When you file for bankruptcy, you are generally given three choices with regard to a secured debt; that is, a debt that is attached to a lien on something you own.  The Bankruptcy Code specifically deals with reaffirmations and when and how they must occur.  That information appears elsewhere on this site and there is [...]

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The U.S. Court of Appeals for the First Circuit recently issued an important opinion concerning the claiming of exemptions in bankruptcy cases. In re Barroso-Herrans, 2008 WL 1960365 (1st. Cir 2008) the Court heard the appeal of a Chapter 7 debtor who had attempted to exempt proceeds from two collection lawsuits by listing their value [...]

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A few months ago, Jonathan Ginsberg posted an article on these pages about what happens if you fail to complete a financial management course.
As Jonathan pointed out, if a bankruptcy case is filed without the certificate that you completed the financial management course, and the case is closed without a discharge, most judges will [...]

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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)).  [...]

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In re Szwyd, 2008 WL 1766591 (Bkrtcy.D.Mass. 2008), the Massachusetts Bankruptcy Court rejected the position of the IRS that it could not be required to marshal assets to satisfy tax liens for the benefit of the bankruptcy estate. Marshaling is a rarely invoked doctrine that, as the Court noted, “rests
upon the principle that a [...]

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Massachusetts Bankruptcy Judge Rosenthal recently imposed $650,000 in sanctions under Bankruptcy Rule 9011 on various parties for misrepresenting the ownership of a mortgage loan in a bankruptcy case.
Ameriquest Mortgage Company, which was sanctioned $250,000, represented to the Court on various occasions that it was the holder of of the debtor’s mortgage/note. In reality, Ameriquest [...]

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Bankruptcy courts stage some of the most complicated and exotic dramas imaginable. Have you heard the one about the Mexican mining company that is being sued by its own subsidiary while simultaneously trying to buy it back? It’s a tale that could only be told in bankruptcy court.
The story begins in 1999 when [...]

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The 9th Circuit Bankruptcy Appellate Panel recently held that a Chapter 13 debtor engaged in business can not deduct necessary business expenses from gross receipts in determining current monthly income.  In re Wiegand, decided April 3, 2008, all but guarantees that small business chapter 13 debtors will be required to spend five years in a [...]

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She didn’t want to totally destroy her credit, so she didn’t list five credit cards with small balances. Sound familiar? Perhaps you’ve had this thought.
Bankruptcy papers are signed under penalties of perjury, and are the same as live testimony in court. If you knowingly leave something off, you’ve lied and your bankruptcy [...]

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The purpose of the Massachusetts homestead is to protect families, not just debtors.  It should come as no surprise that a home remains protected if a child occupies the home even if the parent-debtor has moved out.  The parties in In re Thompson, 2008 Bankr. LEXIS 1199 all overlooked this point and argued about whether the debtor’s absence [...]

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