Bankruptcy! I don’t want to file bankruptcy! Hey, if you do want to file, there is something wrong with you. But you want to keep your house? Avoid foreclosure? Which option hurts more: losing your home, or, filing bankruptcy? We humans make decisions based on our emotions: we shy away (or run, if you are [...]
united states code
I wrote about attorney fees as a means test deduction some time ago. BAPCPA’s provision, codified at section 707(a)(2)(A)(iv) of the Bankruptcy Code, says that priority claims are deducted from income. Priority claims include a Chapter 13 debtor’s counsel’s fees. See sections 507(2), 503(b)(2), and 330(a)(4)(B). Therefore, our attorney fees are a means test deduction. Oddly, the [...]
Colleague Dana Wilkinson calls it “foreclosure limbo.” You made the difficult decision, accepted reality, you cannot pay your debts, and, even filing bankruptcy, cannot keep your condo. Or, like one of my clients, the condo you bought for your son’s family, which they could no longer pay. Whether in a Chapter 13 bankruptcy, or Chapter [...]
The Bankruptcy Code mandates that the debtor take a credit counseling course within 180 days prior to filing bankruptcy. The course is one of the many useless hoops debtors must jump through prior to filing their bankruptcy petition. If you really want to avoid bankruptcy, this “course” is not helpful I, like any other [...]
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