Date archive for December, 2009
Security Deposits and Bankruptcy
by Richard Stokan on 12/21/09 | 0 Comment(s)
Security Deposits in Bankruptcy When filing for bankruptcy protection, all assets must be listed on the petition including landlord security deposits. 11 USC 541. Although the security deposit is not in the possession of the debtor, the deposit legally belongs to the renter and must be returned unless the landlord is allowed by state law [...]
How Being Late On Your Phone Bill Can Spike Your Credit Card Interest Rate: The Universal Default
by John O'Connor on 12/19/09 | 0 Comment(s)
Credit card debt is a problem in America. Why? Really there are a host of reasons and certainly some of the responsibility falls on the shoulders of those who spend money they don’t have on things they don’t need. Having said that, I believe the heart of the problem is the usurious interest rates that [...]
Does Florida’s homestead exemption apply to mobile homes in bankruptcy?
by Lori Patton on 12/19/09 | 0 Comment(s)
Short Answer: Yes Long Answer: Yes, and it is still permissible to also claim the wildcard exemption in bankruptcy if the mobile home sits on a lot rented and not owned by the homeowner. Some explanation now: In Florida, a homeowner may exempt 100% of the value of their home from the bankruptcy estate, which [...]
What Happens To My Unemployment Benefits If I File For Bankruptcy?
by Jeff Herrick on 12/16/09 | 0 Comment(s)
Times are tough in Michigan and the sole source of income for some people are unemployment benefits. However, unemployment benefits can only be stretched so far. Often times they are insufficient to cover the basic living expenses and with mounting bills such as credit cards, mortgage payments, and other financial responsibilities, bankruptcy becomes a reality. [...]
San Diego Attorney Margaret Mann appointed as new Bankruptcy Judge in San Diego
by John C. Colwell on 12/15/09 | 0 Comment(s)
As reported on the BK Ct Web page: http://www.casb.uscourts.gov/html/bulletinbd.htm N E W S R E L E A S E December 15, 2009 Contact: Katherine Monterola, (415) 355-8800 Court of Appeals Appoints New Bankruptcy Judge for Southern District of California SAN FRANCISCO — Chief Judge Alex Kozinski of the United States Court of Appeals for [...]
Am I Too Old To File For Bankruptcy ? Can I Protect My Retirement Savings ?
by John Rogers on 12/15/09 | 0 Comment(s)
We are seeing more and more older folks in the office that are struggling with paying their bills and making ends meet, especially those on a fixed income. As expenses increase, monthly retirement payments, including social security, do not increase. That is a recipe for disaster. There is no upper age limit on filing for [...]
Decided To File For Bankruptcy? Don’t Use Your Credit Cards
by Moderator on 12/14/09 | 0 Comment(s)
As a bankruptcy attorney, perhaps the number one problem I see clients facing is credit card debt. The combination of large balances, high interest rates and exotic late fees has pushed many families to the brink of bankruptcy. There is an obvious correlation between unemployment and problems with credit cards. More and more unemployed Americans are forced [...]
What is a bankruptcy discharge and how often am I eligible to receive one?
by Richard Stokan on 12/14/09 | 3 Comment(s)
A discharge in bankruptcy “wipes the slate clean” by legally relieving the debtor off all obligation to pay certain debts. Remember that if you wish to retain property like a car or home, payments must be made after bankruptcy. The bankruptcy discharge is most effective at eliminating credit card debt, medical bills and old tax obligations. [...]
The morality of abandoning the undervalued home and the choice to file bankruptcy.
by John C. Colwell on 12/12/09 | 3 Comment(s)
White, Brent T., Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis (December 7, 2009). Arizona Legal Studies Discussion Paper No 09-35. Available at SSRN: http://ssrn.com/abstract=1494467 . Associate Professor White has published a fascinating and thorough paper that traces the history of mortgage lending, the failure of the mortgage [...]
A recent move may impact your ability to protect property in bankruptcy
by Moderator on 12/12/09 | 0 Comment(s)
You’ve recently moved, which state’s exemptions apply? First of all, why is this important? Whether federal or state, the exemption laws vary in the amount of property they allow you to protect from creditors. Some states may allow you to protect $100,000 of equity in your home, others $40,000 or less. O.J. Simpson famously moved [...]
