Date archive for April, 2009
What Is A Section 341 Meeting?
by Richard O'Connor on 4/30/09 | 0 Comment(s)
(Whether held in Michigan or another state) Section 341 refers to federal law, 11 U.S.C. Section 341, which is the mandatory meeting of creditors and equity security holders. The law requires that this meeting occur within a reasonable time and it is the Bankruptcy Trustee and not a federal judge that Read more>>
Do I have to list all my debts when I file a bankruptcy?
by John C. Colwell on 4/29/09 | 0 Comment(s)
Yes. All debts owing at the time of the filing of the bankruptcy petition must be listed. The reason is that one of the basic tenants of bankruptcy law is full disclosure. The full disclosure of the debtors assets and the full disclosure of the debtors debts. Note, however that
Cramdown/Mortgage Modification Legislation Has Problems in Senate
by Jeff Herrick on 4/29/09 | 0 Comment(s)
A legislative proposal (S.61) that would allow Bankruptcy judges to modify first mortgage debt in certain bankruptcy cases appears to be losing momentum in the U.S. Senate. The so-called “Cramdown” legislation, which passed a key vote in the House of Representatives in early March, has been facing more opposition in the Senate and Read more>>
Are Arbitration Agreements Enforecable In Bankruptcy?
by John O'Connor on 4/27/09 | 0 Comment(s)
Pursuant to Supreme Court decisions broadly applying the enforceability of the Federal Arbitration Act (FAA) mandatory arbitration clauses are becoming more common in consumer contracts of all kinds. Arbitration, with its limited discovery and lack of judicial review, appeals to large corporations weary of the unpredictable jury. However, the case by case inquires in arbitration Read more>>
Will I Be Able to Get Credit After Filing For Bankruptcy?
by Richard O'Connor on 4/21/09 | 0 Comment(s)
Will I be able to get credit after filing for bankruptcy? A discharge in bankruptcy provides a debtor with a fresh start, unburdened by past debt. The debtor exchanges his or her nonexempt property in return for elimination of dischargeable debts. Even so, many debtors are concerned over whether they will be able to obtain Read more>>
My Bankruptcy Case Was Dismissed, Can I Refile?
by John O'Connor on 4/19/09 | 1 Comment(s)
You’ve agonized over the decision, crunched the numbers, met with an attorney, done all the paperwork and finally filed a Bankruptcy case. What a relief! Until, your case is dismissed. Dismissal of a bankruptcy case is unfortunate and can happen for a number of reasons. The Bankruptcy Code places numerous responsibilities Read more>>
Did bankruptcy reform cause a spike in foreclosures?
by John O'Connor on 4/18/09 | 2 Comment(s)
In Staff Report No. 358, staff members at the Federal Reserve Bank of New York concluded that the amendments to the Bankruptcy Code embodied in the Bankruptcy Abuse Prevention and Consumer Protection Act (BACPA) of 2005 has contributed significantly to the destabilizing surge of foreclosures in the subprime Read more>>
Attendance At The Meeting of Creditors Now Mandatory For Eastern District of Michigan Attorneys
by Richard O'Connor on 4/18/09 | 0 Comment(s)
Bankruptcy law is federal law meaning most bankruptcy principles apply uniformly throughout the country. Nevertheless, it is important that your bankruptcy attorney know the local rules in your Jurisdiction. For example, a local rule in the Eastern District of Michigan Bankruptcy Court now requires attorneys to attend the 341 meeting Read more>>
Will I Have To Go To Court If I File Bankruptcy?
by John O'Connor on 4/16/09 | 0 Comment(s)
For most people, lawyers and lawsuits conjure up images of wood paneled courtrooms with scary judges presiding over heated exchanges. ‘ORDER IN THE COURT! OBJECTION YOUR HONOR!’ Many of my bankruptcy clients are concerned that a judge will be reviewing and second guessing their petition. However, in the vast majority of cases, debtors never step Read more>>
Protecting Against Deficiency Judgments Through Bankruptcy
by John O'Connor on 4/13/09 | 0 Comment(s)
As a bankruptcy and real estate finance attorney in Charlotte, NC, I meet with many over-extended real estate investors. Entreprenuers who acquired highly leveraged real estate portfolios are now having a difficult time meeting their debt service payments and are left with undesirable choices. Perhaps a construction loan has reached or is past maturity and Read more>>
