Archive for the ‘Bankruptcy’ Category

Product Description
The new edition of Cases, Problems and Materials on Bankruptcy retains the sophistication of the original Baird and Jackson casebook and has been refashioned so that it is easier to teach. Law school casebook that offers a clear explanation of the bankruptcy process while simultaneously challenging the student with commentary and questions that explore both new and classical bankruptcy themes. Part of the University Casebook Series, it features expertly edited cases, text and questions for classroom discussion.

Bankruptcy, Cases, Problems and Materials

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This book was written to fill the gap between the purely problem-driven and the wholly case-law approaches in the available teaching materials for bankruptcy. Material deals with both consumer and business bankruptcies and avoids an unremitting political or theoretical perspective. Coverage includes creditors’ rights and remedies, the first consequences of bankruptcy, unsecured claims in bankruptcy, secured claims in bankruptcy, avoiding powers, executory contracts and unexpired leases, discharge, and reorganization.

Cases and Materials on Bankruptcy, Fourth Edition

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 The average American knows very little about bankruptcy. Most people probably understand very generally that a bankruptcy can serve to eliminate debt and offer a ‘fresh start’ – but often know very little beyond this basic concept. Some of the information you might have heard is correct, but much of it is not. Misconceptions have become even more widespread after the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The purpose of this article is to dispel some of the most common bankruptcy myths.

Myth: Bankruptcy relief is no longer available.

Untrue.  Almost all of the relief formerly available through bankruptcy survives in today’s bankruptcy code. The bankruptcy filing process is a little more complicated – and it can therefore be more difficult to find a qualified attorney – but the end result of a discharge of debts (and with that discharge the hoped-for “fresh start”) is still entirely attainable.

 Myth: People who file for bankruptcy can’t get credit for 10 years.

Entirely untrue. Chapter 7 filers invariably receive unsolicited credit card offers after they get their discharge. The rates might not be quite as favorable as rates offered to others with perfect credit, but credit is undoubtedly available. The myth probably stems from the fact that the Fair Credit Reporting Act allows the reporting of a bankruptcy filing for 10 years. That much is true, but has no direct bearing on how quickly after bankruptcy one can obtain credit. Myth: Filing for bankruptcy is an embarrassment, or is somehow indicative of personal or moral failure. Untrue and unfair. The vast majority of bankruptcy filings stem from one or more of the following, all of which are beyond the debtor’s control : Loss of income resulting from layoff or failed self-employment business, large medical expenses resulting from injury or illness, divorce or separation, and high interest rates and/or penalties on credit cards resulting from the imposition of a ‘Universal default’ clause. (‘Universal default’ is the term for a practice in the financial services industry whereby a particular lender may change the terms of a loan from the normal terms to the ‘default terms’ when that lender learns that their customer has defaulted with  another lender, even though the customer has not  defaulted with the first lender.) This invariably means a drastic rate increase which, in combination with one of the other hardship factors, leads inevitably in turn to more late or insufficient payments, triggering a “snowball” effect. Bankruptcy laws were specifically designed to prevent honest debtors, who have been faced with these difficult or hardship circumstances, from being mercilessly harassed by creditors for accounts the debtor simply has no possible way of repaying. It should be no negative reflection on a person’s character for simply availing himself of laws that were written for these very reasons and situations.

Myth:  Even if I file for bankruptcy, creditors can still harsss me and my family.

Completely false. Bankruptcy law provides for ‘automatic stay’ protection; that is, as soon as you file for bankruptcy a hold is put on all your outstanding debts and any creditor attempts to collect those debts. The law prohibits any creditor attempt to collect on or even contact the debtor in regard to a debt. If a creditor does not follow the rules, the debtor may have a cause of action against the creditor for ‘punitive damages,’ whereby a bankruptcy judge could actually punish a creditor with stiff fines and penalties for not following the procedures set out in the bankruptcy code. Whether a debtor has a cause of action against a creditor should be left to an attorney to answer. What is certain, however, is that the moment you file for bankruptcy, creditors must leave you alone or suffer the consequences.

Myth: If I file for bankruptcy, I will have to forfeit some or all of my assets.

For the vast majority of filers, this is not the case. Under chapter 7, you may claim certain of your property as exempt under federal law (for example the $10,775 exemption limit for household goods, furnishings, and appliances, and the $1,350 exemption limit for jewelry). A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors. In the vast majority of cases, however, the debtor has no assets above these statutory exemption limits, meaning that the debtor may “exempt”, and therefore keep, all of his assets.

Myth: Filing for bankruptcy could cost you your job.

False.  Specifically, federal law (U.S.C. Sec. 525) prohibits any employer from discriminating against you because you filed bankruptcy. State laws may provide additional protection for filers, as often do union employment contract clauses.

