Bankruptcy Law Articles

Someone looking to shop at the Circuit City located on Van Ness Avenue in San Francisco, CA may be in for a surprise, when s/he sees it is no longer there.

With business bankruptcy filings jumping, people will see an increase in Chapter 11 for Silicon Valley companies incorporated in California.

With continued high unemployment going into its third year, divorced spouses who have child and spousal support obligations might think to revise their support orders.

In San Francisco, CA, the US Bankruptcy Court, Northern District of CA is located at 235 Pine Street, walking distance from public transportation. When a debtor files a bankruptcy petition and does not move the case along like not showing up for the 341 Hearing or not submitting all required documents to the trustee for review, the court may dismiss the case.

On January 7, 2011, The Wall Street Journal reported in “Borders, Advisers Discuss Debt Load” that Borders Group, Inc. requested publishers for extensions on paying bills. The bookstore chain once shook up the book retailing industry with comfy coffee houses, free CD samplings, and movie days for children.

As a continuation of long-waited reforms of bankruptcy legislation started on January 2009, the State Duma on April 2009 adopted the new Federal Law No. 73-FZ “On the Amendments to the Certain Statutes of the Russian Federation” (the “Amendments”, “the Statute”). The new Amendments emerged as a response to vastly growing number of bankruptcy and insolvency cases as well as asset stripping from bankrupt companies.

If you have already filed for bankruptcy in Maryland, you may be able to file again.

You may obtain a free credit report from each of the nationwide consumer reporting companies once a year. This can help you to verify that your information is accurate before you apply for a loan or a job.

If you failed to pay your federal taxes, the IRS may seize your property. To find out more about alternatives to an IRS seizure of individual property, you can get the help of a tax attorney.

Debt collectors are heavily regulated by federal and California state laws.

A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount.

The Number One Rule: Don’t incur any bad credit after the bankruptcy! Be scrupulous in making timely payments in the future.

When faced with foreclosure, a loan modification is usually the best and last hope for keeping your home (and credit) safe. The application process can be complex and daunting and the way you file the paperwork can be the determining factor in the lender accepting the terms of the modification.

The court expects you to change your lifestyle. With trustee monitoring your financial attitudes, your case can be reopened to enlarge the payment, or dismiss it, opening the way for creditors to pursue you in a court of law with each creditor filing a separate lawsuit. This will translate into larger legal fees.

With the collapse of the real estate market, the word “foreclosure” has unfortunately become an often used word in the English language. This article will provide information about the types of foreclosures found in various states and how they work.

This past summer the California Legislature approved Senate Bill 931 (SB 931) amending Code of Civil Procedure CCP §580e to provide for anti-deficiency protection to certain short sales.

While there are many reasons for the rise in bankruptcy filings, with working families falling victim to job losses, the collapse in the real estate market and plunging home values is one of the principal reasons for the rise in filings.

The current housing crisis and the fact the a good majority of homeowners are "underwater" has resulted in the many, many homeowners asking the question whether or not it is wise to "walk away" from their mortgage.

In August, the Mortgage Bankers Association (MBA) released data suggesting that more and more people were falling behind on their mortgages. According to a report in The Tennessean, the MBA data showed that 10.47 percent of mortgages in the state were past due between April and June, compared with 9.89 percent in the first quarter of the year.

In the past four years we have become more familiar with the terms: Short Sale, Foreclosure, and Bankruptcy. Creditors have become increasingly aggressive and have resorted to bullying the consumer. As consumers we must know what our legal rights are in order to show your creditors that this behavior is unacceptable.

Careful reading of the Section 138 of the Negotiable Instruments Act, 1881 provides the steps that is required to be followed with regard to the dishonor of the check for insufficiency, etc., of funds in the account.

The Cyprus Securities and Exchange Commission (“CYSEC”) has recently issued a circular drawing the attention of persons operating credit rating agencies (“CRAs”) in Cyprus to Regulation (EC) No 1060/2009 of the European Parliament and of the Council, which puts in place a common regulatory regime for the publication of credit ratings.

The combination of the recession, high unemployment rates and the crash of the housing market has left many homeowners struggling to make their mortgage payments. However, as the saying goes, in difficult circumstances comes opportunity. Unfortunately, for many homeowners, those taking advantage of the opportunities presented by these difficult times are loan modification scammers.

With the revelation that many big lenders were "robo-signing" documents - signing them without verifying the accuracy of the information - to move foreclosures through the process, several banks, including JPMorgan and Bank of America, temporarily halted foreclosures to ensure that all paperwork was in order.

Before you declare bankruptcy, you'll want to make sure you have everything you need in order. What will you need to file, and what Chapter works for you? In this article are just some of the commonly asked questions about bankruptcy.

