Bankruptcy Pleading Standards After Twombly and Iqbal
By Drew Broaddus on 3/19/10 | 0 Comment(s)
On March 16, 2010, the U.S. Bankruptcy Court for the Eastern District of Michigan (which covers Detroit, Bay City, and Flint) announced on its website that the next meeting of the Debtor/Creditors’ Rights Committee of the Business Law Section of the State Bar will include an educational program on Bankruptcy Pleading Standards after the Read more>>
Dave Ramsey, part 2 (or it’s not always what he tells you, but what he doesn’t tell you !)
By John Rogers on 3/16/10 | 0 Comment(s)
I was listening to Dave Ramsey today, while eating lunch. A woman called in and said she had heard some folks tell her that she could settle with credit cards for a lesser amount than what is owed. While Dave told her that is possible, but not likely (since she was behind on the cards,according Read more>>
U.S. Government Revises Means Test Numbers For Bankruptcy Filers
By Drew Broaddus on 3/12/10 | 0 Comment(s)
As I have discussed on the O’Connor, DeGrazia, Tamm & O’Connor website (and as several bankruptcy attorneys have discussed here), in order to qualify for Chapter 7 protection, individuals must satisfy the “means test,” which is a formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. 11 U.S.C. § 707(b). Read more>>
An all too common preliminary inquiry by a hypothetical debtor, and a reply. Episode 3 of a series.
By John C. Colwell on 3/12/10 | 0 Comment(s)
Serena V.
Brief description of your legal issue:
I am in serious debt, besides my mortgage I owe roughly 20+ thousand in credit card debt.I owe the IRS
and have been trying to make payments as best as possible. I need help!
Thank you for your inquiry. We likely can help a great deal. There are many variables and Read more>>
Tax Issues with Credit Card Settlements
By Steven Striffler on 3/11/10 | 0 Comment(s)
Be careful if you settle any credit card debts before filing bankruptcy because you may convert a debt that is dischargeable in bankruptcy into a non-dischargeable debt.
Generally, a creditor is required to issue IRS Form 1099-C to a debtor for any debts forgiven greater than $600. What does this mean in bankruptcy? Settling a debt Read more>>
Jay S. Jump is mentioned in Lawyers Weekly
By Jay Jump on 3/11/10 | 1 Comment(s)
As a result of a former blog entry on this website, Jay S. Jump, an attorney in Washington State, and a contributor to the National Bankruptcy Forum, was interviewed for Lawyers Weekly USA on the Milavetz decision handed down by the Supreme Court earlier this week.
Click here to read the article.
Debt Buyer Practices
By Jay Jump on 3/11/10 | 0 Comment(s)
Initially, let me explain what a debt buyer is.
A debt buyer is a company or individual who purchases note paper. When you purchase a home, or a car, you sign a promissory note. This promissory note is what entitles the creditor to collect money from you for payment on the loan. Read more>>
Milvetz v. United States
By Jay Jump on 3/08/10 | 2 Comment(s)
A setback for debtors and debtors attorney’s everywhere.
This part is bad for the attorneys:
Attorneys who provide bankruptcy assistance to assisted persons are debt relief agencies under the BAPCPA. By definition, “bankruptcy assistance” includes several services commonly performed by attorneys, e.g., providing “advice, counsel, [or] document preparation,” §101(4A). Moreover, in enumerating specific exceptions to the debt-relief-agency Read more>>
Where to File a Chapter 7 Bankruptcy
By Richard Stokan on 3/08/10 | 0 Comment(s)
A bankruptcy case must be filed in the federal district where the debtor has maintained his residence or principal place of business “for the one hundred and eighty days immediately preceding such commencement, or for a longer portion of such one-hundred-and-eighty-day period.” 28 USC 1408. In laymen’s terms, the case must be filed in the bankruptcy Read more>>
