One of the most powerful protections the Bankruptcy Code, if not the most powerful, is the automatic stay.  Contained in Section 362 of the Bankruptcy Code, the automatic stay prohibits creditors from taking certain actions once your bankruptcy petition is filed.  Section 362(a) states: Except as provided in subsection (b) of this section, a petition…Read more

In the first appeal, Morris v. Kasparek (In re Kasparek), 426 B.R. 332 (10th Cir. BAP 2010) (“Kasparek I”), another panel of this Court reversed the bankruptcy court’s order denying the Trustee’s request to sell real property held in joint tenancy by Debtor Jonathon Kasparek (“Debtor” or “Jonathon”), his brother James Kasparek (“James”), and his…Read more

Paul R. Correia and Tammie L. Correia (the “Debtors”) appeal from the bankruptcy court’s decision awarding summary judgment to Deutsche Bank National Trust Company, as Trustee Under the Pooling and Servicing Agreement Series ITF INABS-2005-A (“Deutsche Bank”). The Debtors had initiated an adversary proceeding seeking to set aside Deutsche Bank’s post-petition foreclosure of their home.…Read more

The plaintiff-appellant / cross-appellee, Dorothy R. Duby (the “Debtor”), and the defendant-appellee / cross-appellant, United States of America, Department of Agriculture (the “USDA”), appeal from the bankruptcy court’s final judgment and order dated July 21, 2010, awarding the Debtor $11,848.50 for attorney’s fees for a violation of the automatic stay and $3,000.00 as a sanction…Read more

In order to determine if you can take advantage of the benefits and protections of Chapter 7 bankruptcy, your attorney must first determine two things.  The first is that your income must be below the median income level for your state for your household size.  This is the “median income” test. The median income levels…Read more

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in…Read more

It’s no coincidence that I get lots of phone calls from people looking for a bankruptcy attorney on Friday.  For most people, Friday is payday.  For people calling my office, that’s the day they learn their paycheck has been garnished. Once a creditor has gotten judgment, he can execute on that judgment.  That means he…Read more