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Massachusetts Means Testing Decision »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 18, 2008 in General Bankruptcy Information | 0 Comments

Massachusetts Bankruptcy Judge Feeney recently held in the case of In re Guerriero, 2008 WL 321303 (Bkrtcy.D.Mass. 2008) that a debtor could deduct payments for secured property on their means test form even if they planned to surrender the property.
The Court agreed with a previous decision by Chief Judge Boroff reaching the same [...]

The Homestead Cap and the Transfer of Trust Property »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 18, 2008 in General Bankruptcy Information | 0 Comments

The Bankruptcy Appellate Panel for the First Circuit in the case of In re Aroesty, 2008 WL 976842 (1st Cir.BAP 2008) recently considered whether the transfer of real estate from a trust in which the debtor was the sole beneficiary to himself constituted a transfer of an interest within 1215 days resulting in a limitation [...]

Equity Cushion Standard for Adequate Protection »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 17, 2008 in General Bankruptcy Information | 0 Comments

Secured creditors of a debtor in bankruptcy are entitled to adequate protection against erosion in their collateral value. Debtors’ attorneys often argue that adequate protection exists by pointing to a so-called “equity cushions.” An equity cushion exists when the debtor has sufficient equity in the collateral to protect against its depreciation and the [...]

A Debtor Must List All Debts in Bankruptcy »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 17, 2008 in General Bankruptcy Information | 1 Comment

Sometimes people contemplating bankruptcy do not want to list all of their debts. This can be the case for a variety of reasons. Often it is because a person owes money to a family member or friend.
However, all debts must be listed in a bankruptcy, whether or not they are dischargeable. A debtor [...]

Sallie Mae Warns of “Train Wreck” in Student Loan Market »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 17, 2008 in General Bankruptcy Information | 0 Comments

The chief executive of Sallie Mae warned of a “train wreck” in the student loan market today. The headline evokes fears that yet another shoe is about to drop in the national credit crisis. However, Chief Executive Al Lord was in Washington seeking taxpayer subsidies of his business. Sallie Mae has two [...]

180 Day Bar to Subsequent Bankruptcy Filing »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 14, 2008 in General Bankruptcy Information | 0 Comments

Usually individuals can refile bankruptcy cases after they are dismissed, despite there being limitations on the automatic stay in some circumstances with multiple filings. However, there is an important limitation found in Section 109(g) of the Bankruptcy Code. In cases in which a debtor has voluntarily dismissed his case after the filing of [...]

10th Circuit Holds Chapter 13 Debtor has Standing to Sue on Behalf of Estate »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 14, 2008 in Chapter 13 Bankruptcy | 0 Comments

The 10th Circuit Court of Appeals recently held, joining four other Circuit Courts, that Chapter 13 debtors have standing to sue on behalf of their bankruptcy estate. In the case of Smith v. Rockett the Court noted, over a dissent, that a Chapter 13 debtor was a debtor in possession for purposes of Bankruptcy [...]

Proof of Social Security Number at Section 341 Meetings »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 13, 2008 in General Bankruptcy Information | 0 Comments

Bankruptcy debtors are required to provide evidence of their social security numbers at the Section 341 meeting of creditors.  Of course, a social security card is a good way to do this.  However, these flimsy cards do not always withstand the ravages of time, so alternatives are often needed.  A good option is to go [...]

Exclusions from the Bankruptcy Estate: Education Savings Plans »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 13, 2008 in General Bankruptcy Information | 0 Comments

The general rule is that all property of the debtor becomes property of the bankruptcy estate once a bankruptcy case is filed. This property is then subject to exemption by the debtor or administration by the trustee (in a Chapter 7 case). However, there are several exclusions from the bankruptcy estate that operate [...]

What is Cash Collateral? »

By Nicholas Ortiz, Boston Bankruptcy Attorney on Apr 11, 2008 in General Bankruptcy Information | 1 Comment

Cash collateral is usually only an issue in business bankruptcy cases. Cash collateral is defined as “cash, negotiable instruments, documents of title, securities, deposit accounts, or other cash equivalents,” 11 U.S.C. § 363(a), in which a creditor has a lien.
An example is when a creditor has a security interest in inventories and their proceeds. [...]

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