Date archive for September, 2009
What are the Tax Consequences of a Bankruptcy Discharge?
by Drew Broaddus on 9/18/09 | 1 Comment(s)
Debts discharged in bankruptcy are not taxable events.
Can I Keep My Car If I File For Bankruptcy?
by John O'Connor on 9/17/09 | 0 Comment(s)
As a bankruptcy attorney, I field tons of questions about cars and understandably so. After all, it doesn’t do much good getting a fresh start financially if you can’t drive to work. So let’s tackle the questions once and for all on National Bankruptcy Forum. Can a consumer who files for bankruptcy keep their car through [...]
I Am a Co-Signer of a Debt, How Does Bankruptcy Affect My Obligation
by Jeff Herrick on 9/16/09 | 0 Comment(s)
If you are a co-signer of a debt you may not have to pay back the debt or obligation. It all depends on whether the debt is dischargeable. If the debt is considered a dischargeable debt then you will not be responsible for the debt and it will be wiped out by the bankruptcy filing. [...]
How Can Bankruptcy Help Me Keep My Home, Stop Foreclosure and Modify my Mortgage?
by Lori Patton on 9/16/09 | 2 Comment(s)
So many homes in Florida are now worth less than their mortgages. Most folks that come to see me have a first and a second mortgage, or a mortgage and a Home Equity Line of Credit (HELOC) that together exceed the value of their home, preventing them from refinancing and choking their household budget. They [...]
Must a Ch. 7 debtor sign and file a reaffirmation agreement to keep a car? Dumont vs. Ford Motor Credit
by John C. Colwell on 9/15/09 | 0 Comment(s)
Well, in the 9th Circuit, the answer appears to be ‘yes’. A decision handed down by the 9th Circuit Court of Appeals has answered this question, for the time being. In the case of Dumont vs. Ford Motor Credit Case No. 08-60002, published on 9/15/09, ( http://www.ca9.uscourts.gov/datastore/opinions/2009/09/15/08-60002.pdf ) the appellate court held that the debtor [...]
9th Circuit Chapter 13 Plan Length
by Jay Jump on 9/15/09 | 0 Comment(s)
Chapter 13 plans are based in part in reality and in part – fantasy. In all consumer Bankruptcy petitions, there is a test called a ‘means test.’ This test determines whether you will be in a Chapter 13 or a Chapter 7. In Chapter 13, if you are above the median income in the ‘means [...]
Domestic Debts are Not Dischargeable
by Richard O'Connor on 9/14/09 | 0 Comment(s)
One of the goals of the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), was to eliminate fraud and loopholes used to discharge debts which should not be dischargeable. For example, under prior law, domestic debts that were not classified as support obligations, but were incurred in the course of a divorce or [...]
When is Bankruptcy an Option for a Small Business?
by Drew Broaddus on 9/11/09 | 0 Comment(s)
A number of the individuals who have recently contacted our office about possible personal bankruptcies have also had issues with a struggling small business. When is bankruptcy an option for a small business? The first question to ask is whether the business is a corporation, a partnership, or a proprietorship. Corporations, limited liability companies and [...]
Professional Courtesy, call ahead if appointment is cancelled, late or to be re-scheduled
by John C. Colwell on 9/09/09 | 0 Comment(s)
Video Blog by Attorney John C. Colwell on the importance of calling ahead to cancel, re-schedule, or inform your attorney or other professional that you will be late to your scheduled appointment.John C. ColwellAttorney at LawSan Diego, CAwww.debtclinic.comMember, Board of Directors, NACBAwww.nacba.org
Legal Loan Sharking, The Dangers of Payday Lending
by John O'Connor on 9/09/09 | 0 Comment(s)
Payday lenders and credit card companies routinely make loans with no expectation that their customers will be able to pay back the principal. Instead they rely on usurious interest rates to keep people locked in a cycle of debt. On the surface it appears that payday lenders make loans to people in financial peril. The [...]
