By Scott Riddle Posted in Chapter 11,Chapter 13,Chapter 7As this post is written, many people have either recently filed their tax returns or are getting ready to file by the April 15 deadline. While most of us are not happy happy happy this time of year, for some people it is a reminder of their lingering tax debt from prior years. A common… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7Since we are Bankruptcy lawyers, with many years of experience, we see firsthand the dangers and hazards of trying to file a case without a lawyer. On a daily basis, people on legal forums like AVVO and Lawguru post questions about getting out of trouble they have gotten themselves into by not hiring a good… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7I recently came across an article listing fifteen shocking facts about student loans in the United States. You can access the article by clicking here, but fair warning that it is one of those pictorial lists that have taken over the interwebs these days. I will not copy the entire list, but here are the… Continue Reading
By Scott Riddle Posted in Chapter 13Yes, it is possible to have too much debt for Chapter 13 but those are unusual cases. Unlike Chapter 7 cases, with no limit on the debt that can be discharged, Chapter 13 does have limits. Congress thought the process may be too cumbersome if an individual comes in with too much debt and they… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7,Debt Collection & ForeclosureMany Bankruptcy cases in Georgia, and other states, are filed to stop a foreclosure of the family home. They are not filed only because of the foreclosure, but the realization that the family home is about to be lost is usually the final straw after a period of financial problems. It is certainly understandable that… Continue Reading
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 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 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 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
By Scott Riddle Posted in Bankruptcy Basics,Chapter 13,Chapter 7In this prior post, we discussed Exemptions in Bankruptcy and why very few people actually lose property to the Bankruptcy Trustee (mainly in Chapter 7 cases). The primary reasons that people filing for Bankruptcy do not lose property is because they either do not have property that could be sold for a significant amount, or… Continue Reading
