2007 February 08 : Bankruptcy Law Network

Archive for February 8th, 2007

Top Ten Consumer Complaints »

By Jay Fleischman, New York Bankruptcy Lawyer on Feb 8, 2007 in General Bankruptcy Information | 1 Comment

As part of National Consumer Protection Week, Michigan Attorney General Mike Cox compiled a list of the top ten consumer complaints. Though the list originates from a single state, these problems are universal and affect everyone.

Here are the top ten complaints:

Credit and Financial Concerns: Includes identity theft complaints, predatory lending, disputes about credit reports, collections, [...]

New Bankruptcy IRA Exemption »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Feb 8, 2007 in General Bankruptcy Information | 0 Comments

One of the debtor-friendly provisions of BAPCPA (the “new” bankruptcy law) is the new IRA exemption. One can now exempt up to one million dollars in an IRA account. Section 522 of the Bankruptcy Code states, in relevant part:
(n) For assets in individual retirement accounts described in section 408 or 408A of the Internal Revenue [...]

Bankruptcy & Small Business »

By Cathy Moran, California bankruptcy lawyer on Feb 8, 2007 in Small Business And Self-Employment | 1 Comment

For purposes of the law, the sole proprietorship business is one and the same as the individual who owns the business. Often proprietors inquire if they can file bankruptcy “just for the business debts”, or sometimes, just for their personal debts. The answer is NO, because the business and the individual are one [...]

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Tax Refund May Be At Risk in Bankruptcy

If you plan on filing bankruptcy after January 1 of next year or of any year, you need to speak with your lawyer regarding whether your income tax refund can be protected. If you overpaid your taxes and are due a refund, that refund becomes your property on January 1, even if you have not yet filed your return. (...)

Bill Collectors Have Blogs

Here at theBKBlog, I focus on bankruptcy issues, creditor abuse issues and information that can benefit those considering bankruptcy. Did you ever wonder about the other side. Yes, bill collectors have blogs as well, and it makes for interesting reading because bill collectors blog about areas of concern to them - avoiding lawsuits for unfair or deceptive practices, educated debtors, whether or not to use email when contacting debtors. (...)

Countrywide Customers: Mortgage Help is on the Way for Many

CNN.Money.com is reporting that Bank of America has announced a plan to cut mortgage payments on loans held by its Countrywide division. The program targets holders of subprime adjustable rate mortgage (ARMs), subprime fixed rate loans and option ARMs, but prime and Alt-A borrowers, who did not document their income, will be eligible as well. (...)

Don't Assume You Can File Chapter 7 and "Start Over"

Over the past few days, I have received several calls and emails from potential clients who comprise a very different profile from my traditional client base. These folks are solidly middle class to upper middle class families, often earning $100,000+ and living in $400,000 houses. Here is an example of the type of correspondence I have been getting and my response thereto: Jonathan: I desperately need your advice. I work in sales at XYZ company and last year I earned more than $200,000. I am married with 2 kids. This year I'm on track to earn about $120,000. My house is worth $425,000, but the first and second mortgage combined equal to about $435,000. I am also financing a Mercedes - the monthly payment is $725 per month and the payoff is $37,500. I also have $35,000 in credit card debt. I am not behind on anything and I have borrowed twice against my 401(k) to keep afloat. My wife and I have made the decision that we are prepared to give up the house and the car and move into an apartment. I would like to file Chapter 7 and walk away from everything - when can I schedule an appointment? (...)

What Does the Wall Street Bailout Mean to You?

If you have been following the news, you know that a few days ago, the United States Congress passed a multi-billion dollar "bail out" of Wall Street firms and insurance companies that underwrote the risk to these firms. As of today (October 10, 2008), the bail out does not seem to have inspired much confidence and stock markets around the globe are tanking. (...)

Archive for February 8th, 2007

Top Ten Consumer Complaints »

New Bankruptcy IRA Exemption »

Bankruptcy & Small Business »

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