Archives for 2016

Priorities of Unsecured Claims

Admin on December 31, 2016 Posted in Bankruptcy Law, Blog, General Bankruptcy, Types of Debt in Bankruptcy

Debtors who seek a fresh start through bankruptcy will often have secured and unsecured debt. Usually, the unsecured debt is greater than the secured debt. Debtors generally have significant, unsecured credit card debt. With the advent of online lenders offering quick, unsecured debt to borrowers, those lenders will likely have hold significant claims in bankruptcy […]

Property of the Estate

Admin on December 2, 2016 Posted in Blog, Chapter 7 Bankruptcy

When a debtor files for bankruptcy, he or she creates a “bankruptcy estate.” In broad terms, this estate is composed of any legal or equitable interest of the debtor in property as of the commencement of the case.  To note, the legislative history indicates that a bankruptcy filing “bring anything of value that the debtors […]

Lien Stripping in Chapter 13

Admin on November 5, 2016 Posted in Chapter 13 Bankruptcy

Consumers dealing with large debt and minimal prospects of repaying that debt often turn to bankruptcy to get a fresh start. Through the bankruptcy, the debtor can emerge debt-free and not have to live with collection calls and worries. The United States Bankruptcy Code (the “Code”) is confusing. What’s more, there are various types of […]

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 […]

The Truth in Lending Act

Admin on October 8, 2016 Posted in Bankruptcy Law

In 1968, Congress passed the Truth in Lending Act, or TILA, which was the first major Congressional venture regulating consumer credit. “The purpose of this regulation is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. The regulation also includes substantive protections. It gives consumers the right to […]

Adequate Protection in a Chapter 13 Case

Admin on September 17, 2016 Posted in Bankruptcy Law, Chapter 13 Bankruptcy

Creditors that hold debts secured by depreciating personal property, such loans secured by cars and boats, are entitled to receive “adequate protection” payments while a debtor undergoes the bankruptcy process. The underlying theme of adequate protection is designed to protect an entity from a decrease in value of its interest in property of the estate […]

Right of Redemption in Chapter 7

Admin on September 10, 2016 Posted in Chapter 7 Bankruptcy

The U.S. Bankruptcy Code allows individual chapter 7 debtors to redeem certain tangible personal property, when such property is intended primarily for personal, family or household use, by paying the secured creditor the allowed amount of the secured claim. Congress created the right of redemption “to protect debtors against ill-advised reaffirmations and the high replacement […]

Chapter 7 Applicability

Admin on August 26, 2016 Posted in Bankruptcy Law, Chapter 7 Bankruptcy

Chapter 7 of the U.S. Bankruptcy Code provides a liquidation process for consumer debtors. It accomplishes the twin objectives of bankruptcy, providing a fresh start to the “honest but unfortunate debtor” and ensuring an equitable and ratable distribution of assets to creditors. A chapter 7 debtor enters bankruptcy with an unmanageable debt load and insufficient […]

Modification After Confirmation of Chapter 13 Plan

Admin on August 12, 2016 Posted in Blog, Chapter 13 Bankruptcy

The Bankruptcy Code provides debtors, unsecured creditors, and trustees the capacity to modify a chapter 13 plan, even after confirmation, due to changed circumstances. Modification, under of a Chapter 13 plan must be made post-confirmation of the plan and pre-completion of payments. A debtor, chapter 13 trustee or creditor holding an unsecured claim may request […]

The Discharge

Admin on July 29, 2016 Posted in Blog, Chapter 13 Bankruptcy

For chapter 13 debtors in general, garnering a discharge is the goal of filing for Chapter 13 bankruptcy, which cannot be achieved for at least three to five years. In many cases, a debtor may not achieve a discharge at all. Procedure to Achieve a Discharge Procedurally, a chapter 13 debtor is entitled to a […]