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Of no surprise to this Jacksonville Bankruptcy Lawyer, The Wall Street Journal reports a record 14% of American households with mortgages were behind on payments or in foreclosure in the third quarter, according to the Mortgage Bankers Association. The new figures, according to The New York Times, “. . . underlined the level of stress [...]
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In my small state of Rhode Island, there are 5,878 licensed attorneys. RI only has a population of 1,050,788 people. That is one lawyer for every 178 people.
Because each attorney is licensed in the general practice of law, he can represent just about any matter that comes through the door. He can handle a murder [...]
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A chapter 13 case can last from several months to several years (but no more than five years). Over this amount of time, things can change–jobs can change, expenses can change, any number of things can change.
Because of this, it is not unusual for folks who are in a chapter 13 plan to experience difficulty [...]
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What I’m about to say borders on heresy, and I’m pretty sure I’m going to get flamed by my colleagues and friends for saying it. I’m willing to take the risk, and I invite everyone to submit their comments to this post to let me know what they think.
If you’re thinking of filing for bankruptcy [...]
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Medical problems, even when you have insurance, are an increasingly large cause of bankruptcy cases. Some groups are trying to help folks with poor or non-existent coverage to get care. The events are being set-up — and attended — like rock concerts.
One organization setting up large events with volunteer medical staff and doctors on hand [...]
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Sounds like a silly command doesn’t it? But by breathing you can calm your mind and elevate your mood. In fact Dr. Weil states; “Practicing regular, mindful breathing can be calming and energizing and can even help with stress-related health problems ranging from panic attacks to digestive disorders.” Dr. Weil has three breathing exercises to [...]
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In today’s Internet world social media is all the rage. Facebook, Twitter, Linkedin, etc… are all sites where you can find old friends, colleagues, and your bankruptcy attorney, judge and/or trustee. If you are in bankruptcy you might be excited to find your trustee, attorney and/or judge on Facebook and request that they be your [...]
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13 Reasons To File A Chapter 13 Bankruptcy
I f you are considering filing a bankruptcy, the best advice I can give you is to discuss your financial situation with a competent bankruptcy attorney. She will tell you that for most consumers, there are often two options: file a Chapter 7 or a Chapter 13 bankruptcy. [...]
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Unless you are a customer of the bank, Houston bank First Bank in Houston refuses to break a $100.00 bill into smaller bills. My son experienced this recently when he needed to pay someone in exact cash and only had a $100.00 bill.
What are banks thinking? I could understand if it was a check, but [...]
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I don’t mean to alarm you, but the folks at Bankruptcy Bill have organized what appears to be the first ever Bankruptcy Song Contest.
So whether you’re a debtor, a creditor, a bankruptcy lawyer or a “Bankruptcy Lover,” here’s your chance to express yourself through song. The winner will be selected [...]
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#1 “Must the Non-Filing Spouse’s Information Be Disclosed?
This continues the series “I’m Filing, My Spouse Isn’t-What Happens?” The series is introduced here.
Let’s start by remembering the context of a review of a bankruptcy petition by angry creditors or the United States Trustee’s office, for example. For one thing, the Means Test might be needed to [...]
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It is nearly impossible to sell many timeshares. So what do you do if you can’t pay the timeshare payments and/or the timeshare maintenance fees? First, try to sell it. Even if you loose money, getting out from under the loan payments and fees may be wise.
If you can’t find a buyer, you [...]
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It’s a story which would make any bankruptcy lawyer cringe: “I deeded my cabin to my brother so I couldn’t lose it to my creditors. My cousin’s girlfriend’s lawyer told me on the phone that would be a good move.” Ouch! As bankruptcy lawyers know, judgment creditors can reverse fraudulent transfers, negating the utility of this manuever. Worse, [...]
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Video: 6 Chapters of Bankruptcy
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student loan law changes
debts arising from a divorce order
creditors not notified of the bankruptcy
student loans
you may not discharge all your debt
payroll taxes, the loan that lives forever
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Bankruptcy has an official secrets law and it is contained in §526 of the bankruptcy code. A lawyer can not advise a client to take out a new loan before filing bankruptcy. The Bankruptcy Abuse and Consumer Protection Act of 2005 includes this rule and I am going to break it legally.
Why would someone want [...]
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Bankruptcy lawyers have grown accustomed to hearing alarming stories from clients about so-called mortgage loan modifications which never seem to be finalized: homeowners being strung along by disingenuous mortgage company reps until foreclosure, “trial modifications,” unreturned phone calls, never ending requests for documents, never getting the same mortgage company rep on the phone twice, being asked for the [...]
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Much has been written on this blog about “reaffirmation” – the process by which a Chapter 7 debtor formally and in writing agrees to opt out of the protections inherent to a bankruptcy discharge and assume again contractual liability for secured (or unsecured) debts like mortgages and vehicle loans.
You should always speak to your lawyer [...]
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On Friday the thirteenth, the Fed shut down Orion Bank. The Orion Bank closing constitutes the 122nd bank failure this year.
Orion owns a branch across the street from my office. I would like to say that this was shocking, but it wasn’t. For years, my clients have been filing for bankruptcy on loans [...]
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Discharge in bankruptcy is good. Dismissal is generally bad. Discharge is what most debtors seek when filing their bankruptcy. Dismissal is what a debtor is generally trying to avoid.
