E stands for exemptions in my Bankruptcy Alphabet. Exemptions describe the possessions you get to keep when you file bankruptcy. E could also stand for Exception, since exemptions are the only place in bankruptcy law where the law is explicitly different from state to state. Exemptions vary The Bankruptcy Code gave the states the right […]
High Income Earners Pass Bankruptcy’s Means Test
ALERT: Being above the median income on the means test is not an automatic bar to filing bankruptcy I’m so used to railing against deliberate campaigns of misinformation about bankruptcy that I forget that there’s a lot of innocent ignorance out there. Start with “qualifying” for bankruptcy. A very earnest and ethical financial counselor was […]
Chapter 13: Know Who Gets Paid First Under Your Plan
Who gets paid in Chapter 13, and in what order, makes a huge different when charting your course. Sometimes, we must realize that reality exists outside of television shows. And when real-world reality hits some debtors, it’s a trainwreck. It comes up for me when Chapter 13 clients and I sit down to write the […]
Scofflaws Must Pay When They Violate The Stay
Debtors in bankruptcy got back the right to collect all of their damages for violations of the automatic stay when the 9th Circuit Court of Appeals en banc overturned the Sternberg case. We conclude that Sternberg misconstrued the plain meaning of §362(k). To the extent it is inconsistent with this opinion, Sternberg is overruled. I thought […]
How Chapter 13 Cuts Car Loan Down To Size
Car lenders who make new car loans with an underwater trade-in will face the music in Chapter 13. The Supreme Court declined to review a 9th Circuit decision that stripped car loans of their protected specially protected status in bankruptcy; as a result, Californians will continue to benefit from the debtor-friendly decision in Penrod, rising out of […]
Speak Fluent Bankruptcy: Guide To Essential Bankruptcy Terms
Bankruptcy has its own language. If you are considering filing bankruptcy, it helps to know the language spoken there. Master just a couple of words and phrases, and input from a bankruptcy lawyer starts to make sense. So, in our continuing campaign for better understanding of bankruptcy, here’s a dozen phrases from the language of […]
What Everyone Knows About Bankruptcy: Not
Lots of people profess to know all about bankruptcy. Whether they have good information or not. But other professionals should know better than to advise people about the workings of bankruptcy. And if they don’t know better, they should be made to pay, in some exquisitely painful way, for the harm they inflict. The rack […]
What Your Bankruptcy Lawyer Can’t Tell You
I can share a secret, just between us. Bankruptcy “reform” in 2005 tried in a number of ways to discredit and gag lawyers from helping debtors. One of those additions to the Bankruptcy Code prohibits lawyers from advising those filing bankruptcy to incur new debt. The statute makes no distinction about the kind of debt […]
Bankruptcy Alphabet: J For Justify
J stands for Justify in my Bankruptcy Alphabet. Or rather, it stands for “no need to Justify” your decision to file bankruptcy. Those considering bankruptcy imagine the first meeting of creditors as an inquisition by the trustee. They fear that they will have to justify their choice of bankruptcy and that the trustee could disallow […]
Six Rotten Excuses Not To File Bankruptcy
I am not a bankruptcy attorney. I never have been. I am a mortgage law attorney. But in the current financial climate, I see clients in my office daily who desperately need to file bankruptcy…And they won’t. The reasons they give, and the parade of horrors they’ve built up in their minds about bankruptcy, are heart-felt, […]
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