Being Misleading in Your Bankruptcy Case May Cost You Your Porsche
Bankruptcy courts are fairly liberal in allowing a debtor who has filed a chapter 7 case to convert it to a chapter 13 case, if necessary. That ability to convert, however, is not absolute. In reviewing such an application by a debtor, the court will look to see if the debtor had engaged in any […]
KEEP READING . . .If you file for bankruptcy, are you harmed if YOUR attorney doesn’t go to court with you?
Any attorney who practices consumer bankruptcy has the contact of information of several “appearance” attorneys. When I go to 341 meetings, I’m often a little taken aback when a debtor, waiting for their case to be called, hears their name being called by an attorney they don’t know. A recent case from the bankruptcy court […]
KEEP READING . . .Inquest for NYC Landlords: What to do with a default judgment against a tenant
In NYC, hundreds of Landlord-Tenant cases are scheduled each day. Comparable to debt collection lawsuits, many tenants fail to show up to court when scheduled. It’s a difficult path to navigate: some people choose not to show up; others have a job that barely gets them by so they have to make the tough choice […]
KEEP READING . . .Case Review: Lawyer gets his student loans discharged in bankruptcy!
You never know what it’s like to walk in someone else’s shoes. If I asked your thoughts on a 56 year old healthy male, living in California, who has been an attorney admitted to practice law since 1993, what would they be? High net worth? Partner? 1%? What if I told you that this person […]
KEEP READING . . .Can I File Bankruptcy and Keep My Car Even If It’s Expensive?
Can I file bankruptcy and keep my car? This question often comes up when prospective debtors are consulted about bankruptcy. They are struggling with credit card debt and collections. There might have been a cash out or loan against retirement accounts. Very often, however, this fact pattern also includes a relatively new vehicle that’s being […]
KEEP READING . . .Voluntary Retirement Contributions and Retirement Loan Repayments are reasonably necessary expenses for Bankruptcy Debtor
In bankruptcy news, a nice, debtor-friendly case came out of the Bankruptcy Court for the Southern District of Indiana. The question presented: whether a debtor’s voluntary retirement contributions and retirement loan repayments are reasonably necessary expenses for bankruptcy debtor. The answer according to this court: Yes!
KEEP READING . . .What does Limited Liability really mean for you and your business? A bankruptcy case explains it clearly.
When working with both individuals and businesses (both new and ongoing), I often get asked whether the corporation that is or was created will protect them from liability (in the general sense). I try to give my best response to such an open-ended question, which is usually something like, “[w]hen done right, a corporate entity […]
KEEP READING . . .Sometimes, (in bankruptcy) letting go is the best thing
People often tend to let their emotions govern their choices, especially in legal matters. It’s ultra-common in divorces, where the parties would rather battle over some issue, keeping the case open another few years and increasing attorneys fees, rather than coming to a sensible resolution. (I once saw a conference where the parties decided to […]
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