BankruptcyLawNetwork

What do Credit Card Companies Demand for Non-Bankruptcy Settlements?

10/24/11

As a bankruptcy lawyer, my job is to evaluate my clients’ financial issues and offer as many possible solutions as I can.   Generally bankruptcy constitutes one of those options but by no means is Chapter 7 or Chapter 13 the only option. Recently I met with a very nice woman who owes around $6,000 to [...]

[more]

A Word About Our Latest Incarnation

10/24/11

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 of Bankruptcy Law Network. [...]

[more]

Assuming Defaulted Leases in Chapter 13

10/23/11

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 been a default in an executory contract or unexpired [...]

[more]

After my bankruptcy discharge, can I pay any of my creditors?

10/20/11

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 debt because it is owed to a family member or [...]

[more]

The Three Year Rule for Getting Rid of Income Taxes in Bankruptcy

10/19/11

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 when the question involves discharging income taxes in a consumer bankruptcy case. Generally, income taxes are discharged in [...]

[more]

How Debt Buyers Turn Zombie Debt into Valid Claims

10/18/11

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 usually the statute of limitations for collecting this debt has expired.  In [...]

[more]

Marijuana Sales Can’t Fund Chapter 13 Plan

10/17/11

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 September 2011.  An additional six states have pending legislation to legalize the use of [...]

[more]

Mortgage Modifications in Bankruptcy – Taking Matters Into Our Own Hands

10/17/11

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 taxpayer TARP bailout, and our inept Congress has done virtually [...]

[more]

Should My Business File for Chapter 7?

10/16/11

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 by saying that they want to retain me [...]

[more]

Can I File Bankruptcy In My New State?

10/14/11

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 have been in your new home [...]

[more]