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...]
Lessons From The Bench
A recent opinion from Judge Michael Kaplan offers valuable insight into a pair of issues that haunt many Chapter 13 debtors. Funding a Chapter 13 Plan In Re Andolino began when Christopher Andolino filed Chapter 7 Bankruptcy in April 2013. About a … [Read more...]
The Check Is In The Mail
As of February 20, the IRS says it processed about 50 billion 2014 income tax returns. 83 percent of these filers received an average refund of $3,120. The number may be somewhat skewed, since taxpayers who anticipate large refunds tend to file … [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...]
Congress To Reconsider Student Loan Dischargeability
A Maryland Democrat wants to turn back the clock to the disco days of the mid-1970s, at least as far as student loans are concerned. Last month, Maryland Democrat John Delaney introduced House Resolution 449, which would remove paragraph 8 from … [Read more...]
Of Chapter 7 And Security Clearances
Workers at Fort Dix, Fort Monmouth, the FBI in Newark, and other employers in The Garden State sometimes hesitate to file Chapter 7 Bankruptcy because they’re afraid of losing their security clearances. While bankruptcy debtors may face some … [Read more...]
Exceptions to the Automatic Stay
Exceptions to the Automatic Stay under the Bankruptcy Laws When you file for protection under Chapter 7 or Chapter 13, the automatic stay under the Bankruptcy Code immediately goes into effect, prohibiting your creditors from calling, writing or … [Read more...]
‘Real Housewife’ Changes Addresses
Erstwhile reality TV star Teresa Giudice surrendered to federal authorities in Connecticut to begin her 15-month prison sentence for bankruptcy fraud. After she completes her term, her husband, Giuseppe Giudice, will begin serving a 41-month … [Read more...]
When Do I Start Receiving Bankruptcy Benefits?
In some ways, your financial fresh start occurs the moment you file for bankruptcy, as your creditors are immediately prevented from taking actions against you or your property to collect their debts. The debts are then officially wiped out when you … [Read more...]