Bankruptcy Means Test: Student Loans Used to Obtain Dentistry Degree Not “Consumer Debts” Under Section 707(b)

by Craig Andresen, Minneapolis, MN, Bankruptcy Attorney

The 2005 Bankruptcy Reform Act’s “means test” for chapter 7 bankruptcy filers was weakened by a recent ruling from a Texas bankruptcy court.  Under this ruling, student loans incurred for the purpose of obtaining a professional degree to be used in business are not “consumer debts” under section 707(b) of the bankruptcy code.  This new […]

Bankruptcy Petition Preparer Gets Hard Time!

by Adrian Lapas, Esq.

A bankruptcy petition preparer in Michigan was sentenced in federal court to several years in prison.  The story can be accessed here. As reported by the Detroit News, a man was convicted of violating several orders from the United States Bankruptcy Court prohibiting him from filing petitions for people.  Bankruptcy petition preparers can do some […]

Last Day to Comment on New Chapter 13 Plan, Petition, Schedules, Means Test, Bankruptcy Rules Changes

by Jill Michaux, Esq.

The deadline for public comments to proposed changes to bankruptcy rules and official forms has been extended two days to Tuesday, February 18, 2014, at 11:59 p.m. eastern time. “Speak before then, and you may influence whether these forms, as written, are modified before adoption.” – Cathy Moran, in A new chapter 13 plan form, restyled […]

Thinking About Filing Bankruptcy? Now Might be the Right Time.

by Douglas Jacobs, Esq.

Filing Bankruptcy is all about timing. Sometimes, waiting to file makes good sense and will save the debtor a lot of headaches and some significant debt. Sometimes, however, the time to file is as soon as possible. Let’s look at six reasons to file now; and six reasons to wait: File now when: 1. Your […]

Why “Surrender” in Bankruptcy Doesn’t Mean Surrender

by Brett Weiss, Esq.

In bankruptcy, some words don’t have their ordinary meanings. “Surrender” is one of these words. Many people who file bankruptcy surrender real estate or their car. They think that once they tell the Court, the Trustee and the creditor that the item is being surrendered they’re done with it. They’re not. When property is surrendered in […]

What Have You Done For Me?

by Rachel Lynn Foley, Esq.

In a recent case set for dismissal the question was asked: ” I filed for bankruptcy and what have you done for me?”  Hmmm, this is a very good question that needs to be reviewed frequently. Bankruptcy is not a solo sport such as swimming, track or tennis.  But  rather a team sport like volleyball, […]