Date archive for January, 2010
Robert Frost On Banks……..
by John O'Connor on 1/22/10 | 0 Comment(s)
“A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain. ” Robert Frost Robert Frost is my favorite American poet. Carpe Diem and To a Thinker (scroll all the way down) are poems that have influenced me greatly. And so as I [...]
Eastern District of Michigan Encourages Bankruptcy Attorneys to Learn More About Income Tax Issues
by Drew Broaddus on 1/22/10 | 2 Comment(s)
Tax season is again upon us – as evidenced by the instruction booklet I received in the mail earlier this month – which brings up some potentially complicated issues for consumer bankruptcy attorneys. Some of these issues were discussed in two relatively recent articles by John O’Connor on this site, “Be Careful With Tax Refunds [...]
Did A Holiday Bonus Give You An “F” On The Means Test?
by Moderator on 1/21/10 | 0 Comment(s)
The Means Test was implemented as part of the 2005 bankruptcy reforms with the goal of making it more difficult for those with the “means” to pay back their creditors to file for chapter 7 bankruptcy. The means test looks at a consumers current monthly income or “CMI.” CMI is defined as average gross earnings [...]
What is the Basic Difference Between Chapter 7 and Chapter 13 Bankruptcy?
by Moderator on 1/21/10 | 1 Comment(s)
This could be the topic of a book, so we’ll stick to the basics. In my opinion, the two biggest differences between chapter 7 and chapter 13 bankruptcy are (1) time and (2) the treatment of assets. TIME: A typical Chapter 7 bankruptcy usually lasts about three months whereas a chapter 13 plan requires a [...]
Can I Keep One Of My Credit Cards When I File For Bankruptcy?
by John Rogers on 1/19/10 | 2 Comment(s)
A question that I get asked almost weekly ! It is not wise to try to keep a credit card when you file for bankruptcy , and always, always tell your attorney about all of your debt, including all of your credit cards. Also, it is important to know that even if you have a [...]
Dangers of Unperfected Liens
by Richard Stokan on 1/18/10 | 0 Comment(s)
Liens against real property that have not been recorded or were not timely recorded, can be avoided by a Chapter 7 trustee and present a dilemma for a debtor. See 11 USC 544 and 11 USC 547(e)(2)(B). Once a case is filed, the trustee can assert power over the property of the estate. This means, [...]
How to Help Haiti: Resource Links For Donating to Relief Efforts in Haiti
by Moderator on 1/17/10 | 0 Comment(s)
American Red Cross Haiti Relief Great Article From San Antonio Paper With Haiti Charities and Relief Efforts UNICEF Clinton Bush Haiti Fund Stand with Haiti Habitat for Humanity Direct Relief International The following organizations are accepting SMS donations in the US only: SMS text “HAITI” to 90999 to donate $10 to Red Cross relief efforts [...]
Non bankruptcy loan modification is a failure.
by John C. Colwell on 1/16/10 | 5 Comment(s)
Today, the AP is reporting what has been clear to all debtor attorneys for some time, that of the complete failure of the ‘voluntary’ loan modificatin programs. See today’s San Diego Union-Tribune article here: http://www.signonsandiego.com/news/2010/jan/15/obama-mortgage-relief-program-fails-to-deliver/ This article suggests the blame should be placed upon Obama, and to be fair, a good portion of the failure [...]
Do all creditors have to be listed on bankruptcy schedules ?
by John Rogers on 1/15/10 | 1 Comment(s)
Yes. All of the debts have to be scheduled, with the name and address of the creditors. This is so they can receive notice of the bankruptcy, and get their fair share of any money that is paid to creditors. Sometimes debtors think that they should omit a creditor because they want to continue to [...]
What is Involuntary Bankruptcy?
by Drew Broaddus on 1/15/10 | 0 Comment(s)
Many of the entries on this site deal with the decision to file bankruptcy. (See here for examples). However, there are instances where an individual can be forced into bankruptcy when they have not actually filed a petition. This is called an “involuntary bankruptcy” and is covered by 11 U.S.C. Sec. 303. Such proceedings [...]
