A Chapter 13 is a bankruptcy reorganization for individuals–a payment plan, in other words. The bankruptcy court appoints a trustee (there are standing trustees who serve that function in each district) and the trustee collects payments from debtors, and distributes that money to creditors. So, how does the Chapter 13 trustee get paid? The Chapter [...]
October 2009
Rhode Island Bankruptcy Court gives key support to certain mortgage modifications.
In Chapter 13, if you want to retain your vehicle, you cannot alter the principle amount owed on the vehicle if you bought it within 910 days of the filing of the bankruptcy petition.  This is notoriously known as the “hanging paragraph” of Bankruptcy Code § 1325(a). However, the individual Chapter 11 debtor is not [...]
There really are few reasons which are good enough to justify rescheduling a bankruptcy meeting of creditors (or section 341(a) meeting). After all, the bankruptcy filing amounts to “making a federal case out of things,” and it just doesn’t seem right for the debtor to fail to make room in his or her schedule to [...]
Bankruptcy relief accomplishes three main goals: i) for the debtor, provides the necessary “breathing room” to propose a debt adjustment plan or reorganization plan; ii) for the debtor’s creditors, ensuring property of the estate (which includes wages earned post-petition) is distributed in accordance with priorities set forth under the Bankruptcy Code; and iii) preservation and [...]
As a Detroit Michigan bankruptcy attorney, I have observed first hand the decline of the city and how the foreclosure crisis has accelerated the drop in real estate values and increased the number of abandoned homes. Well, art is where you find it, and David Runk, AP writer tells the story of a couple of [...]
