BankruptcyQuestionsNationalBankruptcyForum

Do I have to reaffirm my car loan in chapter 7 bankruptcy?

07/16/11

I generally try to talk clients out of reaffirming a car loan in most cases but it is ultimately the client’s choice.  Reaffirmation is risky because if the car is destroyed in an accident or you lose your job you still have to keep up the payments, you just cannot walk away.  There seldom is [...]

[more]

Statistics published about loan modifications ignore the real problem which is “eligibility.”

07/16/11

Most people agree that the HAMP modification program is a complete failure.  The disagreement is over why.  In a report published by Propublica different servicers are rated for completion of trial periods.  The report only deals with modifications that have entered the trial periods.  Ocwen did the best while Bank of America and Wells Fargo [...]

[more]

Congressman Ruben Hinojosa, who Voted for BAPCPA, Files Chapter 11 Plan and Disclosure Statement with 0.00009 % of Unsecured Claims Paid, Seeks Early Discharge

07/15/11

Congressman Ruben E. Hinojosa is in the bankruptcy context is most know for while having voted for the reform bill BAPCPA had himself exempted from Debtor In Possession accounts and Congressman Hinojosa had his bankruptcy petition sealed.   The sealing of his petition is now on appeal.  He has now proposed his Chapter 11 Plan [...]

[more]

Frequently asked questions on bankruptcy process (Chapter 7 & Chapter 13) in Russian

07/15/11

Нашу рубрику о банкротстве сегодня ведёт адвокат Ирина Ласт, партнёр в юридической фирме “Carley & Lust, Attorneys at Law PLLC”.  Добрый день, Я хотела бы кратко рассказать о процедуре банкротства и ответить на часто задаваемые вопросы от наших клиентов.  Процедура банкроства была создана для того чтобы помочь людям начать свою финансовую жизнь заново и оставить [...]

[more]

Chapter 7 Bankruptcy: Do You Qualify? How is Eligibility Determined?

07/14/11

Qualifying for Chapter 7 Bankruptcy: The Story of Toni Braxton In October 2010, six-time Grammy Award winner Toni Braxton filed for bankruptcy a second time. In her Chapter 7 bankruptcy petition, Braxton claimed debts of between $10 million and $50 million, which grew even worse when a heart condition – diagnosed as microvascular angina – [...]

[more]

3 Common Types of Bankruptcy Fraud Can Land You in Prison

07/14/11

A person is declared bankrupt when a court determines the person to be legally insolvent, or broke, in response to a petition filed by the debtor or his creditors. Then, following the bankruptcy law, the person’s property is liquidated and divided among his creditors to pay his bills. A person commits bankruptcy fraud – a [...]

[more]

Pregnant Woman Trampled in Mad Dash for Housing Vouchers

07/14/11

In an event that is being held up as a sad display of the continued effects of the lingering housing crisis, a pregnant woman in Dallas, Texas was trampled after a crowd waiting to apply for housing vouchers got out of control. According to MSNBC: Dallas County residents hoping to secure a Dallas County Health [...]

[more]

Socialite Patricia Kluge pays bankruptcy attorney $85,000 retainer for Chapter 7

07/14/11

If you thought you are giving your clients a bargain I guess you are.  I have seen some high retainers but not $85,000 which is the retainer that Patricia Kluge and her husband paid their bankruptcy attorney.  Click on the link to the left to view the disclosure of compensation.  About half of it has [...]

[more]

You Get What You Pay For – Hire An Attorney To File Bankruptcy

07/14/11

By: Aaron Huff You’re filing bankruptcy, why would you want to hire an attorney?  They charge a lot of money, right!?!?  These are words that I overheard at a Chapter 7 341 Meeting of Creditors almost a year ago.  They were uttered by a “pro se” filing debtor (someone who filed to represent themselves).  This was [...]

[more]

Bankruptcy: Keeping the Lights On

07/13/11

Can the Power Company Turn Off My Lights When if I File for Bankruptcy? It’s hot outside and the economy is still in shambles. No one wants to be left without air conditioning in July. If you’re concerned about having the power shut off due to past due bills, it is important to be aware [...]

[more]