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Schools cannot refuse to release your transcript or diploma just because your bankruptcy case discharged a debt for tuition. This ruling came down recently from the Seventh Circuit Court of Appeals, which covers Illinois, Wisconsin and Indiana. It is true that student loans cannot be discharged in bankruptcy, except in special circumstances, such has financial […]
Schools cannot refuse to release your transcript or diploma just because your bankruptcy case discharged a debt for tuition. This ruling came down recently from the Seventh Circuit Court of Appeals, which covers Illinois, Wisconsin and Indiana. It is true that student loans cannot be discharged in bankruptcy, except in special circumstances, such has financial […]
The very first thing you need to do before filing for Chapter 13 is to meet with an experienced attorney in your area to talk about your case. Most attorneys will have a bankruptcy questionnaire which you will fill out in advance or at your meeting. The questionnaire is a detailed listing of all of+ Read MoreThe post What do I need to do before filing for Chapter 13? appeared first on David M. Siegel.
Chapter 13 bankruptcy helps debtors reorganize debt obligations into an affordable 3 to 5 year repayment schedule. The amount you pay depends on a few factors such as your monthly income and the type of debt. Some debtors are under the impression that they must repay all of their debt under this plan. In many [...]
Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for August 01, 2013 AMR Nears Bankruptcy Exit as Creditors Approve US Airways Merger Ambulance Company Fights to Avoid Bankruptcy Is Blackberry Doomed for Bankruptcy?
Two California men pled guilty in federal court to their roles associated with a foreclosure rescue scheme and bankruptcy fraud. The scheme helped the men collect $5 million from over 1,000 clients. Jesse Wheeler, 36, and Brent Medearis, 46, will be sentenced in September and each faces a maximum 5 year federal prison sentence along [...]
Federal Bankruptcy exemptions for filing Chapter 13 Bankruptcy are adjusted for inflation every three years. These exemptions are available to both Washington and Oregon consumers. The happy news is that all the exemptions amounts have increased. See below:
- Federal 11 USC 522(b) Exemption amounts
- Homestead exemption raised from $21,625 to$22,975
- Motor vehicle exemption raised from $3,450 to $3,675
- Wild-card exemption raised from $10,825 to $11,500
- Tools of trade exemption raised from $11,525 to$12,250
- Limit on IRA exemption raised from $1,171,650 to$1,245,475
If you are considering filing bankruptcy, it would be well worth your time to review both your state and federal exemptions. Keep in mind though that living in Oregon or Washington doesn’t mean that you can claim the state or federal exemptions as there are additional requirements for claiming either one. Moreover, some of the federal exemptions double for married couples and some of the exemptions can be combined for greater protection
Please feel free to contact our offices if you have any questions at all regarding either the federal exemptions, the allowable amounts for both married and single filers as well as your eligibility for them.
The original post is titled Increases in Federal Bankruptcy Exemption Protection , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
In what is being considered the largest municipal bankruptcy filing in U.S. history the city of Detroit seeks Chapter 9 protection. While the move was anticipated for some time by financial analysts, the city has seen a significant decline in a number of ways over the last several decades. The filing is being seen as [...]
At the Northwest Debt Relief Law Firm, we know that you probably view bankruptcy as a means to an end: Getting a real fresh start so that you can actually go back to living your life again. For many of our clients getting rid of debt only takes care of part of the problem. The other issue is a bad credit score.
Our clients are not worried about their credit scores because they want to be able to get some new credit cards. Rather they are worried about prospective employers, landlords and mortgage lenders rejecting them on the basis of their low scores. Luckily, the elimination of debt through bankruptcy largely takes care of the problem.
Our clients generally bounce back quickly. We see routinely see people obtain 700 plus credit scores in less than two years after filing bankruptcy. But we would like to see that happen every time. To that end, we have retained a company called 720 Credit Score to provide down and dirty credit repair education to all our clients.
We pay this company over a thousand dollars a month to provide our clients with credit repair education and we are not passing any of the cost on to our clients. We are the only bankruptcy firm in Oregon or Washington that provides this service to its clients, much less does it for free. Our hope is that our clients take advantage of the course.
If you are currently looking at bankruptcy firms ask them what they are doing for their clients once the debts have been eliminated. My guess is the answer will be nothing.
If you have any questions about bankruptcy, please feel free to set an appointment at one of our Washington offices in either Seattle or Vancouver or at one of our Oregon offices in Portland or Salem. If you are a present or former client and you would like to start up the credit repair education class, send me an email and I will get it set up. I look forward to hearing from you.
The original post is titled Northwest Debt Relief Law Firm Now Provides Credit Repair Education to Its Clients for Free , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
Here at Shenwick & Associates, our summer is busy with (among other matters), representing clients in adversary proceedings. An adversary proceeding is a lawsuit that is brought within a bankruptcy proceeding and based on conflicting claims, usually between the debtor (or the bankruptcy trustee) and a creditor or other interested party. Adversary proceedings are governed by special procedural rules under Part VII of the Federal Rules of Bankruptcy Procedure.
Typically, an adversary proceeding is commenced when a business files for reorganization under Chapter 11 of the Bankruptcy Code, and then the case is voluntarily or involuntarily converted to a liquidation under Chapter 7 of the Bankruptcy Code. A Chapter 7 bankruptcy trustee is then appointed. Under § 546(a) of the Bankruptcy Code, the bankruptcy trustee has until the earlier of: (1) the later of two years after the entry of the order for relief, or one year after the appointment or election of the first trustee if the appointment or election occurs before the expiration of the two year period after the entry of the order for relief, or (2) the time the case is closed or dismissed, to commence an adversary proceeding.
Typically, the claims a trustee makes against a defendant in an adversary proceeding are for fraudulent transfers (transfers of the debtor's assets to a third party, with the intent to prevent creditors from reaching the assets to satisfy their claims) under § 548 of the Bankruptcy Code and state law (i.e. New York Debtor and Creditor Law, which has a six year statute of limitations) and preferential transfers (transfers made prior to a bankruptcy filing to a creditor by a debtor to the exclusion or detriment of its other creditors) under § 547 of the Bankruptcy Code and state law. A trustee will usually send the defendant a demand letter for recovery of the debtor's assets to voluntarily settle the claims before filing a complaint and commencing the adversary proceeding.
Adversary proceedings are highly specialized in both their procedural rules and the analysis of the merits of the substantive claims for relief against a creditor or other party. If you're involved in bankruptcy litigation or think you may be (i.e. one of your vendors appears to be having financial difficulty), please contact Jim Shenwick.
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