News Topic: BankruptcyLawNetwork

John Morley said, “Evolution is not a force but a process. Not a cause but a law.” Given the fact that this is a site about the law, we thought it necessary to continue our evolution. Today we took off the wraps to show you the next step in the evolution ... Read full article

Section 1322 of the Bankruptcy Code allows a debtor to assume an unexpired lease, such as a residential or car lease, in their Chapter 13 case. This right is subject to the general lease provisions of Section 365 of the Code, which provides: If there has ... Read full article

May a debtor pay a discharged debt after the bankruptcy case has been concluded? A debtor who has received a discharge may voluntarily repay any discharged debt – even though the debt can no longer be legally enforced. Sometimes a debtor agrees to repay a ... Read full article

Everyone knows that you can’t discharge income taxes in bankruptcy.  Right?  No, not right at all.  This misconception about bankruptcy law illustrates just why you shouldn’t substitute cocktail party gossip for the advice of a good lawyer.  Especially ... Read full article

Several of my Bankruptcy Law Network colleagues have written about the scourge of “zombie debt.”   This colorful name applies to very old debt that is purchased by a debt buyer at pennies on the dollar.   The moniker “zombie” refers to the fact that ... Read full article

Despite state laws legalizing production of marijuana for medical use, it is not a legitimate revenue source to fund a Chapter 13 Plan.  Medical Marijuana laws have been enacted in sixteen states and the nation’s capital city, Washington, DC, as of ... Read full article

Is there any wonder there is so much discontent in this country? Nationwide, HAMP has been nothing less than a dismal failure for struggling homeowners trying to get some kind of return on the hundreds of billions of dollars dolled out to Wall Street in ... Read full article

I frequently meet with clients who own a business that has financial problems. It may not be able to pay its bills as they come due, there may be an eviction threatened, or a lawsuit. These clients have done some homework, and usually start out our meeting ... Read full article

If you just moved and you need to file for bankruptcy, don’t panic!  If anyone tells you that you don’t qualify to file because you haven’t lived in your new state for six months, don’t listen to them!  If a lawyer tells you that you can’t file until you ... Read full article

Almost all of my clients hate to schedule their first appointment with me. It’s not because I’m a bad guy, or that I treat my clients poorly–just the opposite. My clients are shown respect and understanding, and a ready ear to hear their problems. So why ... Read full article

Exactly when a Bankruptcy petition is filed can make a big difference in your case. There’s an old Vaudeville bit that has one comedian talking to another. The first asks: “What is the most important thing about com…” and before he can finish his question, ... Read full article

Spend money, when you’re broke, to go broke?  Seems counter-intuitive, but it could be the best money you spend. Fear, pride, uncertainty, stubbornness, distraction, and cash flow keep people from getting their financial life  in order with a bankruptcy ... Read full article

Words are powerful.  The word “bankruptcy” carries enormous emotional baggage.  People hear it and immediately jump to conclusions.  “Failure,” “shame,” “irresponsibility,” “ruin” all come to mind. Recently, I met with an elderly couple.  They had ... Read full article

1.  Debt collectors are NOT under oath when they are talking to you.  There are restrictions on what they can say, but exagerration, saying what might happen if you do not pay, are allowed. 2.  They are not trying to help you!  They are not trying to work ... Read full article

2011 has been called “The Year of the Natural Disaster”.  We have seen deadly tornadoes, massive floods, billion dollar blizzards, devastating drought, East Coast earthquakes, and Texas wildfires…oh my! Millions of Americans have had their lives seriously ... Read full article

Knowledge is power and the more knowledge you have about a subject such as bankruptcy,the more power you will have to make an informed decision.  Steve Jobs lived by the philosophy that knowledge is power and the more knowledge he gained in the computer ... Read full article

One of the things that troubles those considering filing personal bankruptcy is the fear that it might be impossible to qualify for a home mortgage after a chapter 7 or 13 case.  Indeed, it would be a cruel irony if a bankruptcy filing freed you at last ... Read full article

The Associated Press reports that the Obama Administration wants to legalize the use of “robo calls” – auto dialers and recorded messages – to cell phones by debt collectors seeking to recover student loans and other debts owed to the federal government. ... Read full article