Grab Bankruptcy

Somewhere other than Oklahoma divorce filed during the bankruptcy

Bankruptcy Advice — Tue, 02 Mar 2010 08:35:54 +0000

Client has contacted me regarding the filing of a Chapter 13 bankruptcy case. He was married in Oklahoma City. He and his wife divorced in the Dominican Republic. He has a Dominican “certificate of divorce.” He was referred to me by another attorney who thought he was still married in the US and thus could do a joint case. He and his wife live apart, are both in Oklahoma and are on good terms. They want to save a house from foreclosure. Both need a bankruptcy filed here in OKC and finances are tight, thus the their inquiry regarding a joint bankruptcy case.

The original post is at Oklahoma Bankruptcy News

Disputing a debt

Bankruptcy Advice — Fri, 19 Feb 2010 15:24:18 +0000

It should be noted that the request must be IN WRITING for the FDCPA protections to kick in. For the 7th Circuit, Posner wrote sample language he guaranteed would pass muster for collectors to use. The FDCPA requires the collection agency to stop collection activity until the information is provided to the debtor. The statute language, as I recall, merely requires that the collection agency be notified within 30 days, without specificity, though as I recall the courts interpret that as 30 days from receipt, as the FDCPA is intended to protect consumers and making it 30 days from the date of the letter would invite abuse. In terms of validating the debt, if the creditor has not filed an action yet, the creditor can request a validation. When the FDCPA and your state’s
statute which usually mirrors federal language.

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Bankruptcy on doctor bills

Bankruptcy Advice — Mon, 15 Feb 2010 16:45:52 +0000

I got a call from a friend that last her husband last year after a
lengthy illness. They were married when he got sick. She has a fair
amount of medical bills left and is having trouble paying them. She
doesn’t want to declare bankruptcy yet, but also doesn’t want to pay the bills
(her position seems to be that since he died, the hospital/Drs didn’t
do their jobs). I’ll have to make sure she didn’t sign the patient intake forms as a
payment guarantor. She may be contractually on the hook regardless of what
state law says.

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SALE OR TRANSFER OF MORTGAGE LOANS

Bankruptcy Advice — Sat, 13 Feb 2010 13:48:43 +0000

The problem with debit cards is if someone gets your number and takes your money, you are out of busines and all your checks bounce. Sure, the banks say they’ll replace it, but you know they’ll treat you like a liar and thief for a few days before they give it back. At least with a credit card, they aren’t emptying your bank account and you can send them a notice and not pay.

SEC. 404. NOTIFICATION OF SALE OR TRANSFER OF MORTGAGE LOANS.

(a) In General- Section 131 of the Truth in Lending Act (15 U.S.C. 1641)
is amended by adding at the end the following:

`(g) Notice of New Creditor-

`(1) IN GENERAL- In addition to other disclosures required by this
title, not later than 30 days after the date on which a mortgage loan is
sold or otherwise transferred or assigned to a third party, the creditor
that is the new owner or assignee of the debt shall notify the borrower
in writing of such transfer, including–

`(A) the identity, address, telephone number of the new creditor;

`(B) the date of transfer;

`(C) how to reach an agent or party having authority to act on behalf of
the new creditor;

`(D) the location of the place where transfer of ownership of the debt
is recorded; and

`(E) any other relevant information regarding the new creditor.

`(2) DEFINITION- As used in this subsection, the term `mortgage loan’
means any consumer credit transaction that is secured by the principal
dwelling of a consumer.’.

(b) Private Right of Action- Section 130(a) of the Truth in Lending Act
(15 U.S.C. 1640(a)) is amended by inserting `subsection (f) or (g) of
section 131,’ after `section 125,’.

Disputing a debt

IRS Tax Bankruptcy

Bankruptcy Advice — Wed, 10 Feb 2010 00:09:11 +0000

Bankruptcy client informs me that after death of parents he was left with about 300K
in IRAs. Apparently, company (can’t recall name) was making monthly or
so distributions over the course of a few years from these accounts
and taxes were not being payed by them. 2004, 2005, and 2006 taxes
were not filed until around June of 2009. [...]

The original post is at Texas Bankruptcy Notes

Filing bankruptcy appeal

Medically discharged

Bankruptcy Advice — Sun, 31 Jan 2010 07:07:36 +0000

Not listing the debt is not an option – the schedules have to be truthful. Listing it doesn’t answer the question about dischargability. The creditor is unlikely to file an adversary procedure over this amount of money. They would have to prove fraud, which is difficult to do with medical expenses, generally not a discretionary expense. Deliberately delaying the filing because of upcoming medical expenses might be fraud, but a lot of attorneys have done that without problems. But we don’t even know the exact amount that will become due since the client has not received the bill yet. Another thing is I think she will need continued treatment from the medical provider. A private physician can refuse future services. Most Hospitals either can not, or will not. Some of my clients list a debt to their dr., and then make voluntary payments (without reaffirming). I tell them to tell the dr. that their Oklahoma bankruptcy attorney made them list it.

