chapter 7

Inadequate Explanation For Large Amount of Unsecured Debt Leads Court to Deny Bankruptcy Discharge

10/08/12

A “credit card bust-out” is a scheme in which someone purchases a large amount of goods on credit card debt, conceals the goods, and then files Chapter 7 bankruptcy to wipe out the credit card debt. It’s an abuse of the bankruptcy system designed to help honest debtors, and I as much as anyone else get satisfaction seeing one of these schemers busted in bankruptcy court.

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Creditors Plan To Snatch Assets From Bankruptcy Trustees

09/25/12

http://www.flickr.com/photos/psykotrooper/

Creditors are starting to talk up how to snatch assets away from bankruptcy trustees who don’t even know they’re coming.

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Can A Bankruptcy Continue After Death Of Debtor?

09/22/12

One of Benjamin Franklin’s most famous quotes is:  “Certainty? In this world nothing is certain but death and taxes.”

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Can Criminal Discharge Restitution Judgment?

09/14/12

A criminal attorney called me this week to discuss the possible Chapter 7 bankruptcy by one of his current criminal clients who had been convicted of a financial crime against individual victims. The court ordered payment of restitution to the victims which the client could not afford to pay following his conviction and incarceration.When the client had served his criminal sentence the criminal court converted the restitution order to a civil judgment.

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Converting Chapter 13 To Chapter 7 In Order To Strip Immediately A Second Mortgage

09/04/12

Since a May, 2012, court opinion was issued  Chapter 7 bankruptcy debtors became eligible to strip a wholly unsecured mortgage on their primary residences.

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Forbes Article Discusses Risk Of Chapter 7 Bankruptcy By Wealthy

08/31/12

I read an article in Forbes online which discusses a bankruptcy case that set aside several fraudulent transfers. The case illustrates why debtors with asset should avoid filing bankruptcy.

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How to Afford Bankruptcy, Followup

08/27/12

The Fifth Circuit, covering Texas, Louisiana, and Mississippi, has joined the First Circuit in ruling that there is no per se prohibition against fee-only Chapter 13 filings.

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Does Pre-Bankruptcy Planning Permit Transfer Of Car Title To Spouse

07/23/12

Bankruptcy debtors use their $4,000 wildcard exemptions most often to protect cars. The debtor can apply the wildcard only to cars in the debtor's name. For example, if a married couple is considering Chapter 7 bankruptcy and both of the couple's cars are titled in the husband's name the wife cannot apply her $4,000 wildcard exemption to either of the cars because she owns no car.

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