BankruptcyLawNetwork

Bankruptcy Might Get Your Car Back, But Why Wait?

09/21/11

Bankruptcy may be able to get a car back that has been picked up by the Sheriff to sell to pay on a judgment claim, but it would be better not to wait until you see your car (or other property) being taken away to call a lawyer.  You might be able to do something to [...]

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Is it time to make (some) student loans dischargeable in bankruptcy?

09/15/11

Congtressman Clarke makes a modest proposal The latest news out of the Department of Education is that student loan default rates have risen 25% over previous figures, and the increase is especially pronounced among for-profit colleges.  This should come as no surprise in dismal economy, but the economy is a copout to the real problem [...]

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File A Chapter 13 to Buy Time! (Even If You’re Not Insolvent!)

09/12/11

You can file for bankruptcy protection even if are not technically insolvent.  The common definition of insolvency is the inability to pay one’s debts as they fall due.  So, if you can pay some or most of your bills, you don’t fit the definition.  But you still might need the help that filing a bankruptcy [...]

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Engineer A Prison Break With Chapter 13

09/12/11

Anti debtor attitudes in the “reformed” bankruptcy  law make Chapter 13 resemble debtor’s prison, claims my BLN colleague Carmen Dellutri.  Let me counter that being in debt is itself  debtor’s prison, and if the escape route out of debt has some rough spots, it’s still better to end up debt-free through Chapter 13. As a [...]

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Filing Bankruptcy: Do I Have To Keep My Condo?

09/12/11

Colleague Dana Wilkinson calls it “foreclosure limbo.” You made the difficult decision, accepted reality, you cannot pay your debts, and, even filing bankruptcy, cannot keep your condo.  Or, like one of my clients, the condo you bought for your son’s family, which they could no longer pay. Whether in a Chapter 13 bankruptcy, or Chapter [...]

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Bankruptcy Is About Tough Decisions.

09/12/11

  Bankruptcy is about making tough decisions.  If it was easy than everyone would do it and the law itself probably would not be effective.  Bankruptcy is a give and take system.  You what to take a discharge of your debt from creditors but in return you must generally give something.  Whether it is attorney’s [...]

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Another Appeals Court Circuit Approves Second Mortgage “Stripping,” Even in No-Discharge Chapter 13 Cases

09/12/11

The Bankruptcy Appellate Panel for the federal Eighth Circuit Court of Appeals has added its voice to the other nine circuits that have have ruled in favor of wholly unsecured second mortgage lien stripping in chapter 13.  This means that debtors in the Eighth Circuit (Minnesota, North Dakota, South Dakota, Iowa, Missouri, Nebraska, and Arkansas) are [...]

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Hidden Treasure and Bankruptcy

09/12/11

So, where might that hidden treasure be located.  While we at Bankruptcy Law Network have repeatedly stressed the importance of listing all assets that you own (such as here).  Sometimes, you may have a claim to property and not even know it. One instance may be if you inherit property (that is, be entitled to [...]

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Bankruptcy Options For Debtors In Community Property States

09/12/11

When I meet with a married couple that are considering a Chapter 7 bankruptcy, one major consideration that needs to be addressed is whether or not to file for both, or only one of the spouses. I practice in Louisiana.  Louisiana is a community property state.  This means that all the assets acquired after the [...]

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How to Do Your Bankruptcy Credit Counseling

09/12/11

  The Bankruptcy Code mandates that the debtor take a credit counseling course within 180 days prior to filing bankruptcy.  The course is one of the many useless hoops debtors must jump through prior to filing their bankruptcy petition. If you really want to avoid bankruptcy, this “course” is not helpful I, like any other [...]

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