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From www.bankruptcylawnetwork.com:
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When a Chapter 13 bankruptcy debtor finishes making his plan payments, he must certify he satisfies two requirements for a discharge of his debts. The federal courts have adopted new form B282 for debtors to make that certification effective December 1, 2008.
A debtor must certify he has paid all domestic support obligations. 11 U.S.C. 1328(a). [...]
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Bally Fitness filed for Chapter 11 protection in the Southern District of New York today, December 3, 2008. Bally just emerged from a Chapter 11 Bankruptcy a little over a year ago an an attempt to manage $800 millon dollars of debt. This time they have about $811 millon dollars of debt and will look to either [...]
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There are four general requirements for discharging an income tax in bankruptcy. In this post, I will discuss the first: The tax must be one for which the return was not last due within three years of the filing of the bankruptcy. Therefore, if a 2005 income tax return was last due on [...]
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Year-end bonuses may be prorated over the covered 12 months, instead of being counted 100% as income when received, according to a recent case interpreting Means Test Income.
I recently posted on this case from Judge Joel B. Rosenthal of the U.S. Bankruptcy Court for the District of Massachusetts, which ruled that a paycheck, received after [...]
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aba-blawg-100
Each year the American Bar Association publishes a list of the top 100 legal blogs. This year, the ABA has recognized this site as a one of the top 100 legal blogs - and the only legal blog dealing with bankruptcy, credit and debt issues.
So please pardon us as we take a moment - [...]
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Many people file for bankruptcy and keep their homes and cars. However creditors may sell property after a bankruptcy discharge is granted via repossession or foreclosure if a default under state law has been triggered allowing the sale of collateral for the loan.
When someone files for bankruptcy, they don’t get to keep their houses or [...]
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Post-dated payday loan checks can be cashed even after a bankruptcy is filed, according to a federal appellate panel. They may not be able to keep the money, however.
Most bankruptcy filings trigger an automatic stay which stops collection of debt by creditors. One exception to this stay is for “negotiating” — cashing — a check. [...]
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The BAPCPA amendments to the Bankruptcy Code allow creditors to request a tax return directly from a debtor. Section 521(e)(2) provides that:
(A) The debtor shall provide-
(i) not later than 7 days before the date first set for the first meeting of creditors, to the trustee a copy of the Federal income tax return required [...]
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When social security benefits have already been received, but not yet spent on the date a bankruptcy case is filed, the funds cannot be claimed exempt under the federal bankruptcy exemptions, according to In re Carpenter, 2008 WL 4567128 (Bky.D.Minn. Oct. 14, 2008), a recent Minnesota bankruptcy court ruling.
This case held that bankruptcy code section [...]
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Eight free web videos on about filing for bankruptcy are now available on the federal court website:
Introduction Running Time: (2:38)
Types of Bankruptcy Running Time: (3:55)
Limits of Debts Running Time: (4:34)
Filing for Bankruptcy Running Time: (2:57)
Meeting of Creditors Running Time: (1:27)
Court Hearings Running Time: (6:58)
This Discharge Running Time: (1:27)
Legal Assistance Running Time: (4:58)
General bankruptcy information [...]
From www.creditslips.org
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Martin Feldstein has been pushing a mortgage bailout proposal that has been getting some undeserved attention (see here and here, e.g.). Feldstein gets (here, and here) how central negative equity is to the economic crisis. Homeowners with negative equity have...
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Don't let other headlines fool you. On a daily basis, the bankruptcy filing rate rose in November and went over 5,000 for the first time since the 2005 changes to the U.S. bankruptcy law. The 91,355 filings in November were...
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I'm in Providence, Rhode Island, for a field hearing of the Senate Judiciary Committee. The hearing is "Credit Cards and Bankruptcy: Opportunities for Reform." The other witness are former Credit Slips guest blogger and attorney for the National Consumer Law...
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Friday's Detroit Free Press and today's San Diego Union-Tribune feature an op-ed I authored about the Treasury Department getting into the credit card business. I argue that interchange and billing tricks and traps are integral parts of a business model...
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Ronald Trost is surely one of the sharpest minds in Chapter 11. He negotiated the Chrysler non-bankruptcy bankruptcy back in 1979. (His work is highlighted in Moritz & Seaman, Going for Broke: The Chrysler Story. Jay Westbrook and I still...
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Yes, I meant "whiteboarding." If you're not an expert and are looking for plain English explanations of concepts like asset-backed securities, credit default swaps, and margin calls, check out the Marketplace Whiteboard. It's an effort by Paddy Hirsch, senior editor...
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If I were a line-worker at GM, I’d be pretty pissed right now. My boss flew into DC on a private plane and came away with bupkes. Citi, on the other hand, just got a fourth big bailout. (Bailout 1:...
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For those of you who have not found it, take a peak at Bankruptcy Bill, a comic strip by Gideon Kendall and Steven Horowitz. Five strips have appeared so far. You'll have to click through to read them. I won't...
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I'm skeptical about a government-sponsored auto industry bailout and think chapter 11 probably provides the best policy tool to deal with the current problem. Although auto industry execs have balked at the idea of a bankruptcy filing, some have promoted...
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The American Bankruptcy Institute is inviting applications from academics to serve as Robert M. Zinman Resident Scholar for the 2009 Fall Semester. The ABI Scholar performs a variety of tasks such as advising congressional staff, testifying before congressional committees, speaking...
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