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Blog Posts in September, 2011

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  • Can A Bankruptcy Debtor Pay For Their Child's College Expenses?

    Posted By admin || 29-Sep-2011

    Bankruptcy and Your Children's College Tuition After a debtor's Chapter 7 bankruptcy case is discharged, they can conceivably pay for anything they like. However, the problems of paying for a adult child's college education usually presents itself in Chapter 13 bankruptcy or when the debtor takes the means test to determine their eligibility for Chapter 7 bankruptcy. As the bankruptcy law stands ...
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  • Could Privacy Concerns Sink Borders' Bankruptcy Sale?

    Posted By admin || 28-Sep-2011

    Barnes & Noble has agreed to pay $14 million for Borders' intellectual assets which include private customer information. But the bankruptcy sale could be jeopardized if the court appointed Consumer Privacy Ombudsman's recommendation that Borders' privacy policy remain in effect is enforced by the bankruptcy court. The FTC wrote, in part: "The representations Borders made to its customers ...
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  • Occupied Residence Becomes Part Of Bankruptcy Estate

    Posted By admin || 27-Sep-2011

    In a recent Chapter 7 bankruptcy, the bankruptcy court challenged the debtor who transferred a property into a trust within two years prior to filing bankruptcy. The bankruptcy court ruled that the transfer of the property was fraudulent because the debtor did not receive equivalent value for the transfer. The Details of the Bankruptcy Case The issue in this case stems from Debtor's conveyance of ...
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  • Post-Bankruptcy Survival: Why You Should Avoid Payroll Debit Cards

    Posted By admin || 27-Sep-2011

    Why You Should Avoid Payroll Debit Cards Paying low-wage workers with debit cards instead of checks is becoming more commonplace. Nationwide 1.7 million workers are paid with debit cards; but that number is expected to increase to 5.4 million by 2014. The increase in payroll debit card usage has prompted several states to propose legislation to curtail abuses; but right now it is still up to the ...
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  • How Will Filing Bankruptcy Impact My Teaching Job?

    Posted By admin || 26-Sep-2011

    Can Teachers be Fired for Filing Bankruptcy? Downward pressure on teachers' wages is pushing many educators into bankruptcy. While a teacher cannot be fired from their job because of bankruptcy, there are some aspects of a teacher's job that can impact their bankruptcy case. Let's take a look at the most important aspect of a teacher's job that could impact their bankruptcy case --- how they are ...
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  • Bankruptcy Myths and Facts: What You Don't Know Will Hurt You

    Posted By admin || 26-Sep-2011

    There are many myths and misconceptions about bankruptcy. While some would hope that these myths were harmless, the fact is that many of these untruths are terribly harmful to debtors. Let's take a look at some of these myths so we can get to the truth of the matter: Myth #1 - Bankruptcy Is For The Rich And Famous (but mostly rich) One of the most common myths surrounding bankruptcy since ...
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  • Post-Bankruptcy Survival: What Credit Counseling Courses Won't Teach You, But Should

    Posted By admin || 23-Sep-2011

    If you're considering bankruptcy, then you probably already know that debtors are required to take a credit counseling course within 180 days of filing bankruptcy and before they can receive their discharge. The credit counseling course will cover basic budgeting topics, how to manage debt and other tips on how to avoid a future bankruptcy - in general it will teach you things you probably already ...
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  • Need A Short-Term Loan? You May Really Need Bankruptcy Instead

    Posted By admin || 22-Sep-2011

    The debate about the payday lending industry has come into sharp focus again as the Consumer Financial Protection Bureau begins to get its legs. But one of the often missed points is that many debtors take out short-term, high interest payday loans because they simply don't feel they have an alternative. Because of our reluctance to make debtors aware of their bankruptcy options, many Americans ...
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  • Paying Off Secured Debts In Chapter 13 Bankruptcy

