Maybe my age is catching up with me, but whenever someone in their twenties comes in for a consultation, I always feel a little more protective than I do with the rest of my clients. Being a lawyer is full of contradictions. My livelihood is based on helping people out of rough situations, but I…Read more
Colorado Bankruptcy Court Decision – In re: Shepard
Prior to the entry of the discharge order, the Chapter 7 debtors and one of their secured creditors (“Creditor”) entered into a reaffirmation agreement. Although debtors filed their case with the advice and assistance of an attorney, the attorney had not signed the declaration in support of the reaffirmation agreement. Creditor and debtors, on their…Read more
8th Circuit Bankruptcy Appellate Panel Decision – In re: Thompson
Reshetar Systems, Inc. appeals the January 20, 2011 judgment of the bankruptcy court determining the debt owed to Reshetar Systems, Inc. by Debtor Scott A. Thompson was not excepted from discharge. Bankruptcy Code Section 523(a)(4) excepts from discharge a debt “for fraud or defalcation while acting in a fiduciary capacity[.]” State law may impose fiduciary…Read more
6th Circuit Bankruptcy Appellate Panel Decision – In re: Richard K. Miller
In this appeal, the State Bank of Florence (“Bank”) appeals an order of the bankruptcy court denying its motion for relief from stay to continue a foreclosure action against Richard K. Miller (“Debtor”), and denying its objection to confirmation of the Debtor’s chapter 13 plan. The issues presented by this appeal are (1) whether the…Read more
Should I Lie to My Bankruptcy Attorney?
I was in a consultation the other day with a potential client. He had been unemployed for several months, so I asked him how he had been making ends meet. He told me that he had gotten a loan from a family member, but that he didn’t want to include it in the bankruptcy. I…Read more
What is Disposable Income in Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows you to reorganize your personal finances. If you have fallen behind on your mortgage, Chapter 13 bankruptcy allows you to catch up on your payments. Most importantly, Chapter 13 requires you to repay some, or all, of your creditors. How much you will have to pay back depends on what your…Read more
Three Things You Should Do After You File Bankruptcy
To me, bankruptcy is really a two-part financial recovery process. The first part, of course, is the bankruptcy itself. This is where you file your petition and all of your dischargeable debts get eliminated. The second part of the financial recovery process is changing your habits to avoid a second bankruptcy and to assure yourself…Read more
How Do I Calculate if I Can Strip My Second Mortgage in a Chapter 13 Bankruptcy?
If you’ve been reading about Chapter 13 bankruptcy, you know that only Chapter 13 allows you to “strip” your second mortgage. “Strip” is an unfortunate term that lawyers and judges use. In fact, the second mortgage doesn’t just go away. It will be converted into unsecured debt of which you will have to pay a…Read more
What Is The Effect Of A Bankruptcy Discharge?
Section 524(a) of the Bankruptcy Code is where you will find what the effect of a bankruptcy discharge is. It states: A discharge in a case under [the Bankruptcy Code]— (1) voids any judgment at any time obtained, to the extent that such judgment is a determination of the personal liability of the debtor with…Read more
Colorado Bankruptcy Court Decision – In re: Butcher
This case presented the question of whether a debtor may remove language from the district’s form chapter 13 plan requiring the confirmed plan to be modified following the bar date if timely proofs of claim, filed after plan confirmation, indicate that the debtor’s plan does not fully provide for secured and priority claims. The Court…Read more
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