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What is Bankruptcy?

WHAT IS BANKRUPTCY? The filing of a petition for relief under the Bankruptcy Code commences a legal proceeding, referred to as a bankruptcy case. Any disputes in your case will be heard by a bankruptcy judge in federal bankruptcy court. Bankruptcy provides debt-strapped individuals with a fresh start. The filing

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3 Things You Need to Know About Chapter 12 Plans

3 KEYS THINGS TO KNOW ABOUT CHAPTER 12 BANKRUPTCY PLANS by Jamie L. Harris Chapter 12 bankruptcy which is a type of bankruptcy designed for family farmers and family fishermen permits the filing of a reorganization plan. Here are a few key things to know about Chapter 12 plans: 1.

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Student Loans and Bankruptcy: Brunner Test Alive and Well

Recent 6th Circuit BAP Decision Shows the Brunner Test is Alive and Well On August 8, 2014, the 6th Circuit BAP reaffirmed a decision denying a student loan discharge for a 54 year-old-woman. The In re Trudel (citation unavailable) decision shows us that despite other districts turning away from the

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Alimony, Maintenance or Support, Oh My!

If a soon-to-be debtor is divorced or is going through a divorce, one of the things that a bankruptcy practitioner must look at is the property settlement agreement, the notice of division or property, whatever you want to call it.  The bankruptcy attorney better know what is in that document

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Chapter 7: Creditor Tips

When a debtor files for bankruptcy, it is extremely important for creditors to understand their rights and the effect of a bankruptcy filing.  If you are a creditor in a current Chapter 7 bankruptcy case, here are a few key tips: 1)      Abide by the Automatic Stay.   Once a debtor

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creditors, tips, bankruptcy

4 Creditor Tips for Chapter 7 Bankruptcy

When a debtor files for bankruptcy, it is extremely important for creditors to understand their rights and the effect of a bankruptcy filing.  If you are a creditor in a current Chapter 7 bankruptcy case, here are a few key tips: 1)      Abide by the Automatic Stay.   Once a debtor

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Non-Dischargeability Issues on Assigned Debt

In a case issued on June 10, the Sixth Circuit Court of Appeals in In Re Pavdvierz discussed at some length concerns that arise when the creditor pursuing a nondischargeability  action is an “assignee” from the original creditor.  Sixth Circuit cases are binding on our local bankruptcy judges.  In Pavdvierz, the Court found

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Supreme Court: Inherited IRA’s Not Protected in Bankruptcy

In a unanimous decision, the Supreme Court in Clark, et ux v. Rameker, 573 U.S. __(June 12, 2014), resolved a split among federal appeals courts as to whether inherited IRA’s are shielded from creditors in bankruptcy.  Unlike traditional IRA’s, they are not.  The case dealt with a Wisconsin couple, Heidi

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Tips for Preparing a Financial Statement for a Lender

  Be truthful.     When filling out a financial statement for a lender, you must fully and accurately list all of your ownership interests in property and all of your debts.  If you provide a false financial statement to a lender and the lender extends credit to you based on those

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SCOTUS on Bankruptcy Jurisdiction: Prediction

On June 9, 2014, SCOTUS issued one of its rare birds —  a 9-0 ruling.     While all the Justices are unanimously united, the rest of us are now dealing (yet again) with another wrinkle-trying to understand what the heck they are talking about.   In the case of  Executive Benefits Insurance Agency

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