Downward Trend in Bankruptcy Filings

Admin on December 16, 2017 Posted in Bankruptcy News, Blog

Government statistics regarding bankruptcy filings demonstrate an interesting trend. The trend shows a four-year downward direction and an overall downward trajectory. This table represents filings between 2014 and 2017: Year Total Bankruptcy Filings Business Bankruptcy Filings Consumer (Personal) Bankruptcy Filings 2017 796,037 23,443 772,594 2016 819,159 25,227 793,932 2015 879,736 25,046 854,690 2014 1,000,083 30,113 […]

Criminal Proceedings and the Automatic Stay

Admin on October 22, 2016 Posted in Bankruptcy Law, Bankruptcy News

One of the most unique and perhaps most important features of the bankruptcy process is the automatic stay. The automatic stay, in section 362 of the US Bankruptcy Code, halts creditor collection of debtor assets. It is effective as soon as the debtor files for bankruptcy and provides the debtor breathing room to reorganize get […]

Chapter 13 Postpetition Debt

Admin on July 1, 2016 Posted in Bankruptcy Law, Bankruptcy News, Blog, Chapter 13 Bankruptcy

Generally, bankruptcy reorganization is applicable to prepetition debt, which refers to liabilities arising prior to the bankruptcy filing, not postpetition debt. Chapter 13 bankruptcy provides an exception to that rule. A Chapter 13 debtor, under certain circumstances, can include postpetitition consumer debt and taxes in the Chapter 13 plan. This requires trustee approval and that […]

What Happens if You Can’t Make Repayments in a Chapter 13 Plan?

Admin on March 31, 2016 Posted in Bankruptcy News, Chapter 13 Bankruptcy

There are a variety of reasons that debtors choose Chapter 13 bankruptcy over Chapter 7. Some have debts that can only be discharged in Chapter 13 bankruptcy. Others prefer Chapter 13 because it allows them retain more of their assets while going through the bankruptcy process. Some debtors would like to file for Chapter 7 […]

Official Bankruptcy Forms Changed on December 1, 2014

wpadmin on August 19, 2015 Posted in Bankruptcy News

Starting December 1, 2014, several changes to official bankruptcy forms took effect which impact those filing after that date. Bankruptcy can be a complex process, and there are many legal rules to you must adhere to. Part of that process includes filing numerous forms. As of December 1, 2014, the necessary forms in your case […]

Casey Anthony’s Life Story – Property of Her Bankruptcy Estate?

wpadmin on January 9, 2014 Posted in Bankruptcy News

In 2011, the Casey Anthony murder trial made history as one of the most-watched trials ever when over 5.2 million people tuned in to view the verdict live on television. Last year, Anthony again made the news, this time for a legal issue related to her Chapter 7 Bankruptcy. In 2013, Anthony filed for Chapter […]

Will the Affordable Care Act Affect Bankruptcy Filings?

wpadmin on January 6, 2014 Posted in Bankruptcy News

You may wonder what recent developments in health care law, such as the Affordable Care Act, have to do with bankruptcy law. CNBC reports that unpaid medical bills are now the most common cause of bankruptcy, outnumbering credit card debt and home mortgages. In 2013, an estimated 650,000 Americans filed for bankruptcy because of their […]

Last Minute Transactions Foil Couple’s Effort to Discharge $3M Gambling Debt

wpadmin on October 31, 2013 Posted in Bankruptcy News

A 9th Circuit decision involving a doctor and his wife provides some important guidance on “what not to do” in terms of completing personal financial transactions shortly before filing bankruptcy. Because the couple engaged in business dealings that allowed a bankruptcy judge to find an intent to delay, defraud or hinder creditors, the couple lost […]

Former ‘Gossip Girl’ Star Seeks Chapter 7 Protection Amidst Mounting Child Custody Legal Bills

wpadmin on September 30, 2013 Posted in Bankruptcy News

Bankruptcy filers seek protection for a wide variety of reasons, and most do so for reasons other than just profligate spending. Such was the case for TV actress Kelly Rutherford, who filed for bankruptcy this summer. The actress was beset by dwindling income following the 2012 conclusion of the hit drama “Gossip Girl,” in which […]

Creditor’s Attorney’s Knowledge of Bankruptcy Was Not Enough to Place Creditor on Notice of Debtor’s Filing

wpadmin on August 26, 2013 Posted in Bankruptcy News

A debtor’s significant mischaracterization of a six-figure debt ultimately placed him on the hook for repaying the debt after a bankruptcy court, and the Ninth Circuit, concluded that the debt was non-dischargeable. Even though the attorney who represented the creditor knew about the debt, the debtor remained obliged to repay, because the lawyer found out […]