December 2011

31 Dec I Am Your Bankruptcy Lawyer … What Do I Do?

Consumer bankruptcy lawyers are among the most unappreciated and underpaid people in the entire bankruptcy system. On a time spent basis, we rarely get paid our full hourly rate for the time we put into each case. On a benefit to our client basis, we usually get only a tiny percentage of the financial benefit received. On a service to the entire bankruptcy court system, we generally don’t even get a “thank you”. Instead our work is often questioned, our fees are often slashed, and we are often blamed when our clients don’t follow through on their commitments.   What do I do for you, my client?
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31 Dec Bankruptcy Mediation Program Discussed on 89.9 FM

WHAT: Bankruptcy attorney Chip Parker will join The Honorable Paul M. Glenn, Bankruptcy Judge,and the Chapter 13 Bankruptcy Trustee Douglas Neway to discuss the bankruptcy court’s new Bankruptcy Residential Mortgage Mediation Program. WHEN: January 5, 2012 at 9:00 a.m. EST WHERE: WJCT 89.9 FM or listen live...

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29 Dec Your Bankruptcy Attorney And You – There Is No I In Team

Your Bankruptcy Attorney and you are a team, no doubt about it. So, please choose your bankruptcy attorney wisely because you are going to be spending quite a bit of time with him or her and their staff. Since the new bankruptcy law took effect in October 2005, the amount of paperwork in bankruptcy has quadrupled and the time spent planning, preparing and signing the documents involved has increased dramatically. So, the best advice I can give to you prior to the new year celebration is to take the time necessary to get to know your bankruptcy attorney well, and you may even ask to meet with members of their staff so that you know who you are dealing with.
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28 Dec Chapter 12 Farm Bankruptcy Case is Before the Supreme Court

Chapter 12 farm bankruptcy helps family farmers to keep their farms. It allows family farmers to reorganize their finances and operations.Chapter 12 was originally enacted by Congress in 1986, and was made permanent in 2005. It helps the farmer and the banker to sit down and work out alternatives for debt repayment. But according to Senator Charles Grassley, recent IRS actions are threatening family farmers’ ability to properly reorganize in Chapter 12. Grassley authored a provision which is supposed to allow farmers in Chapter 12 to sell some of their property without having to pay capital gains taxes to the IRS in full. The provision, enacted in 2005 as 11 USC 1222(a)(2)(A) was intended to make capital gains taxes into unsecured claims (often paid at only a percentage of the total) rather than priority claims (required to be paid in full). The US Supreme Court heard arguments on November 29th in the case of Hall v. United States. The IRS argued that capital gains taxes created by the sale of property during a farm bankruptcy proceeding are payable in full as an administrativeexpense under the Chapter 12 reorganization plan.
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