One issue which seems to cause a fair amount of confusion, and which also causes people to do inappropriate things before going to see a lawyer, is the subject of the number of cars, and the number of car loans (if any), a person can take into bankruptcy. Frankly, the question by itself misses the […]
How Many Cars And How Many Car Loans Can I Have In Chapter 7 Bankruptcy? Read More »
The Bankruptcy Code prohibits the discharge of student debt unless that debt causes an “undue hardship” for the Debtor. “Undue hardship” is an amorphous term, which is itself problematic when people of limited means are being asked to pay money to seek to discharge debts that they cannot afford. The Congress put the additional hurdle
In this case, the Bankruptcy Court stripped a federal tax lien off of a Debtor’s Property. The IRS conceded that there was no equity in the house for them to attach, but claimed to be partially secured because they also attached the Debtor’s personal property. The court noted that the IRS was still not secured
Bankruptcy Court Strips IRS Lien Read More »
As we enter the last month of tax season, people who owe taxes have to consider their options. I often warn clients that nothing good comes from delaying filing. In addition to the interest and penalty they will have to pay for not paying their taxes on time, they will also need to pay penalties
I receive daily email of the hot court decisions of the day. In today’s email, I received a notice about a case of mine. The irony of this decision is that it is a Bankruptcy Court opinion in which I nominally represent the “Creditor”. In this case, I represent a pedestrian who was struck by
Pursuing An Auto Accident Claim When The Defendant Is Bankrupt Read More »
This week, the Federal Reserve Bank of New York Published on its website the report “Insolvency after the 2005 Bankruptcy Reform”. This report confirmed what many of us in the field had known for a long time: people in financial distress who file bankruptcy recover their credit much faster than people who do not. Specifically, the
I had a new bankruptcy client come in this week. She complained that she called her bank when she could not make this month’s credit card payment. She said that the person at the bank they referred her to was “the biggest jerk”. I assured her that I was a bigger jerk than him. I
“The Biggest Jerk” Read More »
I posted in October about Bankruptcy, Taxes, Payment Plans And A Special Deal. In that blog, I linked to my Favorite Fall Payment Plan, which is to pay $200 in the Fall to stop the phone calls and pay the rest when the tax refund arrives. I also announced a special deal, which is that anyone
Bankruptcy, Taxes, Payment Plans And A New Special Deal Read More »
I saw a disturbing commercial this evening. A bank was encouraging people to consolidate their student loans with them. The problem is that all student loans, both student loans made or backed by the Federal Government as well as student loans made by private banks are almost impossible to discharge in bankruptcy. However, private student
Student Loan Consolidation Danger Read More »
I recently read this article, “Bankruptcy Filings Are Low, But Not Everywhere“. Apparently, bankruptcy filings are at a 24 year low. This is not surprising, as so many people filed bankruptcy during the “Great Recession”. Basically, people who survived 2008, 2009, 2010, 2011 and 2012 without needing bankruptcy protection, were unlikely to need it in
Bankruptcy Filings Are Low, But Not Everywhere Read More »
