Author Archives 
Household Size and the Means Test
by Richard O'Connor on 11/12/09 | 3 Comment(s)
The “Means Test” was implemented in 2005 as a way of preventing consumers with the ability to pay back their debts from filing for chapter 7 bankruptcy. Determining a household size for purposes of the Means Test can be simple or complicated depending on the family. The proper method for determining household size is an [...]
Accounting for a non-filing spouse’s income in a chapter 7 bankruptcy
by Richard O'Connor on 11/02/09 | 0 Comment(s)
Much has been written about the bankruptcy reforms of 2005. The bottom line for consumers is that Congress attempted to make it more difficult to file a chapter 7 case by imposing income requirements. When Congress enacted the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), it overhauled the eligibility requirements for filing [...]
Assuming or Surrendering Unexpired Leases
by Richard O'Connor on 9/24/09 | 0 Comment(s)
When filing for Chapter 7 Bankruptcy protection, a Debtor is required to file a statement of intention indicating how he or she will treat each secured Claim. See 11 USC 521(a)(2). Secured claims typically include automobiles and homes, however, a debtor must also state an intention as to executory contracts and unexpired leases such as [...]
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 [...]
Maintaining Utilities after Bankruptcy
by Richard O'Connor on 9/02/09 | 0 Comment(s)
The Bankruptcy Code protects debtors from utility companies who seek to cut off service as a result of the debtor filing for bankruptcy. Specifically, 11 U.S.C. 366(a) provides that a utility may not discontinue service solely on the basis of the filing of a bankruptcy or because a debt owed to the utility was not [...]
Importance of Full Disclosure to Bankruptcy Attorney
by Richard O'Connor on 8/31/09 | 1 Comment(s)
In every instance where you retain an attorney to assist with a legal matter, it is important to fully disclose relevant information. The problem can often be determining what is relevant. In Bankruptcy cases almost every asset and financial action is relevant regardless of how minor it may seem at the time. For instance, recent [...]
Legal Actions After Bankruptcy
by Richard O'Connor on 8/17/09 | 0 Comment(s)
Upon filing a Bankruptcy Petition, a stay of proceedings is entered by the Bankruptcy Court protecting property of the Estate from creditors. Pursuant to 11 USC 362(c)(1), that stay remains in effect until the property is no longer property of the estate. Property is longer part of an estate when the case is closed or [...]
Priority of Tax Liens
by Richard O'Connor on 8/03/09 | 0 Comment(s)
As part of the 2005 amendments to the Bankruptcy Code, Congress essentially eliminated a Trustee’s ability to subordinate tax liens in a Chapter 7 filing. See 11 USC 724(b). Although fortunate for holders of secured tax claims, remaining secured creditors are now almost always forced to take a back seat to perfected tax liens. There [...]
Common Mistakes When Trying to Avoid Bankruptcy
by Richard O'Connor on 7/27/09 | 0 Comment(s)
It is not uncommon for people with the best intentions to make bad decisions in an attempt to pay off debts and avoid filing for Bankruptcy. Filing for bankruptcy protection is not something to take lightly, but it is not the end of the world either. Bankruptcy laws have existed since this country was founded. [...]
Protecting Property With Tenancies By The Entirety
by Richard O'Connor on 7/13/09 | 0 Comment(s)
Even if only one spouse files for Bankruptcy, a Trustee is authorized to sell jointly owned property pursuant to 11 USC 363(h). The sale must be approved by the Bankruptcy Court and should be approved only if the sale of the Debtor’s interest would realize significantly less for the Estate than the sale of the [...]