If you're filing for consumer bankruptcy, you've probably already done a bit of research about how bankruptcy works. Learn more about the role of the trustee in your case, the U.S. Trustee in the bankruptcy system.

The current economic conditions have led many people to face the issue of debt. There are many factors that contribute to financial difficulties. Among them are the burst of the housing bubble, job loss, layoffs, divorce and significant medical expenses. Luckily, the government provides an opportunity for those who are drowning in debt to get their heads back above water through bankruptcy.

Occasionally clients say that they cannot be present for a real estate closing, and ask if they can sign their documents in advance. Depending on the circumstances, particularly if the individual is the Seller, the closing agent may be able to accommodate this request and have the documents signed prior to the actual closing date.

Not every financial scammer operates on the level of a Bernie Madoff, but they all take advantage of good people and drain energy from our economy when it's needed most. Persistent telemarketers exploit vulnerable people who are trying to get ahead by selling them on worthless work-from-home business opportunities, bait-and-switch credit relief, or risky Ponzi schemes.

Property ownership climbed to 69 percent in 2004. However, the availability of subprime mortgages in years prior to that, combined with the inflated prices of houses in the United States, paved the way for the current national housing crisis.

Phoenix-area bankruptcies shot upward in August after a four month downtrend according to the U.S. Bankruptcy Court in Arizona. Bankruptcies in the Valley are now on track to surpass 30,000 for the year, almost 5,000 more than in 2009.

In February 2010, the federal government established the "Hardest Hit Fund" to provide help to states facing the worst of the financial and foreclosure crisis. The first five states to receive money from the program - Arizona, California, Florida, Michigan and Nevada - all experienced more than a 20 percent decline in the average home price according to the U.S. Treasury Department.

When introduced, the federal government's foreclosure rescue program offered hope to millions of people facing the loss of their homes. The reality has fallen far short of expectations: less than half a million people have had their mortgages permanently modified since the program began in early 2009.

Bankruptcy can allow you to remove a second mortgage from your home. If your home is underwater you may qualify to have your second mortgage removed.

Life after bankruptcy isn't perfect, but it doesn't have to be difficult, either. Here are a few ideas to help keep yourself on track while you build your credit back up.

Many of you would recognize the name CBGB from t-shirts and slogans, all without knowing that the name originated from a legendary music venue in Manhattan. Even more interesting, the club has been closed since 2006. Yet, the investors who purchased it bought it for the naming rights, not the club. These rights, called intellectual property rights. So the question is, what happens to those intellectual property rights during a Chapter 11 Bankruptcy?

Pre-bankruptcy planning can help you save significant property! The longer clients wait to take action, the less options they are likely to have when they do decide to take action. Surprisingly, most clients don't even know what their options are!!! People cannot make educated and informed decisions when they aren't aware!

The United States Bankruptcy code that deals with Chapter 11 Business Bankruptcy is one of the most complicated statutes in American history. Not surprisingly, there are few attorneys that handle these types of cases. Often times our business bankruptcy lawyers receive calls from clients in dire financial straits asking whether a Limited Liability Company (LLC) can file for Chapter 11 Bankruptcy here in Arizona.

In cases where the debtor has filed under Chapter 13, or it has been converted to a Chapter 13 from a Chapter 7 bankruptcy, a debt collection attorney has a number of options at their disposal when a debtor is seeking relief under the bankruptcy code. Being proactive at this point is what can make or break your chances of recovering a substantial percentage of the debtor's obligations.

When considering whether to file bankruptcy it is important to take into account all of the options available. For many, the need for and advantages of bankruptcy are obvious. To others, it will be a last resort. As the debts pile up and the creditors hound you, it is important to consider what can be done. This article will provide basic information on the types of bankruptcies available to both consumers and businesses.

Federal Programs for home loan modifications during bankruptcy.

After you decide you need to begin the process of filing bankruptcy in Michigan, you will likely be subjected to a Means Test, a tool to evaluate whether you are eligible to file based on your income. The United States adopted this method of eligibility testing with the Bankruptcy Reform Act of 2005.

The author discusses the disadvantages of filing for bankruptcy.

The author gives an overview of the advantages of filing for Bankruptcy.

Five years ago, the implementation of the Bankruptcy Abuse Protection and Consumer Protection Act changed many of the basics of bankruptcy. What should you know that may affect your filing?

If you're confused by some of the changes to bankruptcy law, you're not the only one. One of the new requirements is the completion of a pre-filing credit counseling course. What's the purpose of the course, and how would one prepare for it?

In this article, the author outlines the protections available to creditors of limited liability companies once they have been abandoned, or ceased commercial trading.

The crash of the housing bubble has left many homeowners in homes that are now not worth what was paid for them. The current economic crisis and rise in unemployment are leaving many homeowners with mortgages they cannot afford for houses that they cannot sell.

