BankruptcyLawNetwork

Objecting to Credit Card Claims in Bankruptcy

08/17/11

It is becoming more common for debtors to receive notification of a proof of claim in their bankruptcy from a party they have never even heard of, let alone dealt with. This often takes the form of a company claiming to have purchased credit card debt from the credit card company after the debtor filed [...]

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Include lawsuits in your bankruptcy schedules!

08/17/11

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 bankruptcy schedules constitute your statement under oath that you didn’t have a claim.  It [...]

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Why Do I Have to Include ALL My Creditors in Bankruptcy?

08/16/11

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. While the short answer is, “Because you have [...]

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Is Florida the Next Non-Judicial Foreclosure State?

08/16/11

   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 the Fair Foreclosure Act – it’s anything but . . . Florida often makes [...]

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Keep your children’s and your parents’ assets out of your bankruptcy!

08/15/11

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.  They may have established educational savings accounts under section 529 of the Internal Revenue Code.   No [...]

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Los Angeles Dodgers Filed Chapter 11 Bankruptcy – In Delaware?

08/10/11

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 industry in Delaware, whose courts have extra judges and [...]

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I Can’t Afford To Pay My Creditors But I Don’t Want My Bass Boat Sold!

08/08/11

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 spend more time fishing.  [...]

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Trying To Live Like A Reality Star May Lead To Bankruptcy.

08/08/11

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 who watched wrestling the unspoken rule was that everyone knew that [...]

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Bankruptcy Means Test: New Case Allows Three Vehicle Operating Expenses

08/06/11

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 chapter 13 case.  The means test also affects how much you must pay into a [...]

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Can a Foreclosure Sale be Set Aside as a Preference in Bankruptcy?

08/05/11

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 under state law.   That understanding may be an oversimplification, according to [...]

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