Category archive for ‘Bankruptcy News’ 
Non-exempt Assets and Claims of Creditors
by Drew Broaddus on 8/20/10 | 0 Comment(s)
Under the bankruptcy code, non-exempt property is liquidated by the trustee in a Chapter 7 case, in order to provide a fund to pay claims of creditors. In practice, however, trustees sometimes elect not to administer (that is, collect and sell) assets that have little non exempt value because the costs of doing so will consume the dollars [...]
More U.S. Cities Weigh Chapter 9 Bankruptcy
by Drew Broaddus on 8/18/10 | 0 Comment(s)
The City of Detroit is currently considering Chapter 9 bankruptcy as a means of dealing with its massive budget deficit. The purpose of Chapter 9 is to provide a financially distressed municipality protection from its creditors, while allowing it to develop a plan for adjusting its debts. Reorganization of the debts of a municipality is typically [...]
How can I prove “undue hardship” to discharge my student loans?
by Stephen Trezza on 8/10/10 | 0 Comment(s)
Proving the “undue hardship” requirement to discharge your student loans is a very difficult task. But while this one exception for discharge is reserved for extreme of economic situations, in some situations your student loans may be partially discharged. For instance, a 62 year old man with no dependents who could not find public or [...]
What is a “reaffirmation agreement”?
by Stephen Trezza on 8/06/10 | 0 Comment(s)
A reaffirmation agreement is a type of relief agreement that allows you to keep your property even after discharge of your debt after bankruptcy. However, under a reaffirmation agreement you still agree to be liable for the debt owed on the property you wish to keep. You can think of it as a new contract, [...]
Interview With South Florida Bankruptcy Attorney Jeff Tromberg
by Moderator on 8/02/10 | 0 Comment(s)
South Florida bankruptcy attorney and National Bankruptcy Forum contributor Jeffrey Tromberg recently participated in an interview to discuss the state of the South Florida economy and how it has impacted his bankruptcy practice in Fort Lauderdale. As the managing attorney of the Florida Debt Relief Center, Jeff fielded questions on topics ranging from mortgage modification to common misconceptions [...]
Who’s watching out for your rights? Why “Elizabeth Warren” should be your choice.
by Tara Gaschler on 7/28/10 | 1 Comment(s)
I just got my evening email update for consumer bankruptcy issues. The lead story is about whether the President will appoint Elizabeth Warren to head the Consumer Financial Protection Bureau. While this is admittedly, a bit “off-topic” for a bankruptcy blog, whoever is appointed to head the CFPB has the potential to significantly improve the [...]
If I walk away from my underwater house, can I be sued for the deficiency?
by Stephen Trezza on 7/20/10 | 0 Comment(s)
With the current housing market in shambles, more and more people find themselves on the verge of foreclosure. Many people find themselves in a situation where the property value is lower than it was when the property was first purchased. This is what is referred to as an underwater mortgage, meaning that there is negative [...]
Health Care Reform Has Some Help For Small Businesses
by John C. Colwell on 7/20/10 | 0 Comment(s)
It was of particular interest to me, since my business likely qualifies for this tax credit. My office is comprised of 3 locations, with 4 attorneys and 6 support staff. According to this article, the tax credit will apply to business of 25 employees or less, along with other requirements. We happily provide Kaiser-Permanente health HMO to our employees, and it appears that our firm will enjoy a 35% deduction of our health care premiums by way of a tax credit this year, and each year, until 2014, when the tax credit is increased.
Trustee in Michael Vick Chapter 11 Case Files Adversary Proceeding
by Moderator on 7/18/10 | 0 Comment(s)
Just when you thought things couldn’t get much worse for Eagles Quarterback Michael Vick, well…..they did. Vick made national news when a dog fighting ring he participated in was broken up and he was sentenced to prison. Most recently, Vick’s out of state travel privileges were revoked by his parole officer after a shooting occurred [...]
Can I go to jail if my payday loan check bounces?
by Stephen Trezza on 7/06/10 | 0 Comment(s)
If you happen to be behind on your payday loans and your checks keep bouncing, you may be worried about facing criminal prosecutions. Some “payday” lenders have been known to call and threaten borrowers to “pay or go to jail.” As a result many “payday” loan borrowers are terrified by threats of criminal prosecution. But if [...]
