Well, at least the initial consultation was free. But it was during that initial consultation that you were informed that the fee for filing your Chapter 7 was something which seems to be well beyond your financial grasp.
Some bankruptcy lawyers charge as much as $2,500 for an individual consumer Chapter 7 (perhaps more if the [...]

Popularity: 8% [?]

A chapter 12 debtor must be a family farmer or family fisherman. So, who is a family farmer?
Generally, an individual or a married couple may be eligible to be a chapter 12 debtor if a four-part test is satisfied:
1. engaged in a farming operation;
2. total debts do not exceed $3,237,000;
3. 50%, of the [...]

Popularity: 9% [?]

When dealing with consumer finance rescue options, there’s real help and there’s the illusion of it. For homeowners facing potential foreclosure, Chapter 13 presents a useful but limited range of options. Congress claims to want to do more — but some are serious and some still prefer to offer more words than action.
Senator [...]

Popularity: 6% [?]

Many newspapers carried a lengthy Associated Press Article this week on student loans which ought to give borrowers and investors pause.  Much of it deals with aspects of the student loan problem which have already attracted national attention: the explosion in college costs and student indebtedness in general, the plight of individual borrowers caught in [...]

Popularity: 4% [?]

Homeowners who lose their homes in a foreclosure sale may end up with a substantial tax liability for forgiven debt (see my prior article on this subject).  The Foreclosure Tax Relief Act of 2007, currently being discussed by the House Committee on Ways and Means, offers much needed tax relief for people who owe more [...]

Popularity: 4% [?]

Not surprisingly, bankruptcy issues touch on other areas of the law. I publish a Social Security disability blog and I recently received a question
If you liked that post, then try these…Will all debts that were incurred before I filed bankruptcy be discharged in a Chapter 7? by Peter Orville, Attorney at LawZombie Student [...]

Popularity: 6% [?]

Spending a small amount on incorporating a sole proprietorship can mean the difference between the debtor’s ability to file a relatively inexpensive Chapter 7 or a vastly more expensive Chapter 11.
This came up when a couple with several investment houses in big trouble and a small business that was doing fine wanted an assessment of [...]

Popularity: 11% [?]

As the second anniversary of the effective date of BAPCPA approaches, it occurs to me to catalog the changes that have occurred in my practice over the last two years. And when I got to thinking about it, not all of the changes are negative. In no particular order, here they are:
1. [...]

Popularity: 4% [?]

Yes, you are allowed to sell real property while in a Chapter 13, but your bankruptcy attorney needs to get a written order from the bankruptcy court allowing the sale.
The first step is to get a signed contract for the sale of the property.  You need to make sure that you add a clause in the contract [...]

Popularity: 5% [?]

A bankruptcy judge can find that “special circumstances” exist to avoid the harsh impact of the Means Test now used in all above-median income cases.
Two days ago, I provided a very brief overview of the Means Test. I briefly summarized its three parts as: (1) Each debtor’s income for the [...]

Popularity: 6% [?]