Date archive for June, 2009
I can’t afford a bankruptcy attorney, right?
by John C. Colwell on 6/29/09 | 1 Comment(s)
WRONG! And, as has been posted previously, to fail to hire an attorney to help prepare and file your bankruptcy petition, may expose you to all sorts of negative consequences. The worst of which could be dismissal of your case and a significant restriction or prohibition to re-filing. In contemplating the payment of attorney’s fees [...]
S.D.N.Y. to Hear More GM Bankruptcy Motions During Week of June 29
by Drew Broaddus on 6/26/09 | 0 Comment(s)
As I discussed here last week, the U.S. Bankruptcy Court for the Southern District of New York (Hon. Robert E. Gerber) heard a litany of motions this week in the General Motors Chapter 11 bankruptcy case. Next week, the Court is scheduled to hear seven more motions. This information has been made available through the [...]
Converting From Chapter 7 to Chapter 13 Bankruptcy
by John O'Connor on 6/24/09 | 0 Comment(s)
Converting from a chapter 7 to a chapter 13 makes sense if you have fallen behind on mortgage payments and risk losing your home to foreclosure. Remember that chapter 7 bankruptcy is a very effective way of eliminating credit card debt, medical bills and other unsecured debt. Chapter 7 does not alter your secured debts. [...]
Bankruptcy Strategy
by Lorraine Greenberg on 6/22/09 | 0 Comment(s)
Nowadays, with all the changes in the Bankruptcy Code, I find myself more and more advising clients how to prepare for a bankruptcy filing a few months down the road. First of all, it often takes people months and months of agonizing soul searching before they even make that first phone call and admit they [...]
Preparing for Bankruptcy and Avoiding Fraudulent Transactions
by Richard O'Connor on 6/22/09 | 0 Comment(s)
The number one rule of bankruptcy is full disclosure. In exchange for an honest and open look into your financial world, the system relieves you of debt. In preparing for bankruptcy you should also avoid any fraudulent transfers or running up of debt. In a Chapter 7 liquidation bankruptcy, the Bankruptcy Trustee will examine all [...]
Are there limits to how much or how little debt a debtor can owe in bankruptcy? Sometimes.
by John C. Colwell on 6/21/09 | 0 Comment(s)
Are there limits to how much or how little debt a Debtor can owe in Bankruptcy? Sometimes. Remember, for the general consumer case, there are two choices for bankruptcy. Ch. 7 ‘straight’ bankruptcy and Ch. 13 ‘reorganization’ payment Plan. For Ch. 7, there is no limit to the amount of debt owing. This is true [...]
S.D.N.Y. to Hear Multiple Motions Next Week in GM Bankruptcy
by Drew Broaddus on 6/19/09 | 0 Comment(s)
As I have discussed recently on our firm website, the U.S. Bankruptcy Court for the Southern District of New York has made a commendable effort in making information regarding GM’s recent Chapter 11 bankruptcy filing readily available via the Internet. Obtaining accurate information in a timely manner is vitally important to anyone involved in a [...]
Grounds For Denial of Discharge
by Jeff Herrick on 6/17/09 | 0 Comment(s)
The primary goal of filing a Chapter 7 Bankruptcy Petition is to obtain a Discharge of debts from the Bankruptcy Court giving the Debtor the “fresh start”. The “fresh start” is the motivation behind most bankruptcy filings. Usually there is no proceeding brought challenging the debtor’s right to discharge, however, the Bankruptcy Code provides a [...]
An Exception to Every Rule: When Can You Discharge Student Debt?
by Steve Combs on 6/15/09 | 0 Comment(s)
It is generally not a surprise to anyone that has ever taken out a student loan that their student loan cannot be discharged in bankruptcy. However, as with all rules, there is always an exception. In all cases involving a student loan, the Bankruptcy Court must make findings addressed to whether the loan was made, [...]
E.D. of Michigan Bankruptcy Court Invites Public Comment Regarding Proposed Local Rule Changes
by Drew Broaddus on 6/12/09 | 0 Comment(s)
On June 8, the United States Bankruptcy Court for the Eastern District of Michigan posted on its website a ‘Notice of Request for Public Comments.’ The Court is considering several amendments to its Local Rules. These amendments were drafted by the Rules Subcommittee of the Advisory Committee to the Bankruptcy Court. The amendments are [...]
