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 [...]

Understanding a Chapter 7 A Chapter 7 bankruptcy is a liquidation process where a bankruptcy court trustee takes your non-exempt assets, sells them, and then pays off your creditors in a priority order. If there are any debts which have not gotten fully paid, the remainder of the debt is discharged at the end of [...]

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 Personal Bankruptcy Story This recent personal bankruptcy statement was made on a bankruptcy website this past week: “I filed Chapter 7 and it went through and was discharged in May 2010. It took [my home mortgage company] forever to get the property back and they finally took the property back in May 2011. [...]

    Leigh Steinberg has recently come forward in the news media to set the record strait about his financial affairs and personal life. Steinberg is known as the agent whom represented famous athletes and inspired the movie, Jerry McGuire. In a self written article posted online in ThePostGame of Yahoo Sports, Steinberg wrote, “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 [...]

  This question was posed by a debtor who was coming to the end of filing a Chapter 7 bankruptcy in 2011: “So I received a discharge in October and I have been paying my mortgage through the phone. Last time I paid I asked when I would be able to start paying online and [...]

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 [...]

A Chapter 7, one of six basic types of bankruptcy a debtor can qualify to file for bankruptcy relief, is covered under Title 11 of the United States Bankruptcy Code. Commonly called liquidation, a Chapter 7 is considered to be the simplest type of bankruptcy to file. Petition, Applications, and Fees You begin a Chapter [...]