If you’re running a business, filing bankruptcy involves preparing a profit and loss statement. While this subject isn’t terribly interesting or sexy, it’s critically important to preparing accurate information for your bankruptcy lawyer. What’s a Profit & Loss Statement? Relax! This isn’t algebra or calculus. This is simply a statement showing income in and expenses [...]
bankruptcy laws
Judicial mortgage modification, also known as mortgage cramdown, would NOT disrupt the residential mortgage lending market, but would prevent home foreclosures Says who? Says a Federal Reserve Bank of Cleveland study just released.. See the L. A. Times article by Lew Sichelman for a more readable explanation of mortgage cramdown. Judicial mortgage modification, NACBA‘s euphemism [...]
In March of this year, the United States Supreme Court ruled in Milavetz v. United States that provisions of the Bankruptcy Code regulating attorneys in bankruptcy cases are constitutional. The Court found that bankruptcy lawyers must make certain disclosures required by Congress and must include the specific language that the lawyer is a “Debt Relief [...]
Potential bankruptcy clients frequently ask: “My wife/husband does not want to file, if I do, is she/he required to file also?” Negative. Involuntary bankruptcy is provided for in the bankruptcy laws. It is a complex proceeding in which creditors band together to throw a corporation or individual into Chapter 7 bankruptcy so they can get [...]
The bankruptcy trustee can sell assets you no longer own under his avoiding powers for the benefit of creditors. What, you say? If it isn’t mine, what rights do my creditors have in those assets? It all depends on how you parted with property as to whether bankruptcy law allows the trustee to recover the [...]
I’ve been thinking of some of the bizarre things I’ve seen creditors do lately. You’ll find a lot written about abusive creditors, mean creditors, heartless creditors, and law-breaking creditors here at Bankruptcy Law Network. But what about stupid, self-destructive creditors? It’s obviously bad to violate the Fair Debt Collection Practices Act or the Bankruptcy Code’s [...]
