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How Quickly Will I Receive A Discharge Once My Chapter 7 Case Has Been Filed?

By Drew Broaddus on 8/23/10 | 0 Comment(s)

Tagged as: denial of bankruptcy discharge, discharge, timing of discharge

In most consumer bankruptcy cases, the discharge of debts is the primary reason for filing the case. Whether the bankruptcy is motivated by overwhelming credit card debt, medical bills that are simply too much or some other issue, most debtors anxiously await the discharge and the chance to start over that it provides. The timing [...]

How Many Times Can I File for Bankruptcy and Receive a Discharge?

By Drew Broaddus on 8/22/10 | 0 Comment(s)

Tagged as: adversary proceeding, Chapter 13 bankruptcy, Chapter 7, discharge of debt, revocation of discharge

While you can file bankruptcy as many times as you like, “wiping away” debts and getting a fresh start through the bankruptcy discharge is the primary goal of most debtors. The question therefore is not really “how many times can I file for bankruptcy?” as much as it is how often can I receive a [...]

Should My Corporation File for Chapter 7 Bankruptcy?

By Drew Broaddus on 8/22/10 | 0 Comment(s)

Tagged as: business debt, Chapter 7, corporate bankruptcy, discharge, personal guarantee

When an individual is considering filing for bankruptcy they often want to know whether their corporation should file as well. Chapter 7 bankruptcy typically will not help a corporation.  This is because corporations cannot receive a “fresh start” or discharge of debts. The Bankruptcy Code provides that the “court shall grant the debtor a discharge, unless … the [...]

Reaffirmation Agreements: the Legal Impact

By Drew Broaddus on 8/21/10 | 0 Comment(s)

Tagged as: debt after bankruptcy, legal impact of reaffirmation agreement, reaffirmation agreements, signing for debt

Understand Your Reaffirmation Agreement Before You Sign…… I have written several articles on the National Bankruptcy Forum regarding reaffirmation agreements in bankruptcy.  However, the legal consequences of such agreements are often not fully understood. Before agreeing to reaffirm a debt after bankruptcy, it is always wise to consult your bankruptcy attorney. In short, a reaffirmation agreement is a new [...]

Bankruptcy Pleading Requirements In Light of Ashcroft

By Drew Broaddus on 8/21/10 | 0 Comment(s)

Tagged as: 12(b)(6), Ashcroft, dismissal on pleadings

As discussed here, 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 adversary proceeding requires the Bankruptcy Judge to make a decision about the issues presented.  When [...]

How Will My Credit Report Be Affected By Filing For Bankruptcy?

By Drew Broaddus on 8/21/10 | 0 Comment(s)

Tagged as: bankruptcy and your credit, bankruptcy lawyers, credit reporting, credit score, creditworthy, life after ban kruptcy, negative reports

A bankruptcy can be reported on your credit report for ten (10) years after the filing of the case.  If you file a bankruptcy and voluntarily dismiss it before the discharge, the credit reporting agency must report the dismissal as well as the bankruptcy filing on your credit report.  Most individuals who have income become more credit worthy [...]

In Re: Werngerter and Proof of Claims in Bankruptcy

By Drew Broaddus on 8/20/10 | 0 Comment(s)

Tagged as: proof of claim

Recently at the National Bankruptcy Forum, 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.   In that case, B-Line, LLC purchased a creditor’s claim against Gerald Wingerter and filed a proof of claim, based [...]

Non-exempt Assets and Claims of Creditors

By Drew Broaddus on 8/20/10 | 0 Comment(s)

Tagged as: bankruptcy exemptions, exempt property

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 [...]

Tax Refunds and Chapter 13

By Drew Broaddus on 8/18/10 | 0 Comment(s)

On January 27, 2010, the U.S. Bankruptcy Court for the Eastern District of Michigan (which covers Detroit, Bay City, and Flint) posted a notice on its website (available here) regarding the treatment of tax refunds in Chapter 13 cases, in light of the Eastern District of Michigan’s holding in United States v. Carroll , __ B.R.__, 2010 WL 338040 [...]

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 [...]

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