Source: http://jamesrobertdealattorney.com/topics/bankruptcy/
Timestamp: 2017-10-24 02:04:53
Document Index: 312539829

Matched Legal Cases: ['art-1', 'art-2', '§547', '§101', '§301', '§302', '§101', '§ 101']

Bankruptcy | James Robert Deal - Real Estate Attorney
No Minimum Time Length For The Ninth Circuit by Bankruptcy Law Network (BLN) Written by Michael G. Doan Thanks to http://www.bankruptcylawnetwork.com/chapter-13-no-time-length-for-the-ninth-circuit-part-1-of-2/ http://www.bankruptcylawnetwork.com/chapter-13-no-minimum-time-length-for-the-ninth-circuit-part-2-of-2/ August 9, 2008 When the Bankruptcy Laws changed in October, 2005, little did Congress know that they actually made Chapter 13 repayment plans quicker, cheaper, and easier in many cases. At least this has now been determined the law of the land in the Ninth Circuit (Alaska, Arizona, California, Hawaii, Idaho, Montana, Oregon, Nevada, Washington, Guam, and Northern Marianna Islands) because of a landmark case, Maney v. Kagenveama (In re Kagenveama), 2008 U.S. App. LEXIS 13299 (9th Cir. Ariz. June 23, 2008) When the new Bankruptcy Laws were created (BAPCPA), Congress also created an artificial test to determine Chapter 13 monthly payments called the “means test,” to be filled out on Official Form B22C. This test in most cases has...
What is a Bankruptcy Preference? by KENT ANDERSON on AUGUST 16, 2010 A bankruptcy preference is a transfer made shortly before the case is filed that the trustee can take back from one creditor and share with all the other creditors. The transfer must be of money or property in which the debtor has an interest. It must be made to a creditor owed money by the debtor. The transfer must be more than the creditor would receive in a Chapter 7 distribution. Finally, it must be made within a certain period of time. 11 USC §547 governs the preference rules under federal law. The preference period is 90 days before filing unless the debtor has a special relationship with the creditor and is considered an insider. Insiders are close family members, business partners, or a corporation of which the debtor is a person in control such as an officer...
How Long Before I Can File Bankruptcy Again? There is no limit on the number of bankruptcy cases that one may file, nor on the time which must pass between filings. The only catch is that if insufficient time has past between filings, you will not receive a discharge. For example, a debtor who has filed a chapter 7 and has received a discharge for some of his debt, and who has other non-dischargeable debts, which he needs time to pay, such as student loans or taxes, might file a follow-up chapter 13 and have five years to pay those debts and not have to worry aboiut beind sued or garnished. At the end of the five year Chapter 13, he will not receive another discharge, but by that time, he will have paid off his non-dischargeable debts. Or...
Bankruptcy Timeline Posted on August 21, 2013 by Jonathan Mitchell Thanks to Attorney Jonathan T. Mitchell. Caution: This timeline does not include all bankruptcy events. It is a summary description of bankruptcy and may not be accurate under all circumstances. You should consult a qualified attorney to see how the law will apply to your situation. Who or what is a debtor? The debtor is the person or other entity that has filed the bankruptcy, and owes money to the creditors [11 USC §101(13)]. Bankruptcy Filed Commencement of Case A voluntary bankruptcy is commenced by the filing of a petition with the Bankruptcy Court requesting protection from creditors under Chapter 7 or Chapter 13. A husband and wife may file one petition together and commence a joint case [11 USC §301, 11 USC §302, 11 USC §101(42), Rule 1002 FRBP]. Filing fee...
Filing for Bankruptcy Does Not Create Tax Consequences Written by Craig D. Robins, Esq. Thanks to Long Island Bankruptcy Attorney I was prompted to write this article by the unusually large number of calls that I received last month from old bankruptcy clients and their tax preparers. For some reason, many tax preparers, not knowing how to treat bankruptcy for tax purposes, mistakenly believe that a taxpayer’s bankruptcy must either be reported on a tax return, or there would be tax consequences involving the concept of “debt forgiveness.” Understanding the concept of debt forgiveness is important as that may trigger tax consequences. However, bankruptcy does not. There May Be Tax Consequences for Forgiveness of Debt. I frequently represent clients with negotiating settlements of credit card debt as an alternative to filing for bankruptcy. Let’s suppose that I negotiate a...
