News Topic: BankruptcyLawNetwork

You’re filing a bankruptcy case.  You’re suing someone.  You don’t have anything yet.  Your lawyers says she’s not sure your suit is worth anything.  So you don’t have to schedule it on your bankruptcy papers.  Right?  Wrong!  Big time wrong!!  Your ... Read full article

   If the mortgage industry has its way, the passage of a new bill floating around Tallahassee will ensure that Floridians will be displaced from their homes without legal representation or due process.  In typical Orwellian style, this bill is entitled ... Read full article

One of the most common questions I am asked is why a clients need to list their mortgage, their car loan, the “credit card that payments are current on that’s just used for emergencies and I really need” or the loan from Mom on their bankruptcy schedules. ... Read full article

Too often, parents forget to consider their children’s assets when filing bankruptcy.  For example, they may control accounts under the Uniform Transfers to Minors Acts.  They may have custodian accounts. They may serve as trustee under various trusts. ... Read full article

And my own hometown Detroit company, General Motors, filed Chapter 11 in – New  York City. Texas based Enron filed in – Delaware. Delaware and New York are the courts of choice for big corporations filing Chapter 11. Why? Well, is is something of a cottage ... Read full article

Yes, it is quite a lot of fun to be skimming across the water heading to that secret spot where you know the big lunker is lurking.  You have had a lot of fun fishing over the years and if you could just get your financial issues behind you, you would ... Read full article

America has become addicted to reality shows but are these shows truly set in reality or are they helping to bankrupt our souls and bank accounts? The shows are fascinating from a psychological point but nothing more. When growing up and speaking to anyone ... Read full article

If you’re considering filing bankruptcy, you probably already know how important it is to properly complete Form B22, the bankruptcy means test, which determines whether you are eligible to file chapter 7, or whether you must instead file a repayment ... Read full article

It is commonly understood that bankruptcy law affords no basis to set aside a prepetition foreclosure sale, even if the sale generated far less than the fair market value of the property, as long as the sale was conducted in a procedurally proper manner ... Read full article

    It’s early in the morning and you are just stepping out of the door to go to work and your car is not where you left it!  Oh, no!  You knew that you were a couple of months behind on your car payments and the creditor was calling but you didn’t quite ... Read full article

  Bankruptcy Petition Preparers.  Should you hire one? Let’s face it.  Folks with financial problems aren’t exactly flush with cash. So it’s tempting to cut corners in purchasing legal advice and to opt for the services of a bankruptcy petition preparer. ... Read full article

When you file a Chapter 7 bankruptcy you must list all of your assets and debts.  Unsecured debts are discharged giving you what is often called a Fresh Start. Payday Loans are a form of unsecured debt, although many people believe that these debts are ... Read full article

    InsideARM, a accounts receiveable management blog reported today that during the past week, a consumer was awardeda $1.26 Million verdict in a Fair Debt Collection Practices Act (FDCPA) lawsuit  in New Mexico.  The consumer, a “Lucinda Yazzie”, had ... Read full article

The National Consumer Law Center has launched the Bankruptcy Mortgage Project, a treasure trove of legal resources about home mortgage issues in consumer bankruptcy cases. The NCLC website collects local rules, forms, general orders and opinions about ... Read full article

My client asked me this last week as we were going through her final papers for her Chapter 7 bankruptcy filing. I told her the easy way I think of them: property that is exempt from being liquidated by the case trustee.  In my state of New Mexico, you ... Read full article

Recently, I have had an influx of potential clients who believe that because their financial situation has taken a turn for the worse, their creditors are required to change the terms of the contract regarding the debt that person owes.  There is no law ... Read full article

As I write this blog, there is still no deal on the Debt Ceiling.  Quite frankly, I was trying to understand exactly how our Government’s accounting system works, and I will say that I am absolutely unable to understand how running a deficit each year is a ... Read full article

Executory contracts get special treatment in bankruptcy.  They are roughly defined as a contract where both parties still have to perform – think lease -  unlike a loan where the lender’s obligations ended when the loan was made. Executory contracts need ... Read full article