You can file for bankruptcy protection even if are not technically insolvent. The common definition of insolvency is the inability to pay one’s debts as they fall due. So, if you can pay some or most of your bills, you don’t fit the definition. But you still might need the help that filing a bankruptcy [...]
September 2011
Anti debtor attitudes in the “reformed” bankruptcy law make Chapter 13 resemble debtor’s prison, claims my BLN colleague Carmen Dellutri. Let me counter that being in debt is itself debtor’s prison, and if the escape route out of debt has some rough spots, it’s still better to end up debt-free through Chapter 13. As a [...]
Colleague Dana Wilkinson calls it “foreclosure limbo.” You made the difficult decision, accepted reality, you cannot pay your debts, and, even filing bankruptcy, cannot keep your condo. Or, like one of my clients, the condo you bought for your son’s family, which they could no longer pay. Whether in a Chapter 13 bankruptcy, or Chapter [...]
Bankruptcy is about making tough decisions. If it was easy than everyone would do it and the law itself probably would not be effective. Bankruptcy is a give and take system. You what to take a discharge of your debt from creditors but in return you must generally give something. Whether it is attorney’s [...]
The Bankruptcy Appellate Panel for the federal Eighth Circuit Court of Appeals has added its voice to the other nine circuits that have have ruled in favor of wholly unsecured second mortgage lien stripping in chapter 13. This means that debtors in the Eighth Circuit (Minnesota, North Dakota, South Dakota, Iowa, Missouri, Nebraska, and Arkansas) are [...]
So, where might that hidden treasure be located. While we at Bankruptcy Law Network have repeatedly stressed the importance of listing all assets that you own (such as here). Sometimes, you may have a claim to property and not even know it. One instance may be if you inherit property (that is, be entitled to [...]
