Tag archive for ‘Chapter 7’
Debt Buyer Practices
by Jay Jump on 3/11/10 | 0 Comment(s)
Initially, let me explain what a debt buyer is.
A debt buyer is a company or individual who purchases note paper. When you purchase a home, or a car, you sign a promissory note. This promissory note is what entitles the creditor to collect money from you for payment on the loan. Read more>>
Where to File a Chapter 7 Bankruptcy
by Richard Stokan on 3/08/10 | 0 Comment(s)
A bankruptcy case must be filed in the federal district where the debtor has maintained his residence or principal place of business “for the one hundred and eighty days immediately preceding such commencement, or for a longer portion of such one-hundred-and-eighty-day period.” 28 USC 1408. In laymen’s terms, the case must be filed in the bankruptcy Read more>>
Several Eastern District of Michigan Bankruptcy Judges to Participate in Continuing Legal Education Seminar About Consumer Bankruptcy Issues
by Drew Broaddus on 3/05/10 | 0 Comment(s)
On February 8, 2010, the U.S. Bankruptcy Court for the Western District of Michigan (which covers Grand Rapids, Kalamazoo, Lansing, Traverse City, and Marquette) posted a notice on its website regarding an “Institute for Continuing Legal Education Seminar” to take place April 19, 2010 in Plymouth, Michigan. The notice (available here) indicates that the featured Read more>>
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 1 Comment(s)
You can villify me later. For now, I need you to read and get some perspective. Pay attention because we’re going to move fast.
You need to file for bankruptcy.
Let me say it again for those of you who are still shaking your head.
YOU NEED to file for bankruptcy!
There, I gave you a little emphasis to Read more>>
Listing and Valuing Household Items
by Richard Stokan on 3/01/10 | 0 Comment(s)
Bankruptcy courts vary as to the specificity required for the description of household furnishings. Most courts are satisfied with a brief description of the types of household goods rather than an itemized list of every item. For example, a debtor can list table settings for eight instead of itemizing each plate, saucer etc… Similar groupings Read more>>
Eastern District of Michigan’s Chief Bankruptcy Judge to Participate in Roundtable Discussion About Chapter 7 Bankruptcy Issues
by Drew Broaddus on 2/19/10 | 1 Comment(s)
On February 17, 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 regarding “A Late Afternoon Roundtable Discussion” to take place on Wednesday March 10, 2010 in Southfield, Michigan. The notice (available here) indicates that the discussion will be moderated Read more>>
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>>
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>>