The discharge is the injunction granted by the bankruptcy court that keeps the creditors from enforcing their rights to collect personally on the debt. More commonly, [...]
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New York City has noticed the percentage of people paying cab drivers with a credit cards has risen dramatically in the past two years. The question is whether the use of credit cards has risen for convenience purposes or because of the economy?
Other cities have been slow on the take, and they have not implemented [...]
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The first question for a business owner considering bankruptcy is: do you have the time, energy, and desire to continue the business? (Read the other four questions for struggling businesses).
Entrepreneurs are the most optimistic, hard working, and determined individuals in the world. Often my task is to puncture their irrational optimism: they are convinced that [...]
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The headlines yesterday all carried the same story. The Health Care Bill passed by the House of Representatives died. Life support cannot save this Bill. So, why did our elected officials go through the motions knowing that the Bill did not have a chance of passing in the Senate? Do you think they already knew [...]
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What is a Pay Advice?
A pay advice is any document that provides written evidence of your income.
The most obvious example of a pay advice is a pay stub, but a pay advice can also be a printout of your income and withholding from your employer. In fact, more and more often I will have clients [...]
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The §341 Meeting, also called the meeting of creditors, is a meeting that takes place around 20 to 40 days after your bankruptcy case is filed. At this meeting the case trustee assigned to your case, and any creditors who wish to attend, will be present. The case trustee will ask you a series of [...]
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A typical bankruptcy case in New York results in the issuance of a Discharge of Debtor, which releases the debtor from all collection activities in connection with a discharged debt. Many New York bankruptcy lawyers believe that the only way procedurally to enforce the discharge injunction is by filing an adversary proceeding.
The recent case [...]
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In a move that shocked and amazed the South Carolina bankruptcy community, attorney Dennis Toney of Charleston scored a big victory for his clients by successfully challenging the application of the 910-day rule. Toney’s keen analysis has led some to question whether Toney is part Vulcan, or 100% human as previously thought. An investigation is [...]
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This week, the United States Bankruptcy Court for the Eastern District of North Carolina entered an order mandating that mortgage payments will now be made through the debtors’ chapter 13 plan. These are often called “conduit” plans because the chapter 13 trustee acts as a conduit for the mortgage servicer and collects payments on the [...]
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There are thousands of bankruptcy attorneys out there throughout the United States practicing bankruptcy law. While each may run his or her practice a little differently than the others, they are all still bound by the same federal laws found under Title 11 of the US Code. Accordingly, each chapter 7 case is more or [...]
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As unemployment rates continue to rise, it is a good idea to try to bunker down and prepare for the worst so you can ride out the storm if you find yourself among the unemployed, or facing a pay cut.
There was some good advice in an article in the Wall Street Journal on November 6, [...]
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Here are seven easy steps to pay off high interest rate credit cards. In fact these tips show you how to eliminate high interest accounts entirely and how to perform simple regular maintenance adjustments to keep your credit accounts within reasonable limits.
1. Fingerprint your credit cards. On a simple word document or piece of paper [...]
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Thinking Of Filing Bankruptcy? Don’t Give Anything Away.
“I’ll just give my car to my niece.” I can’t tell you how many times I’ve heard that or something similar from a client about to file bankruptcy.
Sometimes the client has the best of intentions: “she’s about to graduate college and I always promised her a car for [...]
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So what happens to your security clearance if you file for bankruptcy protection? Is it revoked? Will you be terminated from your job? Will you be demoted? Does your salary decrease?
While there are bankruptcy code provisions that regulate the public and private sector over discriminations in employment when one files for bankruptcy protection, most employers [...]
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All my bags are packed. I’m ready to go. Got my code in hand and I’m leavin on a jet plane. Don’t know when I’m coming back.
Tomorrow I leave for Tuscon and the start of another National Association of Consumer Bankruptcy Attorneys Convention. You can always tell the NACBA Lawyer when they are heading to [...]
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(This cartoon is posted on with the express permission of the creators of BAPCPA Man.)
When I think of Steven Horowitz and Gideon Kendall, I can’t help but think of the Reese’s Peanut Butter Cup. What a perfect combination.
Horowitz, a New York City bankruptcy lawyer, and Kendall, a professional illustrator and fellow New Yorker, met years ago [...]
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Any reader of the Massachusetts Homestead Act must conclude that it only protects homes from contracts incurred after the declaration is recorded. This is not true in the bankruptcy context.
This reading was first confirmed by the Van Rye Massachusetts bankruptcy court decision in 1995. A different bankruptcy judge then ruled otherwise in the 1996 Boucher [...]
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Clients who fail the bankruptcy “Means Test” and have to file a Chapter 13 bankruptcy case look at me as though they have been given a death sentence. I reassure them that Chapter 13 bankruptcy is not the end of the world.
The fact of the matter is that they are almost always usually much better [...]
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Bankruptcy Law Network member and author, Craig Andresen of Bloomington, Minnesota, has been named Member of the Month for October 2009 by the National Association of Consumer Bankruptcy Attorneys.
He is the tenth member of Bankruptcy Law Network to be recognized as member of the month for service to NACBA and the field of consumer bankruptcy [...]
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If you have received a dismissal in your Chapter13 you should immediately be in touch with your bankruptcy lawyer to go over your options.
The dismissal mean you have not completed your Chapter 13 and the court has dismissed your case. You are almost back in the same situation as you were before you filed bankruptcy. [...]