January 7th, 2009
Filed under: BANKRUPTCY admin |
In filing a consumer bankruptcy, the average monthly income of the debtor must me determined. The average monthly income received by the debtor is determined by averaging the last six calendar months of income before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and income from the debtor’s spouse if the petition is a joint petition, but not including social security income and certain other payments made because the debtor is the victim of certain crimes. 11 U.S.C. § 101(10A).
January 6th, 2009
Filed under: BANKRUPTCY admin |
When a person rents an apartment or home and files for bankruptcy, the security deposit given to a landlord must be listed on the bankruptcy petition. The reason security deposit must be listed is that the money still belongs to the debtor, even though it is in the possession of the landlord. Under Section 541 of the Bankruptcy Code, it states that any money or property the debtor owns (such as a security deposit), is part of the bankruptcy estate and is therefore subject to being taken by the trustee. This is true unless it can be claimed exempt.
January 6th, 2009
Filed under: BANKRUPTCY admin |
When helping your bankruptcy attorney complete a bankruptcy petition, you will hear or read the term “executory contract.” An executory contract is a contract between a debtor and another party under which both sides still have important performance remaining. Examples of executory contracts include: Real estate leases, equipment leases, development contracts or licenses to intellectual property.
December 18th, 2008
Filed under: BANKRUPTCY admin |
CBS News reports that Federal regulators on Thursday adopted sweeping new rules for the U.S. credit card industry that will shield consumers from increases in interest rates on existing account balances among other changes.
The rules would ban companies from applying payments strictly to the balance with the lowest rate first on accounts with multiple balances that carry different interest rates. The rules also ban so-called double-cycle billing, when a lender imposes finance charges based on balances from previous periods.
December 11th, 2008
Filed under: BANKRUPTCY admin |
* Under federal law, bankruptcy does not affect your eligibility for student loans.
* Under FHA rule, bankruptcy does not affect your eligibility for a home mortgage once the bankruptcy is eighteen months old. The VA rule is twelve months.
* Also, federal law prohibits discrimination by an employer, or a government agency, based on a bankruptcy filing. See 11 U. S. C. §525.
December 11th, 2008
Filed under: BANKRUPTCY admin |
When you file for bankruptcy, or think about it, you’ll get a crash course in a whole new lingo. Learning about your rights is crucial to making a good decision, but first, you’ll want to make sure you understand the terms that are being thrown around!
Creditor — any person or entity to whom a bankruptcy debtor owes a debt
Debtor — the person or entity who files for bankruptcy protection
Exemptions – the set of laws, either federal or state, which protect the equity interests held by debtor in certain kinds of property.
Secured Debt – any debt in which the creditor has retained a security interest, or certain rights to specific property; in the event of the debtor’s default on the debt, the creditor has a right to repossess the collateral or secured property. Typical examples include cars, the purchase of which were financed by the purchaser through a bank or dealer-associated finance company; houses, which are usually subject to a certain kind of secured debt called a mortgage; and furniture purchases which are financed by the seller.
Trustee — the individual (usually an attorney) who is appointed as a representative of the bankruptcy estate, who exercises certain powers under the bankruptcy laws (usually for the benefit of the unsecured creditors) under the supervision of the US Trustee
US Trustee — officer of the US Department of Justice, appointed by the US Attorney General to perform administrative tasks in relation to bankruptcy proceedings within a certain geographic region
Unsecured Debt – the kind of debt that is not associated with security interests or collateral. Most credit card accounts are unsecured.
December 10th, 2008
Filed under: BANKRUPTCY admin |
Credit reporting agencies are private companies and each of the three major agencies has its own policies. The Fair Credit Reporting Act provides that a bankruptcy can remain on your credit report for as long as 10 years. We usually find that the credit reporting agencies report Chapter 13 for seven years and Chapter 7 for the full ten years
December 10th, 2008
Filed under: BANKRUPTCY admin |
Abraham Lincoln - 16th President of the United States
Thomas Jefferson - 13th President of the United States (File for bankruptcy more than one time)
Ulysses S. Grant - 18th President of the United States
William McKinley - 25th President of the United States
John Connally - Secretary of the United States Treasury, Governor of Texas
Ben Barnes - Lt. Governor of Texas
Craig Washington - United States Congressman from Houston, Texas
George McGovern - United States Senator from South Dakota, Presidential Candidate
Walt Disney
Henry Ford - (Founded the Ford Motor Company - a company that may now also file for Bankruptcy)
William Durant (Founded General Motors - a company that may now also file for Bankruptcy)
Larry King
P. T. Barnum
Burt Renolds
Mickey Rooney
Elton John
Kim Basinger
Jerry Lewis
Mike Tyson
John Wayne
Francis Ford Coppola
Merle Haggard
Ted Nugent
Anna Nicole Smith
Cyndi Lauper
Wayne Newton
December 10th, 2008
Filed under: BANKRUPTCY admin |
Chapter 13 bankruptcy is good for people who cannot make their car payments, and/or owe back house payments, back IRS taxes, back child support, and/or delinquent property taxes. Chapter 13 may also be the ticket to stop foreclosure on their home, repossession of their car(s), to stop IRS wage and bank account levies, and tax liens on their home and other property. A Chapter 13 Reorganization bankruptcy may be filed to include car(s), back house payments, back taxes, back child support, delinquent property taxes and more up to 60 months.
December 6th, 2008
Filed under: BANKRUPTCY admin |
An important reason to consider filing Chapter 7 to eliminate a mortgage and move out of the house is the possibility of avoiding deficiency judgments after foreclosure. Although few banks sue their former clients again after the sheriff sale for the difference between what was owed and what the property sold for, it may be best just to discharge the mortgage and not worry about any further lawsuits regarding this property. With the credit crisis in full swing, some banks may get desperate enough for cash that they start attempting to collection on deficiencies from borrowers who obviously had problems paying their debts just a few months ago.
Warner Mariani, Esquire WARNER MARIANI, LLC 428 Forbes Avenue, Ste 220 Pittsburgh, PA 15219
Phone: 412-281-3360
Fax: 412-281-7360
E-mail us: info@askthepalawyer.com
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