Category Archives: Bankruptcy
What is the Means Test in Bankruptcy Court?
The “Means Test” is one of the most confusing things about the bankruptcy process, and there is an art to completing it properly. The Means Test is what we use to determine whether a debtor can file or must file Chapter 7 or Chapter 13 Bankruptcy. Basically, the means test compares the borrowers annual… Read More »
Can You File Bankruptcy Without an Attorney?
As I’ve said many times, bankruptcy is a great tool to eliminate debt and give you a fresh financial start. One question I get asked often: “If I have to file bankruptcy, then I probably can’t afford an attorney, so can I do this on my own?” Great question, which I would answer ,… Read More »
Can Filing Bankruptcy Protect Me From A 1099-C Tax Obligation?
We received another great listener question. The simple answer is yes, filing bankruptcy before a foreclosure sale or short sale will protect you from a subsequent 1099-C assuming the bank waives any deficiency. Before we get there, however, some background: When someone gets foreclosed or completes a short sale, there are one of three… Read More »
How Can I File Bankruptcy If I Can’t Afford My Bills?
At networking events, often tongue-in-cheek, I’m asked “How do you get paid as a bankruptcy attorney?” To the sarcastic out there, my response is “I get paid up front.” For those who sincerely ask that question (and I assume it would be most of you still reading this post) there are 5 ways to… Read More »
Forfeit Your Foreclosure Defense In Bankruptcy Court
In early October 2014, the Eleventh Circuit Court of Appeals in Atlanta, GA (which governs bankruptcy cases in Florida too), decided the case of Failla v. Citibank N.A. The Court held that debtors who “surrender” their house in a bankruptcy case may not later oppose a foreclosure action against that house in state court…. Read More »
Can Bankruptcy Eliminate A Personal Injury Judgment?
We encounter personal injury judgments in two contexts: (1) the injured party or injured party’s insurance company has a judgment against you for a car accident, or (2) whether personal injury judgments can be wiped out in a bankruptcy case. The simple answer is that, yes, personal injury judgments can be discharged, or eliminated,… Read More »
Can I File Bankruptcy If I Own A Business?
The simple answer is yes, you can file bankruptcy if you own a business. I’m not referencing a business that is failing that needs to file bankruptcy – that would be a Chapter 7 or Chapter 11. Instead I’m referencing someone who needs to file bankruptcy, either Chapter 7 Liquidation or Chapter 13 Reorganization,… Read More »
Bankruptcy Chapter 6.5
I recently released a blog and related podcast about the bankruptcy code being broken into 9 chapters, all odd numbered except for one even numbered chapter. That post failed to mention a Chapter 6.5, which you won’t find in the bankruptcy code, and you won’t even find it mentioned in the halls of the… Read More »
Why Is Bankruptcy So Odd?
The Bankruptcy Code is broken into nine chapters, eight of them are odd-numbered and one is even-numbered. While the reason for odd numbered chapters is to allow for expansion of the Bankruptcy Code, when a new chapter was added in 2005 by the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), it was added… Read More »
When Is Bankruptcy Right For Me?
A while back, I wrote a blog titled “What Chapter of Bankruptcy is Right for Me?” This blog is meant to supplement, or even precede that blog as we explore whether someone should even file bankruptcy. The determination on whether to file is largely based upon the debtor’s income and non-exempt assets. We are… Read More »
