Category archive for ‘Bankruptcy Practice Management’ 
Are you leaving thousands of dollars on the table? Why you need to know about lien stripping in Chapter 13
by Tara Gaschler on 8/17/10 | 0 Comment(s)
What if I told you you could get rid of your 2nd mortgage? That’s right – never make another payment and have the lien on your house completely removed! You would probably think that is too good to be true – right? Wrong! It is possible to do exactly what I have outlined above utilizing [...]
Presumption of Abuse Dismissal – Failing the Means Test
by Richard Stokan on 7/26/10 | 0 Comment(s)
The quickest way to have your Chapter 7 bankruptcy petition dismissed is to fail the means test. A debtor who fails the means test raises a rebuttable presumption of abuse. In the event a presumption of abuse exists, 11 U.S.C. § 707(b)(2) authorizes the court, US trustee or any part in interest to file a motion [...]
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.
Bankruptcy and Taxes
by Richard Stokan on 7/19/10 | 0 Comment(s)
As a general rule, you cannot discharge back taxes in bankruptcy. Certain income taxes, however, can be discharged under limited circumstances. When filing for Chapter 7 bankruptcy protection, taxes can be discharged under the following circumstances: (1) the taxes are limited to taxes on income. Taxes levied for fraud, payroll taxes or sales taxes do [...]
Bankruptcy Can Be Involuntary
by Richard Stokan on 7/12/10 | 0 Comment(s)
Although most people are familiar with voluntary bankruptcy, a debtor can be forced into an involuntary bankruptcy. Under certain circumstances, creditors can initiate a Chapter 7 or Chapter 11 bankruptcy case by filing an involuntary petition against the debtor. Before creditors can initiate an involuntary bankruptcy, a debtor must have 12 or more creditors, three [...]
What Constitutes a Fraudulent Conveyance
by Richard Stokan on 6/21/10 | 0 Comment(s)
Once a bankruptcy case is filed, a trustee is selected to administer the debtor’s estate. One of the options available to a bankruptcy trustee is the authority to set aside or “avoid” transfers of a debtor’s assets that the trustee determines unfairly placed the asset beyond the reach of creditors. Transferring an asset to a [...]
Meeting the Bankruptcy Trustee
by Richard Stokan on 6/07/10 | 0 Comment(s)
After filing for bankruptcy protection, your first contact with the court will be at a meeting of the creditors, commonly called a 341 hearing after the section of the bankruptcy code. The hearing is an opportunity for the bankruptcy Trustee and any creditors who may be present, to question you regarding your petition. Although the [...]
Bankruptcy and Appeals
by Drew Broaddus on 5/28/10 | 1 Comment(s)
In most consumer bankruptcies (i.e., non-business bankruptcies), there will be no adversary proceedings, challenges to discharge, or other contested issues and in turn, no issues for you or anyone else to appeal. However, every case is unique, and any bankruptcy could require the bankruptcy court to rule upon certain issues. If a party in interest [...]
Documentation Required to File for Bankruptcy
by Richard Stokan on 5/17/10 | 0 Comment(s)
In these economic times, more people with retirement accounts and significant assets are inquiring about filing for bankruptcy protection. One of the most frequent questions I am asked is what documentation do I need to file for bankruptcy? The simple answer is, if it is listed on the bankruptcy petition you need documentation. Although it [...]
The Number One Rule Of Bankruptcy
by Moderator on 5/06/10 | 2 Comment(s)
Folks, its not a close call. The number one rule of bankruptcy is full disclosure. Filing for bankruptcy affords the opportunity for tremendous relief, however, it comes with a price. Full disclosure requires detail and diligence. Short of itemizing dust bunnies underneath your sofa, it is impossible to disclose too much information to the Court [...]
