Author Archives 
Does the Defense of Marriage Act Prevent Gay Couples From Filing Joint Bankruptcy Petitions?
by John O'Connor on 9/02/10 | 0 Comment(s)
In cases where a married couple has incurred joint debt, a bankruptcy filing by only one spouse will not negate the obligation of the non-filing spouse to pay back the couple’s debts. Even after one spouse has declared bankruptcy, creditors can still come after the other nonbankrupt spouse for joint debts. As a result, it [...]
Sorry But That’s Not a Short Sale!
by John O'Connor on 8/30/10 | 0 Comment(s)
A few days ago I had a conversation with a realtor friend about the state of the housing market. Inevitably, the subject of short sales came up. My friend said that while overall sales continue to be slow, he has seen quite a few “short sales” recently. This peeked my interest and we got to [...]
Has The Milavetz Decision Eviscerated The Earmarking Doctrine?
by John O'Connor on 5/17/10 | 0 Comment(s)
In Milavetz, the Supreme Court held that bankruptcy attorneys are prohibited from advising clients to incur debt in contemplation of filing for bankruptcy. Justice Sotomayor’s vague attempt to limit the reach of this prohibition is less than helpful. “Advice to incur more debt because of bankruptcy, as prohibited by §526(a)(4), will generally consist of advice [...]
Breaking Down the Milavetz Decision Part 1: Debt Relief Agency = Bankruptcy Attorney?
by John O'Connor on 3/21/10 | 1 Comment(s)
Consumer Bankruptcy Attorneys Fall Under BACPA’s Definition of Debt Relief Agencies Bad legislation makes for bad jurisprudence. After all that has been said and written following Justice Satomayor’s recent incursion into the consumer bankruptcy world, perhaps this is the single most important lesson to be learned. BACPA may be a terrible piece of legislation, however, popular [...]
Is HARP The Solution To My Mortgage Modification Problems?
by John O'Connor on 2/28/10 | 0 Comment(s)
John C. Colwell has recently declared non-bankruptcy loan modifications a failure on this forum. Indeed, it is undeniable that federal programs such as The Home Affordable Modification Program (HAMP) have failed to relieve struggling homeowners of mortgage payments they simply cannot afford. The biggest company in the program, Bank of America, has completed modifications for [...]
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 [...]
MTV Cribs, Your Bankruptcy Attorney and Schedule B
by John O'Connor on 1/11/10 | 1 Comment(s)
Full disclosure is the number one rule of bankruptcy. In fact, failure to disclose all of your property has the potential to jeapordize your discharge. It is important for consumers to understand that bankruptcy relief comes with a price (not talking about attorneys fees). In exchange for a fresh start, the debtor is expected to [...]
Does Filing for Bankruptcy Allow Me to Walk Away From an Underwater Home?
by John O'Connor on 1/10/10 | 2 Comment(s)
In a word, yes. Filing for bankruptcy allows the opportunity to surrender cars and real estate with no continuing obligation. North Carolina hasn’t been as hard hit as other states in the current housing crisis, however, I still meet with clients all the time who owe more than their homes are worth and can’t find [...]
What The Godfather Can Teach Us About the Morality of Filing For Bankruptcy
by John O'Connor on 1/03/10 | 1 Comment(s)
The decision to file for bankruptcy isn’t personal, “it’s strictly business.” Family comes first. Morality is of paramount concern to many faced with the decision of whether to file for bankruptcy. Most who incur debt intend to pay it back, hence waving the “financial white flag” and meeting with a bankruptcy attorney can be difficult, it [...]
Is There a Connection Between the Grateful Dead and Chapter 13 Bankruptcy?
by John O'Connor on 12/29/09 | 1 Comment(s)
Amazingly, yes. Remember this line from Touch of Grey? “I know the rent is in arrears The dog has not been fed in years It’s even worse than it appears but it’s all right…….” Is it possible that the Dead were giving their audience a bit of legal advice? Perhaps suggesting chapter 13 bankruptcy as [...]