What Happens When a Debtor Forgets to Schedule a Personal Injury Suit Thanks to Long Island Bankruptcy Blog Posted on Tuesday (August 21, 2012) at 3:43 pm to Bankruptcy Practice Chapter 7 Bankruptcy Personal Injury and Bankruptcy Recent Bankruptcy Court Decisions Suffolk Lawyer Written by Craig D. Robins, Esq. A Consumer Bankruptcy Debtor Can Lose Standing to Litigate if Lawsuits Are Left Out of the Petition There is one question that Chapter 7 bankruptcy trustees like to ask debtors twice at the meeting of creditors: “Are you currently suing anyone or do you have the right to sue anyone?” The reason trustees like to ask this question twice is because many debtors forget to tell their attorneys that they have a cause of action, which can be a valuable asset worth administering. Causes of action are considered assets that...
Can I keep a credit card out of my bankruptcy? by Chip Parker, Jacksonville Bankruptcy Attorney http://www.bankruptcylawnetwork.com/can-i-keep-a-credit-card-out-of-my-bankruptcy/ The Bankruptcy Code requires a debtor to list all creditors in his bankruptcy schedules. However, a “creditor” is typically defined as someone to whom the debtor owes money. Specifically, 11 U.S.C. § 101(10)(a) defines a creditor as an “entity that has a claim against the debtor that arose at the time of or before the order for relief concerning the debtor.” So, if the debtor has a credit card with a zero balance, the issuer of that card IS NOT A CREDITOR, and therefore, the debtor need not disclose his bankruptcy to that credit card company. BUT, that’s not the end of the story. Card issuers write very one-sided credit card agreements that seem to get modified all the time. The Terms...
Can I Strip A Second Mortgage In A Chapter 7 Bankruptcy? by Carmen Dellutri, Southwest Florida Bankruptcy Attorney A Chapter 7 Bankruptcy Debtor can strip a second mortgage in a Chapter 7 bankruptcy if they live in a jurisdiction under the 11th Circuit Federal Court of Appeals. Approximately two weeks ago, the 11th Circuit issued an opinion in In Re McNeal, Case No. 11-11352 (11th Cir., May 11, 2012) wherein it held quite simply that a Chapter 7 Debtor could strip a second mortgage during the Chapter 7 case. This is huge because everyone and I mean everyone did not believe this to be the case after the Supreme Court’s decision in the Dewsnup v. Timm case. The McNeal case is rather surprising for several reasons. First, the 11th Circuit is not noted as being the most Debtor friendly...
Divorce during Bankruptcy by Andy Miofsky, Illinois Bankruptcy Attorney One of the leading causes of marital conflict involves money, or lack thereof. If you and your spouse filed a joint bankruptcy and you are now considering divorce, your respective financial positions may be at odds with each other. One person may want the house, one may not. Both may want the same vehicle. Who will pay, who will not. Think about that for a moment, if you cannot agree to get along in marriage, will you be able to agree to do the things necessary to complete your case after you divorce. This situation places the attorney squarely in a potential conflict of interest between both spouses. An attorney cannot serve two masters. Conflict resolution This conflict does not exist if only one spouse is represented in bankruptcy unless...
What Can I Do When Bankruptcy Doesn’t Get Rid Of The Tax? by Kent Anderson, Oregon Bankruptcy Attorney Bankruptcy can stop collection and eliminate tax debt in many situations. For more details on tax discharge see the article I wrote about Bankruptcy Tax Discharge on my personal site. While bankruptcy can be a very useful tool in dealing with the Internal Revenue Service and state collectors, it will not solve all problems. In many cases, a tax debt that would qualify for bankruptcy discharge is rendered non-dischargeable when the taxpayer fails to file a tax return and the IRS or state collection authority uses their statutory authority to assess. Some types of tax, such as employment tax, are not subject to discharge. Fortunately, there are other ways to stop or manage collection problems. Some types of tax can not be discharged and can be collected...