BankruptcyQuestionsNationalBankruptcyForum

Medical Expenses and Bankruptcy

06/17/11

It is no secret than many Americans are one tragedy away from financial hardship in the form of accidents, the loss of a job, a divorce, or an unexpected illness.  More than half of all bankruptcies are reportedly the result of overwhelming medical expenses. Even (relatively) small medical bills can become overwhelming quickly because the [...]

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Private School Tuition in Chapter 13 Bankruptcy

06/16/11

Everyone filing for Chapter 13 bankruptcy knows they will make a plan that must be approved by the bankruptcy court in order for them to proceed.  But what may be included in that plan?  The Bankruptcy Code uses vague terminology such as “fair” and “reasonable” to define what costs a debtor can claim are necessary [...]

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The Point of Consumer Bankruptcy: Starting Over

06/16/11

Is Consumer Bankruptcy Pointless? A recent Forbes article by attorney, Stephen J. Dunn, titled “Consumer Bankruptcies Do More Harm Than Good” has caused quite a stir in the bankruptcy world. Mr. Dunn makes, what he believes to be, a compelling case against consumer bankruptcy and unapologetically calls most filings entirely pointless. Since the article appeared [...]

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Linden Ponds, Inc. & Hingham Campus, LLC File for Chapter 11 Protection in Texas

06/15/11

Affiliated entities Linden Ponds, Inc. and Hingham Campus, LLC voluntarily filed for chapter 11 protection earlier today in Dallas.  The companies, which are related to Senior Living Retirement Communities LLC (formerly known as Erickson Retirement Communities, LLC), operate Linden Ponds which is a 108-acre continuing care retirement community located inHingham, Massachusetts (approximately 20 miles outside of Boston).  As of [...]

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What are Bankruptcy Exemptions?

04/26/11

Exemption laws protect your property from creditors inside and outside of bankruptcy. In bankruptcy, exemption laws dictate what property you can keep and what property is subject to sale by the trustee. It is because of bankruptcy exemptions that many are able to eliminate debt in bankruptcy without losing any of their stuff. Exemptions vary [...]

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Can You Modify a First Mortgage in Bankruptcy?

04/25/11

Can You Modify a First Mortgage in Bankruptcy? Nope. While there have been rumblings about new legislation that would allow first mortgages to be modified in bankruptcy, the current state of the law does not allow first mortgages to be modified on a debtor’s primary residence. How About a Second Mortgage? Now, before you get [...]

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Are the Bible’s Debt Forgiveness Principles Codified in the Bankruptcy Code?

04/23/11

Despite sites like National Bankruptcy Forum which disseminate good bankruptcy information to the public at large, some think that filing for bankruptcy carries a stigma. I guess we have Dave Ramsey to thank. Is filing for bankruptcy ethical? We’ve addressed the subject many times before on this forum. For example, see: Does the Very Existence [...]

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I have heard about certain debts that cannot be discharged? What are some examples?

04/22/11

When you receive a “discharge” under bankruptcy it means that you are no longer liable for your debts. This means you don’t have to pay them and a creditor cannot come after you anymore. However, there are some debts which are considered “nondischargeable” under bankruptcy law, meaning that you cannot discharge your liability on these [...]

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Important Announcement From the United States Court of Appeals for the Ninth Circuit: Bankruptcy Judge Applications Currently Being Accepted

04/21/11

The United States Court of Appeals for the Ninth Circuit has asked us to make the following announcement: The United States Court of Appeals for the Ninth Circuit Invites applications from highly qualified candidates for the position of Bankruptcy Judge for the Northern District of California, Oakland Division. The term of office is 14 years subject to applicable [...]

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The Good News about Bankruptcy: The Automatic Stay

04/21/11

In the majority of bankruptcy initial consultations I have conducted, I hear the same story. This story is about someone who has fallen on financial hard times. Many times, this story involves  the person recounting me about how they are paralyzed by the fear of impending lawsuits, garnishments, or foreclosure.  This story inevitably includes a comment [...]

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