Category archive for ‘Chapter 7 Bankruptcy’ 
Someone Has Filed a Proof of Claim in My Bankruptcy Case. What Should I Do?
by Drew Broaddus on 2/12/10 | 0 Comment(s)
Last week on this site, I discussed In re: Wingerter. B-Line, LLC v. Wingerter, a recent Sixth Circuit Court of Appeals decision which addressed the issue of what creditors must do to file a valid proof of claim. The important feature of the Wingerter case, from a commercial debtor’s perspective, is that Chapter 7 and Read more>>
My Creditors Are Violating the Automatic Stay
by Jeff Herrick on 2/10/10 | 0 Comment(s)
When you file for bankruptcy, an automatic stay is issued by the Bankruptcy Court. An automatic stay is a measure put in place by the bankruptcy court to halt all actions by creditors to collect and/or obtain satisfaction of the outstanding debt even by repossession of the property. Unfortunately, some creditors do not abide by Read more>>
Random Bankruptcy Audits
by Richard Stokan on 2/08/10 | 1 Comment(s)
Since 2006, debtors filing for bankruptcy protection have been subject to random audits. As part of the reforms of the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), Congress required random audits to verify the accuracy and completeness of debtors’ bankruptcy filings. 28 USC 586(f). The targets are randomly selected and average approximately Read more>>
What Is the Rule With Cars and Bankruptcy?
by Moderator on 2/06/10 | 0 Comment(s)
Three important points to consider regarding cars and bankruptcy:
1. How much “equity” do you have in your car? As we’ve discussed on previous posts, a car or any other asset is only subject to liquidation in chapter 7 bankruptcy if there is non-exempt equity. Every state allows debtors to protect a certain amount of equity Read more>>
Sixth Circuit Court of Appeals Looks at Bankruptcy Proof of Claim Requirements in B-Line L.L.C. v Wingerter
by Drew Broaddus on 2/05/10 | 1 Comment(s)
As I recently discussed here, one important step in a Chapter 7 or Chapter 13 bankruptcy case is the filing of the “proof of claim.” A proof of claim is a document a creditor files with the Bankruptcy Court to prove that the debtor owes a debt to that particular person or entity. One recent Read more>>
Bankruptcy and Co-signers
by Richard Stokan on 2/03/10 | 0 Comment(s)
Before filing for consumer bankruptcy protection a debtor should consider the type of debt that will be affected. If any debt is secured by a co-signer, filing for bankruptcy could place the co-signer in the position of being compelled to cover the debt.
Regardless of whether a debtor is seeking a Chapter 7 discharge or Chapter Read more>>
Picking an Attorney…You Get What You Pay For
by Lori Patton on 1/26/10 | 0 Comment(s)
Several of my staff are out of the office this afternoon, so I’m pulling phone duty. A man just called and said he was shopping bankruptcy attorneys and had “several questions” but his first was “how much?” for an individual Chapter 7. I told him the fees and costs and he replied “so you’re the Read more>>
Eastern District of Michigan Encourages Bankruptcy Attorneys to Learn More About Income Tax Issues
by Drew Broaddus on 1/22/10 | 2 Comment(s)
Tax season is again upon us – as evidenced by the instruction booklet I received in the mail earlier this month – which brings up some potentially complicated issues for consumer bankruptcy attorneys. Some of these issues were discussed in two relatively recent articles by John O’Connor on this site, “Be Careful With Tax Refunds Read more>>
Did A Holiday Bonus Give You An “F” On The Means Test?
by Moderator on 1/21/10 | 0 Comment(s)
The Means Test was implemented as part of the 2005 bankruptcy reforms with the goal of making it more difficult for those with the “means” to pay back their creditors to file for chapter 7 bankruptcy. The means test looks at a consumers current monthly income or “CMI.” CMI is defined as average gross earnings Read more>>
What is the Basic Difference Between Chapter 7 and Chapter 13 Bankruptcy?
by Moderator on 1/21/10 | 1 Comment(s)
This could be the topic of a book, so we’ll stick to the basics. In my opinion, the two biggest differences between chapter 7 and chapter 13 bankruptcy are (1) time and (2) the treatment of assets.
TIME: A typical Chapter 7 bankruptcy usually lasts about three months whereas a chapter 13 plan requires a 3-5 Read more>>
