Where you file bankruptcy is not supposed to make a difference, but it does. A client’s distance from the courthouse, comfort with an attorney, applicable law, practice and custom all differ from one district to the next. The rules concerning the venue of a bankruptcy case offer debtors a variety of choices in where to […]
Chapter 7 of the Bankruptcy Code offers extraordinary relief: a fast track to walk away from all dischargeable debts. My clients are often stunned by the scope and the speed of the Chapter 7 process, because most cases are successfully closed, with discharge entered, less than 120 days after filing. There is a bar to […]
The mortgage and foreclosure crisis that continues to sweep our country has been national news for almost five years. Media accounts tell different sides of the suffering and the attempts to alleviate the suffering. Neighborhoods, towns and even cities are threatened with long-lasting blight and devastation as homes become vacant and vandalized. Legislators draft emergency […]
The answer to this question will depend on your home state. Some states are judicial foreclosure states, some states are non-judicial foreclosure states, and some states like Maryland are quasi-judicial foreclosure states. Judicial foreclosure: Delaware, Pennsylvania. In a judicial foreclosure state, the lender will file a complaint seeking a money judgment and mortgage foreclosure. This […]
Don’t Panic: Bare Legal Title May Keep Property Out Of Bankruptcy Sometimes it’s convenient to add the name of a parent, child or sibling to property or a bank account. Usually done for estate planning purposes, co-ownership of property allows title of the asset to pass seamlessly from one person to the other upon death, […]
Learning the truth about a bankrupt debtor’s finances can sometimes become a daunting task. Even if debtors don’t hide their assets or conceal their transfers, the complexity of even fairly simple economic transactions frequently require a deep study of a debtor’s books and records. For this reason, the federal bankruptcy laws provide for a number […]
The vast majority of bankruptcy cases begin when a debtor files a petition seeking relief from creditors. This document is known as a “Voluntary Petition” and usually results in the bankruptcy court assuming jurisdiction over a debtor’s assets and, in the case of an individual, entry of an order discharging pre-bankruptcy debts. Debtors are not […]
Towards the beginning and towards the end of a Chapter 11 case the debtor must summarize its financial condition for creditors and the court. In the beginning, the debtor files schedules of assets and liabilities and a statement of financial affairs. These documents are often creditors’ first look at the debtor’s inner workings and are […]
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 […]
