Bankruptcy Blogs

San Jose Bankruptcy Lawyers Raise Concerns over Perceived Trustee Abuses

08/27/11

At a recent meeting of our Chapter 13 Committee meeting, a group of Bay Area bankruptcy attorneys who meet monthly to discuss recent developments in consumer bankruptcy law, a lively discussion erupted among a group of 40-50 local practitioners over Bay Area Chapter 7 panel trustees’ increased reliance upon lengthy questionnaires and blanket document requests [...]

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More on Refinancing Plan

08/27/11

Chris Mayer, one of the authors of the refinancing plan, a version of which is currently being considered by the administration, wrote in to the comments on an earlier post, protesting my characterization of his proposal. I have no argument with Chris about there being too many frictions in the refinancing process. I'm not sure that this is the best way to fix them, however, and I'm also puzzled by what problem the proposal aims to solve.

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Debt Ceilings Make Chapter 13 Cram-Downs Difficult To Accomplish

08/27/11

People get excited about the prospect of cramming down mortgages on investment properties in a Chapter 13 bankruptcy. I received at least two calls this past week from people interested in using Chapter 13 to both strip a second mortgage on their homestead and reduce the mortgage balance on at least one rental property.

Sounds like a plan, but unfortunately the plan usually does not work because of Chapter 13 bankruptcy’s unsecured debt ceiling. You cannot file Chapter 13 bankruptcy if your total unsecured debt exceeds about $330,000.

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Fox Lake Bankruptcy Attorney On What To Expect At Your Meeting Of Creditors

08/27/11

All debtors are required pursuant to section 341 of the Bankruptcy Code to attend a meeting of creditors.  The meeting of creditors at which clients must appear often strikes fear unnecessarily in clients’ hearts.  In all honesty, the meeting of creditors is a very simple proceeding that doesn’t take that much time. In chapter 7 [...]

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Evergreen Park Bankruptcy Attorney On Disclosing Property On The Petition

08/27/11

Let’s talk briefly about the bankruptcy schedules.  The best rule of thought is to over-disclose things.  That’s not to be taken literally.  For example, listing real property is pretty simple.  What you do is you describe the property by its common address, 1234 Maple Avenue.  You list the value.  If it’s an undeveloped lot, you [...]

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The Broke and the Beautiful: ‘You Gotta Lie!’ Edition

08/26/11

This week on The Broke and the Beautiful, “Real Housewives” invade the news, Stan Lee Media wants all the action on Conan the Barbarian, and Lenny Dykstra gets battered with indecent-exposure charges.

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Extra Stern

08/26/11

For those of you on the West Coast and others who are not obssessing about the huricane, I give you some further thoughts on the Supreme Court's decision in Stern v. Marshall, this time in the context of the Inkeeper's chapter 11 case. Up now at Dealbook.

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