Like real estate, there are three simple rules to bankruptcy: Disclose. Disclose. Disclose. Disclose everything: your income, your assets, your debts. It’s a simple rule, and if you follow it your bankruptcy will go off without a hitch. Ignore the rule, and you could have problems. When my clients come in for their initial consultation,…Read more
Will Bankruptcy Stop My Paycheck Being Garnished?
As I’ve written before, by the time a creditor has started garnishing your paycheck, your options are limited. You might be able to convince them to drop the garnishment in return for regular payments, but I haven’t seen that happen yet. And when I was working on the other side of things, none of my…Read more
Colorado Bankruptcy Court Decision – In re Reeves (Rayner v. Reeves)
Plaintiffs settled a lawsuit in state court which, as part of the settlement, the Defendant assured the Plaintiff that: (a) he did not have total assets whose value exceeded the exemption statutes allowance; (b) he did not transfer assets outside the ordinary course of business; and (c) he did not transfer real estate to family.…Read more
Can a Creditor Serve a Collection Lawsuit at Work?
Unfortunately, some of my clients don’t see the warning signs of their financial situations until one of their creditors sue them. I get a lot of phone calls from people right after someone hands them a summons for a lawsuit. Sometimes, they call me from work. They’re angry and want to know if a creditor…Read more
11th Circuit Court of Appeals Opinion – Terry D. Jacks v. Wells Fargo, N.A.
Appellants Terry and Sandra Jacks filed this purported class action as an adversary proceeding before the bankruptcy court. Their amended complaint alleged their mortgage lender, Wells Fargo Bank, N.A., violated various provisions of the Bankruptcy Code and Bankruptcy Rules by failing to disclose certain fees on the proof of claim it filed in the Jacks’…Read more
2nd Circuit Court of Appeals Bankruptcy Decision – Smith v. Silverman
Appellants Richard A. Smith, Carole Ann Caruso, and Nelsi Smith appeal two orders of the United States District Court for the Eastern District of New York (Joanna Seybert, Judge), dated March 24, 2010, and March 30, 2010, affirming orders of the United States Bankruptcy Court for the Eastern District of New York (Dorothy T. Eisenberg,…Read more
Colorado Bankruptcy Court Decision – In re Shepard
Chapter 7 debtors and one of their secured creditors entered into a reaffirmation agreement. Debtors filed their case with the advice and assistance of an attorney. Debtors’ attorney did not sign the reaffirmation agreement. Creditor and debtors, on their own behalf, filed a joint motion to set a hearing to consider approval of the reaffirmation…Read more
What is Abandonment of Property of the Estate in Bankruptcy?
A motion to abandon could be the answer you’re looking for if you want to sell your home right after you file bankruptcy. Filing bankruptcy creates something called a bankruptcy estate. A bankruptcy estate is like a large, imaginary basket that your unprotected assets go into. Everything you own falls into one of two categories:…Read more
What is a Luxury Good or Service in Bankruptcy?
Before you file bankruptcy, it’s important to understand that while you should be able to eliminate most of your debts, you could be on the hook for some of your bills. For example, bankruptcy will not get rid of alimony, child support, or court restitution. And it’s so hard to convince a court to discharge…Read more
What Happens if I Have a Child During My Chapter 13 Bankruptcy?
So, you’ve filed Chapter 13 bankruptcy. You crafted a plan that covered every contingency, got all your creditors to agree to it, and the court confirmed it. A year later (with two to four more years to go on your plan), you get the news: your household will be growing. You’re having a baby! What…Read more
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