Bankruptcy Legal Guide

Channel Description:

Latest Articles in this Channel:

04/27/11--12:28: Means Test Median Income Figures Reduced Again (chan 1976057)

As many of you know, one of the bankruptcy  eligibility threshold factors to determine which chapter of bankruptcy one may file under (e.g. Chapter 7, chapter 11, or chapter 13) is the dreaded “means test” which uses income received in the six calendar months prior to filing your case and compares that to the census [...]


04/27/11--12:28: 60 Minutes–Foreclosure Crisis Getting Worse (chan 1976057)

In case you missed the television show “60 Minutes’” presentation on the current foreclosure crisis, click on the link below to view from the CBS website. 60 Minutes Foreclosure Crisis This is a good presentation of just some of the fraudulent activities currently surrounding mortgage loan modifications and foreclosures. Bankruptcy can in many cases allow [...]


04/27/11--12:28: Bankruptcy and Financial Problems: Regain Your Power (chan 1976057)

Explore  Your Options Sooner Rather Than Later:  You May Have More Than You Think Many people who are in financial turmoil and seeking bankruptcy relief often, quite understandably, feel powerless and out of control.   This comes from feeling like they have no options.    They think their creditors are going to come into their homes [...]


04/27/11--12:28: Low Cost Bankruptcy Attorneys (chan 1976057)

It’s not a new issue: People filing bankruptcy are concerned about how much legal representation will cost them.   This is completely understandable given the financial situation they are in.  As a result, bankruptcy attorneys advertising  “low cost” bankruptcy filings are popping up like wild mushrooms on a warm,  moist lawn.   But there is a [...]


04/27/11--12:28: Bankruptcy Protection From Discriminatory Treatment (chan 1976057)

Are you looking for jobs just after you have filed bankruptcy?  Then you may know it is difficult to find a job as prospective employers sometimes avoid employing someone who filed bankruptcy. The filer’s reliability is put to question and the job application is often declined by the employers for irresponsibly handling their finances. If [...]


04/27/11--12:28: Chapter 7 Qualifications: Credit Card and Student Loan Payments Don’t Count (chan 1976057)

Credit card and student loan payments do not factor in to the analysis for determining Chapter 7 eligibility.  It seems not a day goes by that I’m not trying to explain to a potential client why their payments to debts owed to unsecured creditors do not count in their budget in determining eligibility to file [...]


04/27/11--12:28: Filing Bankruptcy for Corporations (chan 1976057)

When, or if, to file bankruptcy for a corporation is the subject of major confusion among many corporate owners and officers.  For purposes of this article, when I refer to a corporation, I also mean to include partnerships and  LLCs. There are only two bankruptcy choices for a corporation:  Chapter 11 or Chapter 7. Chapter [...]


04/27/11--12:28: When a Homestead Exemption Is NOT Forever (chan 1976057)

A common perception about the general public and among attorneys alike is that you can keep certain properties through bankruptcy. The most important property in question is usually the primary residence of the debtor(s). This is possible because a homestead exemption allows a debtor to keep the home in spite of the fact that there [...]


04/27/11--12:28: Bankruptcy Doesn’t Affect Co-Signers’ Obligations (chan 1976057)

A question I frequently get asked is whether filing a bankruptcy case will eliminate the liability of any co-debtors or co-signers on loans or other debts owed by the party filing bankruptcy.   The answer is no unless, of course, the debtor filing bankruptcy is doing a 100% repayment plan in a Chapter 13 or Chapter [...]


04/27/11--12:28: Do Debts Eliminated in Bankruptcy Get Included in My Income Taxes? (chan 1976057)

I received a 1099 from a Creditor After My Bankruptcy Case was Completed:  Is this Taxable Income? A very important question I’m often asked this time of year by my clients is what effect does their bankruptcy have, if any, on their income taxes.    The exact question is whether or not debts discharged (forgiven) in [...]