As my colleague Kevin Gipson pointed out not so long ago, there’s no such thing as a “medical bankruptcy.” There’s no box you check on the bankruptcy petition for “medical bankruptcy.” You must list all your debts, including medical debt. There are, however, many bankruptcy cases where medical debt contributed to–or was even the primary [...]
November 2009
Early this week, the news was an increase in housing prices nationwide: the end of the slump is near, said the commentary. They glossed over the bit about nearly 7% of homeowners are behind on their mortgages. Then yesterday’s announcement that nearly 25% of American homeowners owe more on their home than it’s worth. I [...]
In an article this week featured in Default Servicing, Carrie Bay reports that one in every four homes is upside down. Upside down means you have absolutely no equity in your home. For example the principal amount due and owing on the mortgage is $100,000 but the property value is only worth $90,000. In this [...]
My second of five questions for a client with a troubled business is Could the business prosper if it wasn’t servicing old debt? Often, recent improvement in business operations is masked by the amount of debt it is servicing from past, less robust periods. I want small business people to look at current operations and [...]
There are 94 different federal judicial districts. Each of them allows the filing of bankruptcy cases, usually in the bankruptcy court although bankruptcy cases can be handled by the federal district court as well. A federal statute, 28 USC 1408(1) specifies where a bankruptcy case may be filed. For a person, in most situations it [...]