    Posted By admin || 22-Sep-2011

    Secured Debt in Bankruptcy Debtors filing Chapter 13 bankruptcy sometimes approach secured debt payment with confusion and trepidation. There are a lot of misconceptions about how secured debt is treated in bankruptcy and how the debtor is expected to repay secured debt through their Chapter 13 bankruptcy plan. Let's take a look at a few of the facts about secured debt in bankruptcy: Making A ...
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  • For-Profit College Student Loans Should Be Dischargeable In Bankruptcy

    Posted By admin || 21-Sep-2011

    For-Profit Student Loans and Bankruptcy According to a report released by the U.S. Department of Education, nearly half of student loan defaults come from for-profit colleges. Many for-profit schools receive up to 80% of their revenue from student loans; but their dropout rates are so high that in some instances the vast majority of students never receive a degree. As it stands now, it is ...
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  • Understanding The Bankruptcy Discharge

    Posted By admin || 21-Sep-2011

    How the Bankruptcy Discharge Works The bankruptcy discharge is the most powerful tool available to debtors. The bankruptcy discharge in essence is debt forgiveness and that forgiveness applies to mostly unsecured debts. Let's take a closer look at how the bankruptcy discharge works: Debts Forgiven In Chapter 7 and Chapter 13 Bankruptcy Many debtors don't understand that debt discharge is available ...
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  • Post-Bankruptcy Survival: Finding Financial Strategies That Work

    Posted By admin || 19-Sep-2011

    We've talked a lot about rebuilding credit after bankruptcy; but building a substantial and adequate nest egg after bankruptcy is just as important. But how can debtors' exiting bankruptcy find financial strategies which will create stability now and in the future? Let's take a look at a few tips: 1. Get a long-term financial vision after exiting bankruptcy. Where do you see yourself during ...
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  • Dallas Stars To File Prepackaged Bankruptcy

    Posted By admin || 16-Sep-2011

    The Dallas Stars hockey team intends to sell their team in bankruptcy for a reported $230 million. The proposed bankruptcy sale will include an auction with Canadian businessman Tom Gaglarid as the favored bidder despite the opportunity for other bidders to enter the fray. "With the Stars, I don't think you'll see a bidding war," said Michael Cramer, who was president of the Stars holding company ...
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  • Will Congress Ban Bankruptcy Court "Shopping"?

    Posted By admin || 15-Sep-2011

    Democratic Rep. John Conyers Jr. of Michigan and Republican Rep. Lamar Smith of Texas sent Washington a proposal to change the bankruptcy law so that businesses seeking bankruptcy protection must do so in the state where they primarily operate their business. Currently, bankruptcy law allows business debtors to file bankruptcy in the state which they are incorporated. The current bankruptcy rules ...
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  • Credit Bidding In Chapter 11 Bankruptcy

    Posted By admin || 15-Sep-2011

    Technically speaking, a business in Chapter 11 bankruptcy cannot receive a discharge of their debts. However, there is a way that a bankruptcy debtor in this chapter can receive debt forgiveness from their creditors. One of the most common ways of doing this is the "credit bid." A credit bid is when a creditor purchases a property with their bankruptcy claim instead of paying cash. For example: A ...
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  • How To Fight Violations Of Bankruptcy's Automatic Stay

    Posted By admin || 14-Sep-2011

    When Creditors Violate the Automatic Stay In most cases when a debtor files bankruptcy, creditors stop all actions against them, including lawsuits and garnishments. However, sometimes there are creditors who, either because of ignorance or stubbornness, violate the automatic stay. When that happens debtors may need to take legal action. But first let's talk about some things the debtor can do to ...
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  • Making A False Oath Can Lead To Denial Of Bankruptcy Discharge

    Posted By admin || 13-Sep-2011

    In a recent Chapter 7 bankruptcy in Texas, a creditor attempted to have a debtor's bankruptcy discharge denied because they allegedly made a false oath. The bankruptcy code describes the parameters for which a debtor's discharge can be denied as the following: Denial of Discharge Under §727(a)(4)(A): False Oaths. Section 727(a)(4)(A) provides that: (a) The court shall grant the debtor a discharge, ...
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  • Should I Surrender Or Protect That Asset In Bankruptcy?

