Chapter 11 is a powerful tool to help businesses and high income individuals restructure their debt. The ability to modify secured claims, reject burdensome leases and negotiate steep creditor discounts create unparalleled opportunities to give new life to struggling debtors. However, the right to reorganize is not absolute: debtors need to be able to prove […]
Most debtors believe that once they receive a discharge in bankruptcy and their case is closed they can put their troubles behind them. While that’s true almost all the time the bankruptcy code does leave the door open for creditors to complain that the discharge was obtained as a result of fraud. Like many other […]
Two, Four, Six, Eight: Waiting Periods For Discharge In Subsequent Bankruptcy Cases When clients ask “how many times can I file for bankruptcy” they usually want to know “how often can I receive a bankruptcy discharge?” They ask this question because they’ve found themselves in a financial bind years after receiving a discharge and want […]
7 Steps To Survive Your Meeting With The Trustee: Follow These Tips To Take Control Of Your First Meeting Of Creditors If you’re getting ready to meet the bankruptcy trustee for your Chapter 7, Chapter 13, or even your Chapter 11 meeting, you’ve already gotten through the hardest parts of your case: picking up the […]
The absolute priority rule in Individual Chapter 11 cases may make reorganization impossible for high income debtors. Last month the Fourth Circuit Court of Appeals dealt a blow to the drive by consumer bankruptcy lawyers to eliminate the absolute priority rule in individual Chapter 11 bankruptcies. The absolute priority rule is simple: if a class […]
In Stripping Off Junior Liens In Chapter 7, Nothing Matters More Than Where You Live In bankruptcy a claim is a broadly defined term meaning a right to payment. When the holder of that claim also has an interest in a specific piece of the debtor’s property to secure that this that is called a […]
Don’t Rush In! Plan the Maryland Bankruptcy Case That’s Right for You and Your Business As an individual or business owner, when you get to the point where you are considering bankruptcy, you are aware of how serious your financial situation has become. For most people, the tipping point that makes bankruptcy a viable option […]
Thinking About Bankruptcy? Plan Carefully, Says a Baltimore Bankruptcy Lawyer Bankruptcy is not usually an option that people turn to quickly or easily. Financial conditions that mandate a large restructuring action like a bankruptcy can often build for years, as people work hard to try every available option before turning to bankruptcy. Unfortunately, choices like […]
This is a difficult question to answer because reaffirmation defeats the whole point of most bankruptcy cases, which is to obtain a discharge of your debt. By reaffirming any given debt, even though you’ve received a discharge in bankruptcy the reaffirmed debt survives discharge and if you default later you can be sued, the creditor […]
Atlanta-based mortgage servicer Ocwen Financial is a player in hundreds of thousands of homeowner bankruptcies each year, and for a good reason: Ocwen services mortgages worth over $82 billion. Ocwen’s primary clients are the major mortgage lenders: BNY Mellon, Citibank, Deutsche Bank, HSBC, US Bank, and Wells Fargo. These investors are apparently furious with Ocwen […]
