[COLUMN] Senior seeks Chapter 7 relief for $20K credit cards
THE client is 66. He says he is now old all of a sudden. He migrated here in 2004. He says he has been working hard since he arrived, but…
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[COLUMN] Do not conceal assets before filing for bankruptcy
WHAT are the things that you should not do before you file for bankruptcy? First on the list of things not to do is do not hide assets. Concealing assets…
[COLUMN] 3 different Chapter 7 cases
Family of 3: $40K credit cards owed Client no. 1 is so young. She is in her late 30s, less than 40s. I remember when I was that young, a…
[COLUMN] Part I: The basics of bankruptcy
Article I, Section 8 of the United States Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies. Pursuant to this grant of authority, Congress enacted the “Bankruptcy…
[COLUMN ]Young client chooses Chapter 7 as business dies with $80K credit cards owed
THE client is young in his 50s. Believe me, that’s young. The client owns and operates a business that used to generate $800,000 of revenues yearly with good profit for…
[COLUMN] Do not conceal assets before filing for bankruptcy
WHAT are the things that you should not do before you file for bankruptcy? First on the list of things not to do is do not hide assets. Concealing assets…
[COLUMN] Higher inflation and higher interest means more bankruptcies
We’re now 3 years into the pandemic which started in 2019. The very sad American tragedy of more than 1.0M Covid deaths In America, we have the great tragedy of…
[COLUMN] Landlord with $400K judgment vs commercial tenant proceeds against guarantor
WHAT are friends for? Friends, of course, like to help each other. But to what extent and what favors can you ask from a friend? The client’s friend wanted to…
[COLUMN] Is $3.7M car accident liability dischargeable in bankruptcy?
18IT was 9 p.m. at night. Client had just finished his “hot pot” dinner at a famous restaurant and was on his way home. Home was only 10 minutes away….
[COLUMN] Senior needs fresh start Chapter 7 for $80K credit cards after becoming a widow
THE client is 67. Her husband passed away five years ago after a long fight with kidney failure. He was on dialysis for eight years waiting for a kidney transplant….
[COLUMN] Which debts are discharged in Chapter 7 bankruptcy?
THE constitution of the United States of America allows bankruptcy to its citizens and residents to allow them to become productive again if they are saddled with accumulated debt. The…
[COLUMN] Trustee & debtor mutually dismiss adversary claims for $1M
THE client’s company filed for Chapter 7 relief as it was bankrupt. It had two warehouses and rent for one was $15,000 a month, the other $20,000 a month. The…
[COLUMN] Severe financial distress? Bankruptcy can help
AT 90 years old, this senior was my oldest client. Everything came crashing down on him during his golden years, unfortunately. He had a business, which looked like it never…
[COLUMN] Senior passes away right after Chapter 13 plan confirmation
AT 90 years old, this senior was my oldest client. Everything came crashing down on him during his golden years, unfortunately. He had a business, which looked like it never…
[COLUMN] Client relieved she chose Chapter 7 instead of consolidation of $60K credit cards
THE client is 50 and has two grandchildren living with her who are teenagers still in high school. She is married but separated. She is not divorced from her husband….
[COLUMN] Exempt property vs. property not part of the bankruptcy estate
FILING a bankruptcy case creates a “bankruptcy estate.” The estate becomes the legal owner of all of the debtor’s property while the bankruptcy is going on. What does the estate…
[COLUMN] Very senior client cornered by $34K credit cards
WHAT do I mean by “very senior client”? The client is 90 years old. Is that senior or what? He qualifies as my second most senior client being 92 ten…
[COLUMN] Retiring senior needs bankruptcy relief for $45K credit cards
THE husband is 65 and has just handed in his application for retirement from his job. He makes a gross of $5,000 a month with overtime. Upon retirement, he will…
[COLUMN] Owner of several businesses needs bankruptcy relief
Seniors need relief for credit cards GAS prices are very high at $7 a gallon at some stations. The Ukraine war is entering its fourth month. Inflation is at 8.2%….
[COLUMN] Are PPP and other federal pandemic loans dischargeable in bankruptcy?
MANY self-employed individuals have relied on the Paycheck Protection Program (PPP) and other federal pandemic loans to rescue their businesses from going under. If you notice, many restaurants that we…
[COLUMN] Client compares Chapter 13 with various alternatives for $60K credit cards
THE client is 50 and married. He owes $60,000 of credit cards. He pays $2,000 a month as minimum credit card payments to keep the $60,000 current. His wife is…
[COLUMN] Senior client with business faces crossroads with $70K credit cards
THE client is 72, married, and owns a small business. He’s been operating the business for the last 30 years. At its height, when times were good, the business had…
[COLUMN] Chapter 13 client with house default dies. What happens next?
THERE’S a time to be born and a time to die, a time to plant and a time to harvest. There’s a time for everything. So states Ecclesiastes 3: “For…
[COLUMN] Chapter 7 vs. Chapter 13
WHAT’S the difference between Chapter 7 and Chapter 13 bankruptcy? Chapter 7 is called a fresh start because it wipes out all dischargeable debt while allowing the debtor to keep…
[COLUMN] Company or personal liability?
WHEN a person wants to get into business, he or she can do business as an individual, or set up a different legal entity separate from him or herself to…
[COLUMN] What does bankruptcy ‘fresh start’ mean?
LET’S give bankruptcy a historical and legal perspective. Right now, when we say bankruptcy law, we refer to Federal law called the “Bankruptcy Code” of 2005. Creditors did a lot…
[COLUMN] How is life after bankruptcy?
MANY people who need debt relief are afraid to file for Chapter 7 or Chapter 13 because they fear that life after bankruptcy will be difficult. The fear is that…
[COLUMN] Is bankruptcy the right choice for you?
OVER the last 35 years, many clients always ask me “Attorney, should I file for bankruptcy?” This question is asked after they have told me what their problem is. The…
[COLUMN] Are PPP and other federal pandemic loans dischargeable in bankruptcy?
MANY self-employed individuals have relied on the Paycheck Protection Program (PPP) and other federal pandemic loans to rescue their businesses from going under. If you notice, many restaurants that we…
[COLUMN] Client with $300K credit cards successfully passes UST examination
Client case is unusual. She is young at 28 and owes about $300,000 of credit cards. She used these cards to fund a “gift card” business. What’s a “gift card”…