    Posted By admin || 13-Sep-2011

    Filing bankruptcy helps debtors discharge debt; but more importantly it helps them protect their valuable assets from creditors. When a debtor decides to file bankruptcy, the most important decision they will make is whether or not they will protect an asset. Chapter 7 bankruptcy allows the debtor to discharge debt after liquidating nonexempt assets while Chapter 13 bankruptcy allows the debtor to ...
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  • Bankruptcy And End Of Life Planning

    Posted By admin || 12-Sep-2011

    Elderly Americans have been hit hard by the recession. Falling home values, depreciating retirement accounts and shrinking pensions have conspired to place many senior citizens in financial troubles which are often only relieved by bankruptcy. Many senior citizens hit by the contraction of the economy are finding it difficult, if not impossible to pay credit card debts, mortgage debt and provide ...
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  • Failure To Prove Fraud Ends In Dismissal Of Bankruptcy Complaint

    Posted By admin || 12-Sep-2011

    In a recent Chapter 7 bankruptcy case, a creditor/plaintiff accused the debtor of obtaining financing under false pretenses, misrepresentation and fraud and asked the bankruptcy court to make the debt nondischargeable. The situation is one that serves as a warning against doing business with no written contract. The creditor/plaintiff in this bankruptcy case alleges that the debtor borrowed money ...
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  • When Do Income Taxes Become Dischargeable In Bankruptcy?

    Posted By admin || 9-Sep-2011

    When it comes to discharging state and federal income taxes in bankruptcy, the courts use what may appear to be a complicated set of rules and timeframes. Let's Try to Make it Simple for Those Considering Bankruptcy: Taxes which had a due date which was 3 years before filing bankruptcy may be dischargeable. For example, if a debtor files bankruptcy in May 2011, then taxes which had a due day of ...
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  • Four Reasons Why Debtors Shouldn't Fear Bankruptcy

    Posted By admin || 9-Sep-2011

    One of the biggest reasons why so many debtors fail to file bankruptcy as soon as they need it is because they are often paralyzed with fear about the bankruptcy process and the effects that bankruptcy will have on their life. Below are four reasons why debtors dealing with debt issues shouldn't fear bankruptcy: Bankruptcy is not a process which lasts a long-time in most cases. The average debtor ...
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  • Avoiding The Negative Impact Divorce Can Have On A Bankruptcy Case

    Posted By admin || 8-Sep-2011

    Divorce nearly cost a debtor the confirmation of his Chapter 13 bankruptcy case, after he failed to apply for a modification of his plan in a timely fashion. Details of the bankruptcy case: The Debtor and his estranged spouse, Mrs. Carlson, originally filed their joint Chapter 13 bankruptcy petition on December 28, 2005 ("Case No. 05-23252"). The plan was confirmed on October 6, 2006. The plan ...
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  • Lien Stripping In "No Discharge" Chapter 13 Bankruptcy Cases

    Posted By admin || 7-Sep-2011

    In a recent bankruptcy case involving a debtor who filed Chapter 13 bankruptcy within four years after receiving a Chapter 7 bankruptcy discharge, the bankruptcy court ruled that he had a right to strip the wholly unsecured junior mortgage lien. Typically, a debtor who files Chapter 13 bankruptcy within four years of receiving a Chapter 7 bankruptcy discharge is not allowed a discharge in their ...
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  • Foolishness And Fraud Not Interchangeable In Bankruptcy

    Posted By admin || 7-Sep-2011

    Debtors who have incurred debt because of foolish financial decisions will not be denied a bankruptcy discharge. However, debtors engaged in fraud can find that their bankruptcy discharge is denied. But how can the court tell the difference between foolishness and fraud? Let's take a look at a few examples: A debtor who uses one credit card to pay another until they have maxed out both, may be ...
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