The original post is at Oklahoma Bankruptcy News

Somewhere other than Oklahoma divorce filed during the bankruptcy

1099-c avoided if you file bankruptcy

Bankruptcy Advice — Sat, 30 Jan 2010 23:52:59 +0000

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I have reached a tentative settlement on behalf of a client with counsel to Discover. I do not want the “forgiven” portion of the debt to result in a 1099-C as taxable income. His response was that Discover has taken the position that the 1099-C is required by the IRS when debt is forgiven, but that if I can show authority to the contrary, he’ll present it to make the case. was this a settlement of a disputed debt? If the latter, no 1099 is required. If the former, a 1099 is required, AND even if they don’t issue one, the COI income is taxable. An agreement not to issue a 1099 when one is required is basically a conspiracy to commit tax fraud/evasion. I suppose everyone has seen this article from the NYT, but I’m amazed how textbook it is. I’ve seen this repeated over-and-over-and-over with my clients. Divorce, kids, and too much house, how often have we seen that? He does exactly what everyone else does, first starts trading among the cards, then looks for a second, then tries to withdraw from his retirement. Then finally, his wife gets a better job,–and it’s too little too late. And of course, the spouses fighting about money. And you could say correctly that the guy is an idiot and should have known better. But look what the credit card companies did,–any sober person could see he was headed for disaster,–so what did they do? Like drug-dealers, they targeted him for more and greater debt.

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The informative chapter 7 bankruptcy laws

Bankruptcy Advice — Mon, 25 Jan 2010 19:49:39 +0000

If, instead of individual consumers, businesses and corporations, and the Search for files in bankruptcy, in most cases, the files in a chapter in the match for him, or Chapter 7 bankruptcy Chapter 13 bankruptcy law. The majority of consumer bankruptcies are filed in Chapter 7. In Chapter 7 bankruptcy, the debt to begin almost all consumers, from the front by opportunities can be provided to build up again and get them to credit report discoloration where the focus is getting serious. The last sentence is important in order to achieve, taking account of the bankrupt, under any chapter or anyone. If, bankruptcy, and a wide range of federal bankruptcy court, was approved after a closer look at the current economic situation, have gone into bankruptcy, now shows over the next 7-10 years, your credit report from major credit bureaus each highlights. This is an important reason for this is the last resort, and here for a comprehensive study on the choice of bankruptcy, a bankruptcy petition evaluation was determined to proceed, your situation is important to examine the behavior of the bankruptcy, it’s really the best choice. In recent years, despite radical changes in the bankruptcy filing of Chapter 7 bankruptcy underlying Pupose has to say must not be changed. However, it is a big change in bankruptcy law is the first recognized seven steps to change to be done the way for every type of bankruptcy, including Chapter, he said. Consumers in the study of Chapter 7 bankruptcy is a huge pile of debt most often, where the credit card debt and high interest rates in general and the consumer for the monthly minimum payment can not is to normal. “” Is not assigned in the bankruptcy hearing disability rating. Since some of the financial situation of the consumer, the consumer can control the consumer, not because of financial mismanagement. The most common cause is the job layoffs in this situation, a single health insurance, unexpected high medical expenses not covered by the hotly contested divorce, the list of consumers directly, this leads to a lot of other things get too out of control. This can be a problem. If most consumers really want to pay the debt in a position to do so. But consumers, for example, $ 60,000, your fault or her fault, even if paid within the next 20 continues for more than a year, have not been evaluated to find additional debt and low interest rates also get you there. After the bankruptcy petition, the Court of consumers who are one day on a certain date, all his creditors required to present their case to appear either side has been notified. If the creditor show up (often) in order to claim the money was loaned to the consumer’s expectation of repayment is not fair. It is ultimately how the bankruptcy court has been set, is to decide whether this approach, as each individual case, in which established standards for different does not take place. But the first Chapter 7 bankruptcy, can not be kept highly recommended bankruptcy lawyer, maybe this is. Changes in bankruptcy law, and makes it difficult with the change of the law from state to state, you can find a lot of time and money and what has their own attorney’s fees Bankruptcies investment that almost always come because it’s worth, bankruptcy is a very thorough understanding of the changes in a State through a process of lawyers will guide you.

Bankruptcy forms

Bankruptcy Advice — Mon, 25 Jan 2010 00:17:09 +0000

There is a fairly comprehensive set of forms in the NCLC Bankruptcy
Basics Manual. In addition, some bankruptcy preparation software has
the capacity to generate many client-side forms. Get the books. Really. It’s a much better use of the time of busy
lawyers when folks who have done what it takes to give themselves
basic knowledge and a basic toolkit ask for help with questions on
specific issues.

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Nondischargeable bankruptcy debts

Bankruptcy Advice — Tue, 19 Jan 2010 04:23:54 +0000

The no-discharge agreement is not enforceable, but may be treated as
an admission that the debt is non-dischargeable as a willful and
malicious injury if an AP is filed. The bk wouldn’t toll the default times in the settlement agreement, at
least as to the debtor (the trustee may have some relief under 108 or
under 365 if the agreement is assumed, but that would require full
payment and would only make sense in a case with significant assets).
If debtor doesn’t timely pay, he may have a non-dischargeable judgment
for $15K (or more if the creditor can get the whole deal treated as
breached and void). If
debtor could propose a plan that pays a reasonably high percentage to
all unsecured creditors, this creditor might decide it isn’t worth it to
file an adversary when it is going to get most of its money anyway. The
creditor now has the same legal right to have it debt excluded from
discharge in a 13 as in a 7, but the economic calculations are
different. My concern is a 707 motion since he will be getting 2k a month going forward and now has all this money in the bank. Assuming eligibility, you can also put some in an IRA, pay your fees,
pay any taxes owed or that will be owed for this year, etc.

The Chapter 13 bankruptcy reorganization of debts for the payment Stuctures