Not too many years ago, this headline would have sounded ridiculous. However, such sentiment seems to be gaining traction outside of the fringe anarchist groups that would normally espouse such behavior. Before the real estate market went haywire, a borrower who did not pay the lender lost his or her home to foreclosure.

The Bankruptcy Code gives homeowners facing foreclosure the right to cure the default any time up until the foreclosure sale process is completed. The key word here is “process,” and state law determines what the process is for a valid auction or sheriff sale. Until this has been completed, homeowners who file bankruptcy can use the federal laws for another chance to save their home and cure the default.

What happens if the beneficiary of a bank guarantee or other surety decides to enforce it against a payment default by a debtor who has been declared insolvent? This is a crucial question not only for the beneficiary of the guarantee but also the granter thereof – in many cases a financial institution. Neither one nor the other should be unaware of the consequences if their debtor and guaranteed party, respectively, is declared to be insolvent.

In Pennsylvania you cannot garnish wages to collect a debt even after obtaining a judgment against you. The harassment and the false information violate the Federal Debt Collection Practices Act. The Act actually provides that you can sue the collector for his illegal acts and recover up to $1,000.00 per violation plus attorney’s fees.

The third quarter of 2009 saw a record number of foreclosures across Arizona according to RealtyTrac, an online marketplace for foreclosure properties. For the fifth quarter in a row, Arizona ranked second behind only Nevada with one out of every 55 homes threatened by foreclosure. In the Phoenix area alone, 2009 foreclosures jumped 158% over the 2008 figures.

The onus for ensuring compliance with the RESPA revisions falls squarely upon lenders.

Bankruptcy in Michigan will have a negative impact on your credit for several years. The author goes into detail about how your credit will be effected and how you can help it.

The purpose of a bankruptcy proceeding in Maryland is to alleviate your difficult financial obligations. As soon as you file for bankruptcy in MD, creditors will be prevented from moving forward with actions to recover unpaid debts. Once these creditors’ activities are ceased in a Chapter 13 bankruptcy proceeding, you can organize your debts, lower your repayment amount, and make those repayments over an extended period.

Even if a debt can be discharged, you may have a specific reason as to why you will continue to repay it.

Before you file for bankruptcy in Maryland, you must decide if bankruptcy is your best course of action.

In a Chapter 13 bankruptcy proceeding, you can restructure your debts, lower your payments, and make those repayments over an extended period. To find out if you are eligible for chapter 13 bankruptcy, you should get the advice of an experienced bankruptcy attorney.

The author discusses the types of scam artists that are targeting distressed homeowners.

In this shaky economy, businesses that extend credit to customers are taking a big chance. If that customer files for bankruptcy, the business could find payments the customer recently made to the business confiscated by the bankruptcy trustee and returned to the bankruptcy filer's account.

The author addresses the fears of filing for Bankruptcy.

The author discusses how to stop wage garnishments.

1111b is a unique feature of a chapter 11 case that invites strategy plays by both debtor and creditors.

Ask a tax professional before losing or walking away from your home. These days in this shaky economy and what the experts are calling the “jobless recovery,” there are many people still out of work. Perhaps the reader of this article has friends or family that are currently out of work, but have been actively seeking work.

A lot of our clients aren't sure what the effects of losing their real property are. There are several schools of thought. I will only (attempt) to address the differences as they pertain to bankruptcy.

It often happens that for one reason or another you owe back taxes. The IRS can be relentless in their pursuit for payment. It may seem like filing for Bankruptcy would get the tax man off your back, but this is not necessarily the case. The Franchise Tax Board and the Internal Revenue Service really don't like to lose money.

The author explains the structure of the 1978 bankruptcy reform act

The author discusses the bankruptcy reform act preceding that of 2005.

The author explains the 1898 bankruptcy reform act.

The author explains the history prior to the bankruptcy reform act of 1978.

The author discusses the 1934 Chandler Act.

The bankruptcy process is a government sanctioned means for consumers to get a fresh start and regain their financial footing. The problem is that filing bankruptcy has become complicated to the point where a filer acting alone may not realize all the benefits which are available through either a Chapter 7 or a Chapter 13 bankruptcy.

Filing for Bankruptcy is a stressful time for most. There are some ways you can reduce the stress of bankruptcy in Michigan, before it overwhelms you.

If you are looking to file bankruptcy, it is best to consult with a bankruptcy attorney to go over your options.

The Small Business Administration or SBA is an excellent source of financing for entrepreneurs who cannot obtain financing with reasonable terms through normal lending channels.

So you have been served with foreclosure papers, a hearing was held, the sale date has passed and your property is now in the hands of your lender. It was a stressful and often frustrating experience, but whew… it’s over! Or is it? The author discusses the process.

