BankruptcyLawNetwork

Where Does Bankruptcy Law Come From? Part 3 – Federal Rules of Procedure

07/26/11

As outlined in earlier segments of this series, bankruptcy law primarily comes from federal and state laws.   But critical parts also are based on rules written by the court system itself. The laws that Congress enact are typically broad definitions of rights and responsibilities.  Congress will often leave the specific procedures of how the broad [...]

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Three Bankruptcy Traps for Small Businesses

07/25/11

Perhaps you’re self-employed.  Or maybe you own a small corporation or LLC.  Times are hard.  Time to see a bankruptcy attorney.  You might be surprised to realize that these two items are considered assets:  accounts receivable and unbilled work in progress.  A trustee can try to take these by telling your customers to pay him instead.  This will definitely [...]

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Unfiled Tax Returns in Chapter 13

07/25/11

Tax returns can be a trap for the unwary in Chapter 13 bankruptcy. Often, bankruptcy debtors do not have their tax returns squared away and filed before filing for bankruptcy. When non-tax creditors are pursuing you, and you need quick relief, often tax returns are the last thing on your mind. However, the need to [...]

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Your Bankruptcy Lawyer–Experience Matters

07/22/11

How do you go about choosing your bankruptcy lawyer?  Most people never expect to be faced with bankruptcy.  Then there’s the embarrassment factor.  Facing bankruptcy is not something that most people are anxious to share with friends and neighbors. It’s not like asking for advice about a hairdresser or lawn service.  So how do you [...]

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Filing Bankruptcy under Chapter 13 – Get Insurance

07/22/11

Before filing a chapter 13 bankruptcy, we need to figure out what you are paying.  Clients who have disposable income do have the choice to put their income to uses which are permitted by the Bankruptcy Code.  The means test is mechanical but not totally inflexible. If you have a choice of spending your money [...]

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Top 3 Reasons Not To Reaffirm a Mortgage in Bankruptcy

07/20/11

Bankruptcy debtors should not reaffirm a mortgage.  Reaffirmation of debt in bankruptcy prevents the debt from being discharged, a process explained in greater detail by Kevin Gipson in Chapter 7 Bankruptcy and the Reaffirmation Agreement.  Yet, lawyers continue to debate whether to reaffirm a mortgage, without compelling argument on the affirmative side, even though state [...]

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Attorney General Wont Oppose Same-Sex Bankruptcy Petitions

07/17/11

Married couples can file a joint petition in bankruptcy for a single filing fee.  Consolidation of cases for married couples saves administrative cost, attorney fees, and can promote domestic harmony.  This benefit has, until recently, been denied by some courts for same sex married couples.  The United States Department of Justice has announced that it [...]

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Paper Checkbook Registers or Online Banking: Which is Best?

07/16/11

Paper checkbook registers?  Ask around; they seem to be going the way of the dinosaurs.  Why keep track of your checking account using paper, of all things, when the bank helps you do it online with no fuss and no muss?  Well, maybe the paper checkbook register question is not as simple as it seems — especially [...]

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Liens and Bankruptcy

07/16/11

When I meet with a new client to go over their possible bankruptcy filing, I always ask about what they own–real estate, cars, etc.–and what claims are filed against it–mortgages, title loans, etc. Often, the client says that they don’t own any of these things. When I press a bit, I am told, “Well, the [...]

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Can my Chapter 7 trustee kick me out of my Florida home?

07/15/11

  Not if you hire an experienced bankruptcy lawyer. As I previously reported, we have a problem in the state of Florida with a few rogue bankruptcy trustees using unsavory tactics to shakedown Chapter 7 debtors. Specifically, in the State of Florida, a debtor can choose between his homestead exemption and his wildcard exemption.  The [...]

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