By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & Foreclosure“Emergency” Bankruptcy cases or petitions, and “skeletal” petitions, are terms that are used fairly often in the Bankruptcy world and you may come across the terms in various websites (such as this one). The terms are related, but have different meanings. An “emergency” Bankruptcy case is, as the name implies, a Bankruptcy case that has… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7Homeowners in Bankruptcy typically understand their obligations as far as the home loans go. In a Chapter 7, they typically keep the home and continue making payments, give up the house and get a discharge of the debt or, in rare cases, reaffirm the debt and continue living in the home. These same options are… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7The purpose of this Blog is to provide basic, easy to read, and hopefully easy to understand, information about Bankruptcy for individuals and small businesses. If you reached this page because you are facing financial problems and exploring Bankruptcy, we hope we can help you a little. You may have a specific question, and maybe… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Even if you have a lawyer in your Bankruptcy case, you may be curious about what pleadings and documents are actually filed in your case. Your lawyer will most likely send you copies of just about everything filed in the case, whether it is by your lawyer or another party in the case, and you… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7As we discussed in this post about the discharge of student (or educational) loans, most courts apply some version of the Brunner Test in determining whether a student loan should be discharged because of undue hardship. The Brunner Test is named after a 1987 case in the Second Circuit Court of Appeals, Brunner v. New… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7As we go along with this Blog we will discuss cases about one of the most important financial issues of our day – student loans. We know from this post that they are difficult to discharge in Bankruptcy, although there is a reason that we should probably try more than we do to get them… Continue Reading
By Scott Riddle Posted in Chapter 13,Chapter 7When we think about student loans, we normally automatically think about loans taken out for college or other higher education. In the Bankruptcy context, we also know that public and private student loans are generally nondischargeable unless the borrower meets the tough “undue hardship test.” However, the fact is that Bankruptcy law does not limit… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7One thing that Bankruptcy lawyers generally agree on is that it is very difficult to get a discharge of student loans and other educational obligations under the Bankruptcy Code and the cases that interpret the law. We discussed the legal test in this post, and under the law we often say that a discharge takes… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Update – Lien Stripping is no longer allowed in any Chapter 7 case. In this post about lien stripping, we discussed the significant benefits of “stripping,” or removing, second or third liens from homes when the value of the home is less than the higher priority liens. The ability to strip these wholly unsecured liens… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7A Rule 2004 Examination (often just called a “2004 Exam”) is the procedure used by parties in a Bankruptcy case to get documents or information from another party. The name comes from Rule 2004 of the Federal Rules of Bankruptcy Procedure, which governs the process. The rule is very broad and essentially allows any party… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7The Bankruptcy discharge is what it is all about. It is why people file for Bankruptcy, even though they also benefit from the automatic stay, lien stripping and other advantages in Bankruptcy. Even if some debts are excepted from the discharge, the Bankruptcy discharge typically frees up enough money to that the individual or couple… Continue Reading
By Scott Riddle Posted in Chapter 13A Bankruptcy lawyer’s primary job is to advise clients on Bankruptcy law, plan a Bankruptcy filing and guide clients through a Bankruptcy case. That is exactly what Bankruptcy Judges expect us to do, and we can get into trouble with the Court, U.S. Trustee, State Bar and even our clients if we do not do… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7As discussed in more detail in this post, you there are two counseling requirements in individual Bankruptcy cases – one before filing the case, and one before getting a discharge. The overwhelming majority of people do the counseling sessions online. How do you find an approved Bankruptcy counseling agency and compare prices? One simple way… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7An “Adversary Proceeding” is a separate lawsuit filed within a Bankruptcy case and, like most other lawsuits, it is initiated by one party filing a “Complaint” against another party. The Adversary Proceeding has a separate case number and the pleadings in the proceeding are maintained separately from the main Bankruptcy case. Also like most other… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7One of the more common concepts in Bankruptcy Court, and most other courts, is that if a party does not respond or object to the relief requested by another party, the relief is deemed unopposed. Most commonly, that comes up when a defendant does not timely file an answer to a complaint and a default… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7We often see statistics on Bankruptcy filings reported in newspapers, especially in Georgia since we are usually in the top 2 or 3 states in number of annual personal Bankruptcy cases filed. Looking behind the numbers, what exactly causes people to have to file a Bankruptcy Petition? The reasons may or may not surprise you. … Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7Choosing a Bankruptcy lawyer is probably the most important decision a person can make during the process, other than the decision to file Bankruptcy. If you are considering filing, or believe it may be necessary in the near future, it is important that you speak with a lawyer or two well in advance of the… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7If you think Bankruptcy is a possibility, hopefully you have spent some time identifying one or two good lawyers in your area. The next step is to schedule an initial consultation to review your situation in more detail. These consultations are a two-way street. The lawyer is providing valuable information to you, and you have… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7One of the great benefits of a Chapter 13 case (and, as discussed below, Chapter 7 cases in some states) is the ability to “strip,” or remove, a second or junior lien from your house if the value of the house is less than the outstanding balance of the first, or senior, lien. For example,… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13In our overviews of Chapter 13 cases and Chapter 13 Plans, we used the term “Disposable Income.” Disposable Income is one of the most important components of a Chapter 13 case and Plan because that is the portion of your income that you have to contribute to the Plan (via the Chapter 13 Trustee) to… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13The primary difference between a Chapter 7 case and a Chapter 13 case is the Chapter 13 Plan. If you do not qualify for a Chapter 7 case under the Means Test, or you qualify but want to take advantage of benefits of Chapter 13 (such as lien stripping), then you will submit a Chapter… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Student loans have become a huge burden in the United States. Recent statistics show that current outstanding student loan debt is more than $1.1 Trillion. That is “Trillion” with a “T.” We can point our fingers in many directions to cast the blame for this high number, including lenders, borrowers, schools, and the federal government,… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Well, you can! When a celebrity or famous person files a Bankruptcy case we (Bankruptcy lawyers) hit the Twitter and social media waves, and our Blogs (like this one) with the news, because if a celebrity can do it you certainly should not feel bad about it! Right?!? We also get good google hits for… Continue Reading
