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The United States Bankruptcy Court Judge Rhodes ruled last week that Detroit was eligible to file bankruptcy. In municipal cases, it is not a matter of Schedules I and J showing no disposable income, as in individual cases. Municipalities do not need to present a...
Jeffrey Shankman, a former head of the Global Markets Division of Enron filed a Chapter 7 bankruptcy in October 2008. His goal was to discharge his debt. A debtor is required to file Schedules in his bankruptcy case which contain detailed information about his assets,...
Bankruptcy law requires all creditors to cease collection activity when a debtor files for bankruptcy. The Fair Debt Collection Practices Act (FDCPA) also imposes restrictions on collection activity by debt collectors. In a recent decision by the Third Circuit Court...
1. Don’t leave out any Bank, Brokerage, Credit Union accounts (checking, savings, money market, CD, trust, escrow). 2. Don’t file if your income is greater than your expenses. 3. Don’t use your credit cards. 4. Don’t take credit card cash advances. 5. Don’t use...
In a recent case in Texas, In re Morgan, WL 4519608 (Bankr. S.D. Tex 2013), the bankruptcy court sanctioned a debtor for his willful failure to obey its order to provide the trustee with documents. The debtor was a physician who operated his practice as a professional...
In an excellent development for Maryland homeowners, effective October 1, 2013, homeowners and condominium associations in Maryland cannot foreclose upon liens based upon anything other than delinquent periodic assessments or special assessments. In addition, all...
Bankruptcy law requires that once you file the case all collection activity must come to a stop. The court notifies all your creditors of your filing usually within a few days of the date you filed the case. That means that once the creditors get notice of the filing...
There are several conditions that if met will allow a debtor to discharge both state and federal income tax liabilities in a bankruptcy case. These conditions are: First, the taxes that are owed are for the tax year that became due more than three years prior to the...
A person who has an Individual Retirement Account (IRA) may designate a beneficiary to receive the balance in the account if the person dies before the account is depleted. If the person dies before the funds are depleted, the beneficiary is now the owner of the...
One of the questions asked on the Statement of Financial Affairs (one of the forms that comprise a bankruptcy petition) is whether the debtor had any interest in a business within the last six years, and if so the business interest needs to be listed. If the debtor...