Category archive for ‘Bankruptcy News’ 
The incredible short sightedness of ending unemployment benefits.
by John C. Colwell on 6/29/10 | 0 Comment(s)
Just today, I received an inquiry from a gentleman who has been unemployed since 2008. He explained that his benefits had now just ended upon the failure of our ‘leaders’ in passing the much needed extension. He went on to explain that he was able to pay his credit card debt ‘alright’ up until the time the benefits were cutoff. Let me emphasize this, he was paying his credit card payments with his unemployment benefits!
The Hidden Cost of War: A Connection Between Afghanistan, Iraq, and the Rise of U.S. Personal Bankruptcies?
by Drew Broaddus on 6/11/10 | 0 Comment(s)
It has widely been reported that, despite a budding recovery, personal bankruptcies are still on the rise in the United States. (See, for example, this blog entry). Although Congress overhauled the nation’s bankruptcy laws in 2005 with the intention of limiting the ability of many individuals to get rid of their debt (see “How Important [...]
6,000 bankruptcies a day
by Moderator on 6/09/10 | 0 Comment(s)
Well, so much for bankruptcy reform discouraging bankruptcy filings. According to a recent USA Today article, commercial and consumer bankruptcies are being filed at never before seen rates since bankruptcy laws changed in 2005. According to the article, filings are on pace to reach a stunning 1.5 million cases this year. That number would represent [...]
Former NBA Star Antoine Walker Files For Bankruptcy
by Moderator on 5/30/10 | 0 Comment(s)
Former three time All Star with the Boston Celtics and member of the 2006 Miami Heat team that won the NBA championship, Antoine Walker has filed for bankruptcy. Walker’s bankruptcy schedules filed in the Southern District of Florida, reveal approximately 4 million in assets and 12 million in debts. Walker’s championship ring is listed as [...]
When Can Credit Card Companies Challenge Your Discharge?
by Drew Broaddus on 5/21/10 | 1 Comment(s)
Nearly all of the individuals who visit our office have concerns about credit card debt. While this type of debt can typically be discharged through a Chapter 7 bankruptcy, this is not always the case. Credit card issuers sometimes challenge the discharge of their debt in bankruptcy by filing a lawsuit in the bankruptcy court [...]
NYT: Judges Growing Frustrated With Dishonest Debt Collectors; Sanctions Imposed
by Moderator on 5/07/10 | 0 Comment(s)
According to an article appearing in today’s New York Times, New York judges are growing increasingly frustrated with the tactics debt collectors are employing in pursuit of their “accounts.” Evidence is mounting that debt collectors routinely file suit against consumers who don’t owe a penny. According to the article: “Debt-buyer businesses purchase lists of names [...]
Filing An Adversary Proceeding to Discharge Student Loan Debt
by Drew Broaddus on 5/07/10 | 1 Comment(s)
Student loans are not usually discharged in Chapter 7 bankruptcy. It is difficult, but not impossible, to do so if you can show that payment of the debt “will impose an undue hardship on you and your dependents.” See 11 U.S.C. § 523(a)(8). Whether a student loan is discharged based on hardship is not automatically [...]
Can Filing For Bankruptcy Improve Your Health?
by Moderator on 5/05/10 | 1 Comment(s)
I want to highlight a great post written by Julie O’Bryan discussing the adverse impact that debt can have on health. http://www.thekybankruptcyblog.com/2010/04/29/debt-stress-makes-us-sick In light of Julie’s article, consider the following statistics from WebMd: Forty-three percent of all adults suffer adverse health effects from stress. Seventy-five percent to 90% of all doctor’s office visits are for stress-related [...]
Federal Rules of Civil Procedure Apply in Bankruptcy Adversary Proccedings
by Drew Broaddus on 4/30/10 | 0 Comment(s)
An adversary proceeding is essentially a civil complaint filed in the bankruptcy court. There are three parties in a bankruptcy court case who can file an adversary proceeding: a creditor, the Trustee, or the debtor. The filing of an adversarial proceeding requires the Bankruptcy Judge to make a decision about the issues presented. When a [...]
Two Detroit Sports Legends Find Themselves In Financial Peril
by Moderator on 4/24/10 | 1 Comment(s)
There was an interesting yet somewhat depressing article on boxing great Thomas the “Hitman” Hearns in the Detroit News last week. Hearns earned millions as a professional fighter yet now finds himself being forced to sell off his assets and memorabilia at auction in an attempt to pay back his creditors. The story for Hearns [...]
