July 29, 2006

• Weakening of Consumer Bankruptcy Protections Based on Faulty Assumptions

  One of the consequences of the new bankruptcy law (BAPCA law) has to do with erosion of protections offered by bankruptcy in various situations.  For example, the automatic stay provisions, which previously offered a comprehensive, no-questions-asked protection from any creditor action, no longer provides absolute protection in all circumstances.  Under BAPCA, the automatic stay terminates in 30 days (unless you go to Court to renew it) in certain repeat filing situations and it does not exist at all in the third case filed within a year. (…)

July 21, 2006

• Potential Debtors from Any State Will Find Helpful Information on Iowa Bankruptcy Lawyer's Web Site

  Although I practice law in Georgia, I spend as much time as I can looking at bankruptcy web sites from all over the country because of my interest in the subject and because I regularly work with lawyers as a web site development consultant.  I know how much work goes into creating high quality web sites through my own work on my Atlanta bankruptcy site and my Georgia bankruptcy site, and so when I see a well done site here in Georgia or from another jurisdiction, I have no reluctance to recommend that you use these sites written by my colleagues as part of your research. (…)

July 9, 2006

• Full Disclosure on Bankruptcy Petitions a Must

  My colleague attorney Scott Riddle recently posted on his Georgia Bankruptcy Blog an important reminder to both debtors and their counsel about the importance of full and complete disclosure of assets and debts in bankruptcy petitions. (…)

June 7, 2006

• Bankruptcy Filings On Their Way Back Up

  My colleague, New York Bankruptcy attorney Jay Fleischman reports on his New York Bankruptcy and Consumer Law blog that bankruptcy filings are beginning to rise.  Jay notes the following factor as reasons for the increase:

  relaxed credit underwriting standards by lenders in every range of the risk spectruminterest rates with no caps - such as 30% penalty interest rates on credit cards a growing number of uninsured debtors who have to file bankruptcy to resolve unpaid medical expensesincreasing gasoline prices

  My call rate has been increasing because of these factors and a few more, including

  the doubling of minimum credit card minimum paymentsthe post-Christmas, post-tax refund effect - many people are still carrying credit card balances from Christmas and they have used up their income tax refundsmortgage delinquencies caused by upward adjustments of adjustable rate or interest only mortgagesthe end of the October 17 lull - prior to October 17, thousands of debors who otherwise might have waited a few months to file took advantage of the old law.  Now, enough time has passed that people who were not previously in trouble are in trouble

  As expected, the new bankruptcy law has not and will not reduce the need for honest, hardworking debtors to file bankruptcy.  The same problems that existed for debtors prior to October 17, 2005 still exist in 2006. (…)

March 24, 2006

• Soldier in Iraq wants to convert from 13 to 7

  My old friend Phil, a lawyer who is currently serving our country in Iraq emailed me with a question.  A soldier there wants to convert from a Chapter 13 to a Chapter 7 - what is involved? (…)

March 9, 2006

• Check out the "Debt Podcast"

  Several weeks ago, I came across New York bankruptcy lawyer Jay Fleischman's website and his podcast site. For those who do not know, a podcast is like a radio show on the Internet. (…)