Exemptions are available without bankruptcy Sometimes clients need to delay fiiling bankruptcy. This delay may result for a number of reasons, including that you want to let certain taxes become dischargeable, you may want to wait until after the preference period has expired, or for some other timing reasons. Unfortunately, if judgment creditors are seizing […]
To complete your Maryland bankruptcy schedules and forms, you’ll need to know whether you owe contingent, liquidated or disputed claims. Let’s talk about the meaning of the first term: a contingent claim. A contingent claim is a liability that is not certain to occur and, actually, could occur only when a specific event happens. For […]
There’s nothing typical about Maryland bankruptcy cases. Each case is different based upon the client’s income, expenses, assets and debts. Many people have defaulted on their bills for months or even years before they file for bankruptcy. Others struggle from month to month making mimimum payments and have credit scores in the 700s. Whether you’re […]
Trustee Scrutinizing Bankruptcy Case When my clients ask, “Why is the trustee looking so closely at my bankruptcy case?” I tell them about trustee appointments. Chapter 7 trustees are private attorneys appointed to a panel by the Department of Justice. Trustees are paid only $65.00 per case according to statute and that is the full […]
Difference : Dismissal and Discharge I want you to understand the difference between a bankruptcy dismissal and a bankruptcy discharge. When you’ve filed for bankruptcy, whether in Maryland, Pennsylvania or elsewhere, discharge is the desired outcome of your filing. A bankruptcy discharge occurs when you have done everything you’re supposed to do. The court enters […]
Two years ago I wrote a blog item called 8 Pieces Of Life Changing Advice A Bankruptcy Lawyer Will Give You For Free. The blog was intended as a call to action for distressed debtors to seek legal advice, usually given for free, from a bankruptcy lawyer. One of the most important points I emphasized was […]
Over Exemptions The client is told she’ll have to pay something to the trustee in bankruptcy, and her heart sinks. But it doesn’t have to be that bad. Every Chapter 7 client wants a “no asset” case, when a debtor’s equity in his assets is less than allowed exemptions. But sometimes the client’s commissions are […]
I couldn’t be more excited to present March Madness:Bankruptcy Brackets. I’ve been blogging about celebrity bankruptcies and created infographics like The Baseball Bankruptcy Hall of Fame, The Flag of Bankrupt Presidents, The Bankruptcy Big House and others. So, I decided that it would be interesting, educational and fun to have a competition amongst all of […]
The Wolf of Wall Street depicts the meteoric rise and fall of über salesman Jordan Belfort, the creator of penny stock dealer Stratton Oakmont. At the beginning of the film Belfort is shown as a young man at the outset of a journey: starting his securities career at a prestigious Wall Street brokerage. However, had […]
Sonja Morgan’s movie project Fast Flash to Bang Time failed and she was forced to settle a lawsuit for $7 million. You’ll recall that Sonja is one of the stars of the reality show, Real Housewives of New York, RHONY. In her November 2010 Chapter 11 petition, Sonja listed $19.8 million in debt and $13.5 […]
