Lately, most people are surrendering their real estate in Chapter 7 Bankruptcy Proceedings. This is because there is usually little if any equity left in the property. In fact, in many cases, surrendering the property is recommended in light of future interest rate adjustments which will increase monthly payments, negative equity, and the fact that [...]
January 2008
The Executive Director of the Executive Office of the U.S. Trustee announced that Richard A. Wieland has been installed as U.S. Trustee for Region 20 in Kansas, Oklahoma and New Mexico. Wieland has been acting U.S. Trustee since September 1, 2007. He has 20 years experience as a trial lawyer in the U.S. Trustee’s office [...]
It happens: you’ve hired an attorney to file for bankruptcy for you and somewhere along the line, either before or after the filing, he or she seems to be dropping the ball. Can you change attorneys? Absolutely! But that’s not the end of the story. To change, find a new attorney willing to take over. [...]
What is a recession? There is so much going on with the economy today and words such as recession and depression are used with high frequency. A recession is defined as a period of 2 or more successive quarters where there is a decline in our gross domestic product or GDP. A very simple definition [...]
The figures used for your state’s median family income on the bankruptcy means test will change again for cases filed on or after February 1, 2008. A chart by state and family size is available on the U.S. Trustee website. The numbers come from the U.S. Census Bureau and have been adjusted six times since [...]
If your lawyer tells you that the means test, or Form B22, is creating a problem in your bankruptcy case, make sure you have included every possible expense the law allows. Many expenses allowed by Form B22 are for items which are unique to some people, and your lawyer may not know about them. One [...]