Myth: Bankruptcy costs our society too much.

Credit card issuers are quite profitable and, industry-wide, boast some of the highest profit margins in the corporate sector. This is despite the relatively small percentage of loans discharged in bankruptcy, a percentage that is factored into their budgets and compensated for by the percentage rates they charge. Our economy has, overall, benefited enormously by the purchasing power facilitated by credit – one need only consider the widespread economists’ predictions of pervasive and lasting harm to the American economy should the ongoing subprime mortgage crisis be allowed to cause credit to ‘dry up’. And again, the pricing of credit takes into account that not everyone will be able to repay. The “$400 per family bankruptcy tax” bandied about in Congress was a number picked out of the air by a bank lobbyist – no surprise there – who made an arithmetic error in the process.

Myth: Filing bankruptcy causes family trouble and divorce. 

Wrong.  Bankruptcy eliminates debt, which in turn cannot help but eliminate financial stress. Filing bankruptcy is the solution to the problem, not an additional problem. Although making the decision to file bankruptcy might be a difficult one, the relief provided will lift a huge weight off of you and your spouse. The removal of financial stress will in all likelihood help  your relationship.

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You’ve got some serious debt problems. Take heart in the fact that a lot of people do these days. The key to getting out from under debt is to evaluate the situation you’re in, and then to decide if you’re willing to do what it takes to change it. Are you going to stop using the mall as your playground? If so then you have a chance to get out of debt without resorting to bankruptcy.

In fact there are many tactics to try before you even think of heading to a bankruptcy lawyer. Here are some important considerations and alternatives to help you avoid bankruptcy. New bankruptcy laws make it more difficult to file than it used to be.

From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy.

What About The New Bankruptcy Laws?

There is now a new law for bankruptcy that was passed called the “Bankruptcy Abuse Prevention and Consumer Protection Act”. People struggling to pay their credit debts are now going to have to deal with this new bankruptcy law.

3 Effective Alternatives To Help Avoid Filing Bankruptcy

1. Contacting creditors is an alternative to bankruptcy. Instead of filing for bankruptcy, you work out payment options with your creditors. In many cases they are very willing to work with you. It’s to their advantage to keep you as a customer. The creditors know the alternatives for bankruptcy will bring them more profits if you don’t file for bankruptcy.

2. Getting a debt consolidation loan is a good alternative for bankruptcy. Financial services can combine all your debts into one loan payment every month. A consolidation loan as an alternative for bankruptcy, can help pay off debts. For bankruptcy consolidation loans, you can shop online for the best terms and rates. Lenders are very competitive to earn your business online.

3. You may also consider a debt workout for bankruptcy alternatives. With a debt workout, an attorney contacts your creditors and makes arrangements. In most cases the monthly payments will be less than if the credit account was settled in full. For some cases they want the payment in full, but over a longer period of time than originally stated on the credit agreement.

Filing Bankruptcy And How To Find A Good Lawyer

If you have decided there is no alternative to filing bankrupty,you may be asking yourself, “how do I find a good bankruptcy lawyer? The best way to find a good bankruptcy lawyer is through referrals. Family members and friends who filed bankruptcy in the past can refer you to a good bankruptcy lawyer. The yellow pages in a phone book is another great place to find reputable bankruptcy lawyers. Another invaluable place to find a good bankruptcy lawyer and services in on the Internet. When you search for a lawyer, try to find a lawyer that deals with your type of bankruptcy. You can get free advice with the first meeting.

What Will I Need For My Bankruptcy Lawyer?

With your first visit, it’s important to bring everything you can on the first consultation. You will need a list of all the creditors and how much you owe for your bankruptcy lawyer to consider. This includes any insurance, medical bills, auto loans, taxes, student loans and any personal loans. Your bankruptcy lawyer can give you the advice you need with this important information. This will make the filing process easier if you do decide to file bankruptcy.

If you’re not going to be able to change your behavior enough to get your debts under control, then you may, at some time, have to resort to bankruptcy.

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• ISBN13: 9780471773801
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Product Description
With tips on understanding — and surviving — the new bankruptcy laws

If you’re considering bankruptcy, you need straightforward answers and reliable advice. This handy guide covers it all — so you can get your finances in line and your life back on track. This updated new edition covers everything you need to know about the new bankruptcy law and includes even better resources. Don’t get desperate — get out of debt instead!

Discover how to
* Weigh the consequences of bankruptcy
* Manage your spending
* Find professional help you can trust
* Decide on the right type of bankruptcy
* Pass the means test
* Keep more of your stuff

Personal Bankruptcy Laws For Dummies

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