September 2010

29 Sep Is Chapter 13 An Option For A Small Corporation Or A Limited Liability Corporation (LLC)?

A small business may need to file a bankruptcy to protect its owner and its assets while continuing to operate. The sole proprietor (an individual “doing business as”) can file a Chapter 13.and include his business. One exception to this rule is if the small business is operating as a corporation. Corporations are not permitted to file Chapter 13 pursuant to Section 11 USC 109 e. This section clearly states that only an individual with regular income can file a Chapter 13; however, there may be a way around this.
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28 Sep Credit Scores And Reaffirmation Agreements

Reaffirmation agreements have been the source of significant debate since the bankruptcy amendments of 2005. One issue that strikes fear in the hearts of debtor's counsel is whether to allow a client to reaffirm a mortgage obligation. This is a huge issue because of the real estate market and the uncertainty of the economy. If a client wants to reaffirm this obligation, they must understand the ramifications of their decision. If they speak to the mortgage company, they will probably be told that if they don't reaffirm the debt, the mortgage company will not report recent payments to the credit reporting agencies. This type of behavior has caused grief in our office because our Judge will not allow a debtor to reaffirm mortgage obligations.
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27 Sep Want Copies of Your Bankruptcy Documents?

If you filed for bankruptcy, you can get a copy of all your documents for a few dollars, or even free. I saw an online ad today that said something like this:
Get the official bankruptcy documents you need instantly ..........for the low low price of $14.99 for your bankruptcy discharge, $29.99 for a few portions, or a full report for only $39.99* *best value!
You don't need to pay a company $40 to get the documents for you.You can go to the Public Access to Electronic Court Records site and you can register an account and get them yourself.As a registered user of PACER, Iam charged $.08 per page (maximum $2.40 per document), but for someone who incurs less than $10.00 of PACER charges you might not have to pay at all. The "full report"that isclaimed to be such a good value for$39.99, will cost you between $0.00 and $3.00 for most debtors if you get it yourself.
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26 Sep Means Test Figures Changing Again

The income figures used for determining bankruptcy eligibility are changing again November 1, 2010. The numbers come from the Census Bureau, which reports median family income by state. The U.S. Trustee takes that data and updates the bankruptcy means test. The U.S. Trustee expects to post...

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