoid it, but you finally decided that you had no choice–you filed a bankruptcy.  But you want to continue to pay some creditors, like your house payment and your car payment.  But when you go to make a payment online, or ... Read full article

There’s something about Halloween that makes children and adults alike feel good.  Maybe it’s the costumes, perhaps it’s the candy.  One thing’s for sure – there are few people who don’t smile when screaming, “Trick or treat!” Of course, there’s always the ... Read full article

Some banks recently started charging debit card use and other fees. (For more, see this post by Andy Miofsky, Illinois Bankruptcy Attorney, http://www.bankruptcylawnetwork.com/banks-want-higher-debit-card-fees/, and my earlier ... Read full article

The question of whether a Chapter 13 Debtor must include their social security benefits in the determination of disposable monthly income has been decided in Southwest Florida.  In the past, debtors were required to use their social security to repay ... Read full article

The New York Times proclaimed Harvey Miller “The Most Prominent Bankruptcy Attorney in the Nation.”  Mr. Miller may be best known for his representation of Lehman Brothers and General Motors in bankruptcy court.  His firm website lists his advocacy for one ... Read full article

If you are considering filing a bankruptcy petition you should consult with an experienced lawyer so you can do some planning.  But you should be careful; as with most of life, good planning will save you money  but sloppy planning can land you in hot ... Read full article

In the on-going saga of Missouri bankruptcy exemptions, some apparently-settled debtor protections have recently been destabilized.  And this caused an apparent split among bankruptcy judges on at least some of these protections. Recently, this on-going ... Read full article