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Archive for April, 2007

Newer Cars, Loans, & Chapter13: Cracks in the Windshield »

Industrious lawyers have pinpointed several attacks on the anti cram down provisions of the newly amended Bankruptcy Code.  In 05, car lenders successfully lobbied for a prohibition on stripping down car loans to the value of the underlying collateral where the car was purchased within 910 days of the bankruptcy filing.  Bankruptcy lawyers call these [...]

More Older Americans Are Filing Bankruptcy »

A recently released federal study found that baby boomers are filing more bankruptcies that ever before. According to John Golmant and Tom Ulrich, researchers at the Administrative Office of the U.S. Courts, the greatest increase in Chapter 7 filings between 1994 and 2002 occurred among people older than 55.
Even though the study will be published [...]

Bankruptcy Basics: What chapter should I file? »

Chapter 7 and Chapter 13 are the two types of bankruptcy that individuals or married couples usually file. Chapter 7 is sometimes called “complete” or “total” bankruptcy, or “liquidation”. Chapter 13 is sometimes called “debt relief”, “individual reorganization” or “debt adjustment”.
In a chapter 7, you file your petition, and within a few months [...]

If I File Bankruptcy, Can I Still Have Credit Cards For Emergencies? »

When you file bankruptcy, you are likely to find yourself left without credit cards. This is a strange position for most people to be in. How do you deal with an emergency if you don’t have credit cards? Well, the answer is planning for what most people call emergencies.
In North Carolina, the [...]

Need a Ticket In and a Ticket Out »

Among the “hoops” added to the bankruptcy process by the amendments of 2005 were requirements for a credit briefing before filing and a class on financial management before discharge.  Fail to get the credit briefing and your case can be dismissed.  Neglect to attend the financial management class and your case can be closed without [...]

talkin bout My Generation »

Looking into the future, next month’s May 2007 issue of the American Bankruptcy Institute Journal [ABIJ] will contain an article titled Aging and Bankruptcy: The Baby Boomers Meet Up at Bankruptcy Court.
I am a baby boomer, albeit it at age 52 I arrived late to the party. Nonetheless, I have to ask, What put my [...]

Do Payday Loans “Victimize” People? »

Over at AllFinancialMatters, a post about personal responsibility when it comes to payday loans.  Though the author (someone with whom I usually agree) is clear that he dislikes payday loans, he does say

why is it that every time there’s a problem, it’s always because people are victims of something? What the heck happened to personal [...]

Garnishments in Missouri (Part Two) »

Missouri lowers the allowable garnishments to 10% from 25% of wages after deductions if the debtor being garnished is the head of a family Few Missouri cases examine the head of a family requirement.
Courts tend to adopt a broad view of the word family. For head of the family status, a debtor has [...]

What *Aren’t* the Requirements to File for Bankruptcy? »

A number of blogs discuss the requirements you must meet before you can file for bankruptcy. But what are some the requirements that don’t exist?
1.  You don’t have to be a US citizen. The Bankruptcy Code imposes no citizenship requirement on bankruptcy filers.
2.  You don’t have to live in the US to file. I have [...]

Can I Keep My Business After I File Bankruptcy? »

It depends on what kind of business you have, and what kind of bankruptcy you file. A sole proprietorship, (a business you own by yourself that’s not incorporated), becomes an asset of the bankruptcy estate. As such, in a Chapter 7 bankruptcy, it can be sold or distributed to pay creditors. Often, [...]