If you a having issues with your mortgage, its best to consult with an attorney.

With the country in the midst of a national housing market crisis, many homeowners have found themselves in the precarious position of owing more on their houses than they are currently worth.

More and more people are simply packing their bags and walking away from their homes, convinced there’s no better way to deal with underwater mortgages. While it’s undoubtedly true that you should keep all your options open as you struggle with a dire financial situation, it’s just as true that you should carefully consider all your options before acting.

Many people incorrectly believe that they cannot discharge unpaid tax debt in bankruptcy. While this is a very complicated area of bankruptcy law, it is possible to obtain a bankruptcy discharge of many tax debts, including the penalties and interest owed thereon. In fact, bankruptcy can be the best available option for individuals with unpaid tax debt to relieve some or all of the financial and personal hardship caused by owing money to the IRS.

The real estate crisis reaches every strata of society, including financially stable individuals and companies. There is no one-size-fits-all approach, however, and affluent clients have unique concerns that have been largely over-looked by the media and governmental programs. This article discusses strategies for resolving mortgage problems for people who have good reason to worry about deficiency judgments, credit rating, and public image.

This article discusses the Florida Supreme Court's recent holding, in Olmstead v. Federal Trade Commission (SC08-1009), that pursuant to Florida law, a court may order a judgment-debtor to surrender all “right, title, and interest” in the debtor's single-member limited liability company to satisfy an outstanding judgment, thereby eliminating the single member LLC as an asset protection tool in Florida.

Debt-strapped consumers are being warned by consumer advocates that using debt settlement companies could leave them deeper in debt. The Commissioner of the Federal Trade Commission has spoken out in regard to the need for greater regulation over the debt-settlement industry.

Personal bankruptcies hit a record high last year in Central Florida, and this year's total may be even larger. Rising bankruptcy levels are an indication of the continued personal hardships families and small businesses are facing during the recession.

After filing a Chapter 7 bankruptcy and after your creditor’s meeting, the creditor that you owe for your house or car may send a document called a Reaffirmation Agreement to your attorney. A reaffirmation agreement is a document that your attorney will help you fill out.

The Loan: “A Loan for Consumption is a contract whereby the lender transfers to the borrower the ownership of a certain quantity of property which is consumed in the user, and the borrower agrees to return a property of the same kind, quality and quantity.”

There are some simple steps you can take to help your situation if you are considering debt settlement.

Choosing the right bankruptcy lawyer is an important choice. Get some tips from ABI-certified bankruptcy specialist John Steinberger.

This article mainly discusses the proposed amendments to the Turkish Notification Law and its harmonization with current telecommunication tools.

If you are trying to decide between Chapter 7 and Chapter 13 bankruptcy, what follows are several reasons and situations to use Chapter 13 instead of Chapter 7.

The struggling economy, housing crisis and high national unemployment rate are causing Americans in increasing numbers to seek help from their mounting debt in bankruptcy courts across the nation. With more than 6,000 new filings for bankruptcy protection each day, the numbers are on track to reach more than 1.4 million total filings for 2009 — up from 1.1 total filings last year.

A half-dozen years ago, bankers were testifying to Congress about the need for a sweeping reform of bankruptcy law to make it more difficult for Americans to file for personal bankruptcy. They got what they wanted in 2005 with the Bankruptcy Abuse Prevention and Consumer Protection Act.

Creditors can use various methods to collect on a debt. One of the most effective collection methods is wage garnishment. By garnishing a debtor's wages, the creditor does not have to be concerned with the debtor's willingness to send payments or pay the debt in full.

Litigation Against Lenders and Banks - Is It For You?

Chapitre VIII: De l'arbitrage, Article 306 Toutes personnes capables peuvent souscrire un compromis d'arbitrage sur les droits dont elles ont la libre disposition.

Plummeting deeper and deeper into debt each month can be stressful and unnerving. Chapter 7 bankruptcy is a great way to get a fresh start.

Understanding the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy can help you to make an informed decision about your situation.

This article summarizes what it is to discharge your debts and how well it can work for you. The typical consumer files a bankruptcy case in order to obtain a “discharge” of overwhelming debt. When a debt is “discharged”, your obligation (as the debtor) to pay it, no longer exists. The obligation is simply gone…poof. It is government intervention in the realm of private contract relationship at it’s “finest”, and with some careful planning and preparation, it works like a charm.

An early victory for the Obama administration in 2009 was the passage of the Credit Card Accountability, Responsibility and Disclosure Act (CARD) in May. The Act seeks to improve consumer protection in the credit market by limiting what credit card companies can do in the event of consumer default; limiting interest rate hikes; changing rules on late fees; and requiring companies to offer consumers more information about their long-term balances.