In a decision which probably caused mortgage bankers everywhere to pop champagne corks and party like it’s 1999, the High Court ruled that Chapter 7 debtors are not entitled to strip-off a second lien on residential property. Lien Removal and … [Read more...]
Who’s The Boss?
In a 6-3 decision, the Justices gave significantly more power to bankruptcy judges, provided that they use this authority under carefully controlled circumstances. Facts The underlying dispute in Wellness International v. Sharif began in 2005, … [Read more...]
Another Bankruptcy Filing Reduction
The filing rate decreased 6.5 percent in The Garden State, while nationwide, bankruptcy filings were down by almost 13 percent. By direct comparison, filings in New York were down 11.5 percent 11.8 percent in Pennsylvania. Does this mean that … [Read more...]
Corinthian College Bankruptcy Leaves Students In Limbo
A major for-profit private school has declared bankruptcy and ceased operations, leaving thousands of students with significant debt and no degrees. The closure has also raised questions about the nature of student loans and personal … [Read more...]
The Taxman Cometh
Another tax filing season has come and gone, but millions of Americans still owe back taxes to a state or the federal government. Bankruptcy can offer relief from onerous collection tactics and, in many cases, eliminate the underlying debt … [Read more...]
Crisis Deepens In Atlantic City
A source close to the financial imbroglio in America’s Favorite Playground says that a Chapter 9 bankruptcy is “inevitable,” adding that the city “should have filed bankruptcy a year and a half ago.” The official report from the state-appointed … [Read more...]
Should I File Chapter 7 Or Chapter 13 Bankruptcy?
In a way, both these programs are very much the same. They use the same basic forms and the same judge may hear both types of cases. Most importantly, they both share the same goal. Once the judge issues a discharge order, the debtors and their … [Read more...]
Rebuilding Credit After Bankruptcy
Bankruptcy is one of the most negative events that can appear on a consumer credit report. Anyone who tells you otherwise is either sugar-coating the truth or is not very experienced in these matters. The key phrase is “one of” the most negative … [Read more...]
Is Atlantic City The Next Big Municipal Bankruptcy?
Two prominent Wall Street rating firms recently downgraded Atlantic City to near-junk status, after Gov. Chris Christie appointed an emergency management team to handle the finances of America’s Favorite Playground. Last month, both Moody’s and … [Read more...]
Don’t Let This Happen To You
A pair of recent decisions have some important lessons for your Chapter 7 Bankruptcy case, because they both deal with very common issues. The Wrong Place In Okechuku v. Sharp Management, a New Jersey sheet metal company filed a voluntary Chapter 7 … [Read more...]
