The debtors, Kevin J. Barry, Jr. (“Mr. Barry”) and Kimberly A. Barry (“Mrs. Barry”) (collectively “the Barrys”), appeal from a bankruptcy court judgment denying their chapter 7 discharges under §727(a)(2)(A).1 In ruling for the appellee, Joyce Warchol (“Warchol”), the bankruptcy court concluded that the Barrys granted four pre-petition mortgages with the intent to hinder or…Read more
What You Should Know About the Private Student Loan Bankruptcy Fairness Act of 2011
On May 26th, the House of Representatives introduced House Resolution (H.R.) 2028, which would change the Bankruptcy Code to allow private student loans to be discharged. After the massive overhaul of the Code in 2005, it became virtually impossible to discharge student loans, private or governmental. I like to call student loans “zombie debt” since…Read more
What is a Proof of Claim in Bankruptcy?
In a Chapter 13 bankruptcy or certain Chapter 7 bankruptcy cases, you may have to make payments to creditors. However, in order for certain creditors to get paid is by their filing with the court what is called a proof of claim. A proof of claim must include name of the creditor, amount of claim,…Read more
Does Cancer Cause Bankruptcy?
As many of my clients know, one of the top factors that brings a person to file bankruptcy is overwhelming medical debt. A new story in the Wall Street Journal reports on a new study that seems to show a link between cancer and bankruptcy. The study, published in the Journal of Clinical Oncology “wove…Read more
Will Payday Loans Keep Me Out of Bankruptcy?
When someone is struggling to meet their monthly bills, they can sometimes do irrational things. One of those things is to take out a payday loan. A payday loan is a small, unsecured, high interest, short-term cash loan. In most cases, consumers write a post-dated, personal check for the advance amount, plus a fee. The…Read more
Will Personal Bankruptcy Stop a Collection Lawsuit?
While there are many reasons to consider personal bankruptcy, one of the benefits that some people don’t think about is the protection from collection lawsuits that it provides. The Bankruptcy Code provides that the second your attorney files your bankruptcy petition, the automatic stay kicks in. The automatic stay is a protective order that requires…Read more
8th Circuit Court of Appeals Bankruptcy Decision – Crossroads Ford, Inc. v. Dealer Computer Services, Inc.
Held: The bankruptcy court did not abuse its discretion in granting creditor relief from the automatic stay to proceed with arbitration of its claims against the debtor’s bankruptcy estate; the court correctly determined that the debtor’s challenge to the contract in question was subject to arbitration; the court was not required to tailor its order…Read more
8th Circuit Court of Appeals Bankruptcy Decision – Jody May Walters v. Bank of the West
Issue: Whether Walters is entitled to her homestead exemption. Held: Bankruptcy court properly sustained the bank’s objection to the debtor’s claim of a homestead exemption as to the bank’s pre-existing debts. Judgment AFFIRMED. [gview file=http://www.ca8.uscourts.gov/opndir/11/06/106075P.pdf]
Do Creditors Have to Attend the Meeting of Creditors in Bankruptcy?
For my clients, the meeting of creditors is by far the most intimidating part of the bankruptcy process. Just yesterday I had a client tell me after her meeting that she had been having nightmares about creditors showing up to wag their fingers at her and force her to explain all her credit card purchases.…Read more
What is the Marital Adjustment on the Means Test in Bankruptcy?
Sometimes a married client of mine will want to file bankruptcy without his spouse. There are different reasons for this, the most popular being that most, if not all, of the couple’s debts are just in one person’s name. Spouses do not have to file bankruptcy together. However, we must use the non-filing spouse’s income…Read more
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