Bankruptcy Law Network

Easy Bankruptcy: File In July

The easiest month to file bankruptcy is July. Consumers filing bankruptcy under Chapter 7 or Chapter 13 need to complete a Means Test of average income derived during the last six months. If you file in July, you need to look at your income during the first six months of the year - January through and including [...]

Should You Withdraw Money From Your Pension To Pay Your Debts?

Thinking about filing bankruptcy? Wondering if you should just take money from your pension to pay debt? Don’t do it until you watch this video. LinkedTube If you liked that post, then try these...Bankruptcy Basics: What Does It Mean If My Case Is Dismissed? by Karen Oakes, Southern Oregon Bankruptcy AttorneyAppeal of Denial of Plan Confirmation [...]

What To Do When Creditors Are Calling While You Are In Chapter 13 Bankruptcy

In Chapter 13 bankruptcy, creditors are normally not allowed to call, write, bill, or otherwise contact you. You are protected by the automatic stay in your bankruptcy case. But if you see a creditor’s number come up on your caller ID, don’t ignore it. They will keep calling and calling until they get some type [...]

Should You File Bankruptcy If You Have No Assets?

Protection of your assets is one of the most important reasons to file for bankruptcy. Even if you don’t have any assets now, filing a Chapter 7 or Chapter 13 bankruptcy can protect your future assets. Under state laws, creditors can sue you and take your property, but most states have laws called “exemptions” that protect [...]

Mortgage Loan Modifications Dropping

Mortgage loan modifications are dropping, according to a July 5, 2009 article in the New York Times, Alan M. White, an assistant professor at the Valparaiso University law school in Indiana, analyzed data on 3.5 million mortgages written in 2005 through 2007. These mortgages are serviced by five of the nation’s largest loan servicing companies, including [...]

Bankruptcy Means Test: Roommate’s Income Doesn’t Count, Judge Says

A recent Minnesota bankruptcy court ruling makes it easier for persons with roommates to claim a two-person household, while simultaneously excluding the roommate’s income from use in the means test. This is important because in some cases, this can result in the debtor’s income being below the state’s median income for a two-person household, thereby relieving the debtor [...]

8th Circuit BAP Resolves Iowa Court Split on Tools of Trade

Iowa bankruptcy courts have been split for a decade over a simple question: Can a consumer exempt a motor vehicle under state law and strip a non-purchase money lien on the car as a tool of trade under bankruptcy law. That split was resolved in favor of consumers by the 8th Circuit Bankruptcy Appellate Panel [...]

2009 Bankruptcy Filings Up

According to a July 2, 2009 Bloomberg report, there were 675,351 consumer bankruptcy filings in the first half of 2009, a 36.5 percent increase over 2008 numbers. June consumer filings totaled 116,365, up 40.6 percent from the same period in 2008. The monthly rate of consumer filings slowed, however, declining by 6.8 percent from May [...]

Most alternatives to bankruptcy involve wishful thinking

Clients arrive in my office hoping that I can explain the secret alternative which will solve their debt problems outside of bankruptcy. Why not? Ads for debt settlement companies and do it yourself books always promise to reveal the tricks ( known only to someone who wants to sell you something) to make your bills [...]

Keeping mum about discharging taxes in bankruptcy

The client owes a fistful of taxes from years ago and has spent another fistful of dollars with widely advertised outfits that solve your tax problems. None of these tax professionals told him that old income taxes can be eliminated in bankruptcy.! The client first hired J K Harris, with no results, except a lighter wallet. [...]