By Craig Andresen, Attorney at Law on May 23, 2008 in Protecting Assets In Bankruptcy, Surrendering Property | 0 Comments
Uh oh — just as you and your lawyer feared, the chapter 7 trustee has filed an objection to one of the exemptions you claimed on your Schedule C. Although you have a defensive strategy planned, which includes filing a good response and bringing the matter before the bankruptcy judge if necessary, there is [...]
By Craig Andresen, Attorney at Law on May 22, 2008 in Bankruptcy Practice and Procedure, Featured, General Bankruptcy Information, Reaffirmation of Debts, Vehicles | 2 Comments
If you file bankruptcy and have a vehicle lease, your choices regarding the vehicle are more complicated than if you own the vehicle subject to a secured loan. In the case of a secured vehicle loan, the bankruptcy law requires that you:
Reaffirm the vehicle loan (keep the vehicle and continue the payments);
Surrender the vehicle (usually [...]
By Craig Andresen, Attorney at Law on May 11, 2008 in Bankruptcy Practice and Procedure, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Discharge, What Can and Cannot Be Forgiven, General Bankruptcy Information | 0 Comments
While bankruptcy professionals groaned in dismay when Congress reduced the effectiveness of the chapter 13 “super discharge” with the 2005 Bankruptcy Reform Act, it is worthwhile to remember that chapter 13 will still discharge more debts than chapter 7. In fact, the chapter 13 discharge is still an effective solution for several types of debts which cannot be discharged [...]
By Craig Andresen, Attorney at Law on May 8, 2008 in Bankruptcy Cases of Interest, Bankruptcy Practice and Procedure, Featured, Means Testing | 0 Comments
Yet another bankruptcy court has issued a ruling recognizing what should have been obvious all along: the U.S. Trustee must file its “ten day statement” regarding supposed abuse of chapter 7 as a prerequisite to any 707(b) motion, whether the motion is based upon the means test (707(b)(2)) or the “totality of the circumstances” (707(b)(3)). [...]
By Craig Andresen, Attorney at Law on Apr 24, 2008 in Bankruptcy Myths, Bankruptcy Practice and Procedure, General Bankruptcy Information, Personal Finance, Protecting Assets In Bankruptcy | 0 Comments
When filing a personal chapter 7 or chapter 13 bankruptcy, most debtors are concerned about the effect the bankruptcy filing might have on their checking and savings accounts. After all, many debtors have banked at the same institution for years, and they do not want to have this banking relationship disrupted. This concern, [...]
By Craig Andresen, Attorney at Law on Apr 21, 2008 in Featured, Means Testing | 0 Comments
In a consumer bankruptcy, the financial analysis contained on the means test form (Form B22A in chapter 7, Form B22C in chapter 13) can mean the difference between success and failure. In a close case, it may be necessary to take every possible deduction, to avoid having the means test show that the debtor has [...]
By Craig Andresen, Attorney at Law on Apr 15, 2008 in Bankruptcy Myths, Bankruptcy Practice and Procedure, Means Testing | 0 Comments
It is unlikely the bankruptcy petition has to be amended if your income increases after the case is filed. This is because the bankruptcy petition, which is a document whose accuracy you have verified under penalty of perjury, is supposed to accurate as of the date you signed it, and as of the date [...]
By Craig Andresen, Attorney at Law on Apr 13, 2008 in Bankruptcy Myths, General Bankruptcy Information, Means Testing | 0 Comments
You may have heard that you need to provide your lawyer with six months of paycheck stubs (advices of payment) if you want to file a bankruptcy case. While most persons will end up doing so, the actual legal requirement is not that stringent.
The bankruptcy law requires, in section 521(a)(1)(B)(iv), that you file with [...]
By Craig Andresen, Attorney at Law on Apr 11, 2008 in Bankruptcy Practice and Procedure, General Bankruptcy Information, Protecting Assets In Bankruptcy | 0 Comments
Part One of this article discussed the nature of the legal problems created by a transfer of property (real estate, a stock account, or some other valuable asset), for less than fair value, by a debtor prior to filing bankruptcy. Part Two will discuss what, if anything, can be done to fix these problems.
If the debtor desires to file [...]
By Craig Andresen, Attorney at Law on Apr 10, 2008 in Bankruptcy Practice and Procedure, General Bankruptcy Information, Protecting Assets In Bankruptcy | 0 Comments
Occasionally, a person facing debt problems will become concerned that an item of property (real estate, a stock account, or other some other valuable asset) might be vulnerable to a judgment creditor, or that such an item could be taken from him or her in a future bankruptcy case. Without consulting an attorney, and in a misguided [...]
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