When we finally got there, the client’s reluctance to wait 8 weeks to file bankruptcy was predicated on the (unreasonable) expectation that the IRS would forgive tax debt in an offer in compromise. I got involved counseling a new bankruptcy attorney whose clients wanted to file Chapter 7 right now, while one spouse was unemployed. […]
Bankruptcy Cases One At A Time
Have you encountered the St. Johns University Law School bankruptcy case blog? On line, free, one current case at a time. From the dates on the latest posts (May) I’d guess that school is out for the summer. That’s OK, by the time you’ve read the back list, the students will be back and writing […]
Financial Information for Financially Stressed
Five friends and I launched a new personal finance site today Money Health Central where we hope to gather actionable information for those in debt and those emerging from debt. We hope to put to use what we’ve learned about personal finances from years of interviewing our bankruptcy clients. The site moves beyond just bankruptcy […]
The Many Hats of a Bankruptcy Lawyer
Lee Rosen, a well known family lawyer, described the demands of his practice thus: Family law attorneys live in an information deprivation zone. They need to know more than they can possibly remember. They’ve got to master the fundamentals of family law. On top of that, they must have a working knowledge of property […]
Bankruptcy Lawyer’s Weapon of Choice
How do you make your first assault on a contested matter in bankruptcy? Pick up the phone to your opponent! Countless times, a new bankruptcy lawyer gets an objection or opposition and indulges in a reflexive question about what kind of pleading to file or counter manoevre to initiate. Their first move should be to […]
Newbie Summer Reading: Rash
Is the value of the secured creditor’s claim in a Chapter 13 cramdown what the creditor would receive if it foreclosed its lien or what the debtor would pay to replace the collateral. It was 1997 before that question was resolved by the Supreme Court in Associates v. Rash, nearly 20 years after enactment of […]
But She’s Not a Creditor!
An unliquidated tort cause of action is just as much a “claim” for bankruptcy purposes as a credit card bill. Not all creditors send monthly bills I reminded my rookie lawyer friend. My friend’s fact pattern was a bit more complex than the more common unresolved auto accident: an exspouse was complaining that a title […]
