Bankruptcy Blog Archives

American Bankruptcy Institute Quick Poll Results A Quick Poll by the American Bankruptcy Institute taken on February 1, 20012, revealed that 56% of the respondents believe “Chapter 13 debtors not entitled to a discharge should nonetheless be allowed to strip off a wholly unsecured junior mortgage lien.” Bankruptcy Code Concerning Stripping Junior Mortgage Liens The [...]

Personal Bankruptcy Story This personal bankruptcy question came from a Californian who shared their personal bankruptcy story on a bankruptcy forum website today: “I live in and work in California, my house is underwater, a HELOC loan is now requiring us to pay principal this month and (our mortgage) bank which now owns the house [...]

The Journal of Empirical Legal Studies is a journal published on behalf of The Society of Empirical Legal Studies and Cornell University Law School. An article entitled Race, Attorney Influence, and Bankruptcy Chapter Choice was posted in the Journal on January 20, 2012. It was written by Robert M. Lawless, a law professor at the [...]

A Recent Bankruptcy News Story According to recent news sources, Eastman Kodak filed for bankruptcy protection last week. By filing, Kodak is seeking to increase its cash position in order to stay in business. In anticipation of filing the Chapter 11, Kodak borrowed $950 million from Citigroup this past Thursday to pay for operations during [...]

A Real Life Question Concerning an Inheritance Windfall A windfall is a type of gain in income that is unexpected. The key word here is “unexpected.” Bankruptcy law is full of little nuances like these type of key words. All law is full of little nuances for that matter, but what are your legal obligations [...]

Personal Bankruptcy Question This recent question was posted in 2012 on a bankruptcy forum website and asked by a blogger who was at the end of a Chapter 13: “Does anyone know what “Notice Only” means, or how I should go about being sure what all of my post-bankruptcy debts are?” The blogger also reported [...]

Over 60% of Filers Do Not Complete a Chapter 13 A Chapter 13 bankruptcy is for qualified individual debtors who have an income and are willing to commit to a payback plan on a portion or all their debts, normally for 3 or 5 years. About 1 in 3 who file a Chapter 13 completes [...]

It is already tax time again. All of you know that April 15th is the deadline for filing your 2011 income tax. What many of you facing bankruptcy should know is that there can be a different deadline for filing your tax if you have filed a Chapter 13 bankruptcy and have not yet attended [...]

How does a marriage separation affect your bankruptcy? If you are separated and are considering bankruptcy, you should know that the separation definitely adds additional considerations to declaring Chapter 7 and Chapter 13 bankruptcy. The first distinction that needs to be considered is whether your separation is legal.  People may claim that they are “separated” [...]

No one ever expects they are going to go bankrupt, let alone know anything about the process of filing for bankruptcy protection when they do. So, for most, the process of bankruptcy is an ongoing learning experience. It begins with searching for a lawyer and gathering information. A bankruptcy lawyer will normally provide you with [...]