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Archive for September 8th, 2007

Bankruptcy Basics: Who Can Be A Debtor? »

Any person, and almost any business may file a bankruptcy petition. Banks and insurance companies may not be eligible for bankruptcy but almost all other entities who are not individuals can file under either Chapter 7, Chapter 11, or Chapter 12. A business that is NOT a partnership, corporation, or business trust, cannot [...]

Outrageous Credit Card Provisions »

Last week, a very interesting article entitled “Crazy Credit Card Offers” appeared on the Motley Fool web site.   This particular card was a Best Buy card and the offer contained the following provisions:

cash advance fees of 5% of the cash obtained.  A $500 cash advance would therefore cost $25
late fee charges of between $29 and [...]

Bankruptcy Basics: What Is A “Means Test” In Chapter 7? »

Nope, a “means test” is not a test of how mean can you be anyway.
Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 in October 2005 and mandated that a “means test” be used to determine whether or not a debtor is entitled to a Chapter 7 discharge or whether the [...]

Bankruptcy may be good for your health »

Being over your head in debt produces enormous stress that threatens both physical and psychological health.  Your body, not just your budget, may benefit from bankruptcy.
Americans resist filing bankruptcy:  many live in a dream world where they hope that hard work or good fortune will allow them to pay off their debts over time.  Too [...]

“Do I Really Need to Tell the Judge About My Second Job?”—What the Court Needs to Know (and the Problems You Can Get Into If It Doesn’t) »

Another bankruptcy lawyer recently told me he was meeting with a client before filing, and was asked, “Does the Judge really need to know about my second job?” We smiled and shook our heads (the answer is clearly, “Yes”), but I realized that most people, being completely unfamiliar with the process, don’t really know what [...]

Bankruptcy Basics: Chapter 7–The New Rule Is 8 Years! »

In October 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act. That Act changed the Bankruptcy Code rules about filing bankruptcies and imposed new restrictions. The new rule is that 8 years must pass inbetween Chapter 7 bankruptcies.
As a consumer bankruptcy attorney, I watch the court docket in Oregon. [...]