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Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for March 27th, 2014 Interfaith Medical Center files plan to exit bankruptcy Brookstone Preparing to File for Bankruptcy Energy Future Said Closer to Deal That Speeds Bankruptcy
A recent study continues to confirm one of most leading causes of consumer bankruptcy: medical bills. Yet, the study also brought to light other significant points that may hint medical bills may become the number one reason why bankruptcy is filed. Unpaid medical bills may surpass mortgage debt and credit card debt for various reasons, […]
A recent decision in the U.S. Bankruptcy Court for the Western District of Michigan[1] granted a Motion filed by the Chapter 7 Trustee requesting turnover by the debtor of proceeds of a life insurance policy that were used by the debtor to pay the burial expenses of her father.
In the case, the Chapter 7 Trustee filed a Motion to Compel Turnover of Non-Exempt Assets seeking $9,698.90 from the debtor, including non-exempt cash, jewelry, a whole life insurance policy, and the proceeds from an insurance policy on her father's life. The debtor disputed that she was required to turn over the $7,208.84 in life insurance on her father's life, who died two days after her bankruptcy filing. The debtor argued that she used the proceeds to pay for her father's burial, and that she was not a beneficiary of the policy, but rather the owner. Read More ›
Tags: Chapter 7, Western District of Michigan
I will be attending the American Bankruptcy Institute's Student Loan Debt Crisis Symposium being held in in Washington DC on May 30. The timing of this event could not be better. The student loan problem keeps getting worse and it is high time that bankruptcy practictioners create workable solutions for the millions of Americans who are trapped under the weight of these debts. The common belief that student loans are never dischargeable is absolutely not true. What is true is that Courts are looking at these debts with fresh eyes and the lenders have created new options to help struggeling borrowers.
If you are attending this conference or if you have questions regarding student loans please contact me.
Sam Turco
Chapter 7: Time To File? David Siegel: When would somebody want to file a Chapter 7 bankruptcy as opposed to not filing at all? What is the reason why someone would file a Chapter 7? Jesse Barrientes: I guess there are a lot of different reasons. One would be for example if somebody filed a+ Read MoreThe post Bankruptcy & The Right Time To File appeared first on David M. Siegel.
A former Georgia church leader is charged with numerous counts of fraud while using his position in the church to execute his fraud schemes. Annamalai Annamalai, also known as Dr. Commander Selvam and Swamji Sri Selvam Siddhar, was leader of the now defunct Hindu Temple of Georgia. He allegedly charged followers for services while using […]
If you’re in over your head with student loans and are looking for help, you probably want the lawyer who knows the most.
Someone who’s been practicing law for awhile would be a good idea. Definitely someone who’s got experience working through tough student loan issues.
But student loan law is a relatively new name for the field, with lawyers cropping up over the past few years to tackle the issues confronting those who have been beaten down by the educational finance system.
Many of have come up through the ranks of consumer bankruptcy, debt collection harassment, and lawsuit defense work. They’ve worked for years to hone their craft, and have brought those skills to the table of student loan resolution.
They’ve got white knowledge. And it makes the difference between a competent student loan lawyer and one who can really knock it out of the park by finding every possible option for you.
What Is White Knowledge?
I first heard the term white knowledge in the book Neverwhere by Neil Gaiman. In it, he mentions the term as being, “like white noise, only more useful.” And the more I thought of it, the more I realized that it’s the thing that we’re all looking for when we hire someone to help us out with a problem.
When I take my car into a mechanic, I want him or her to back able to stick a hand into the engine compartment and instinctively know where to find a particular hose or wire.
My dentist should be able to look in my mouth, see I haven’t been in a dental chair for awhile, and instinctively reach for the dental scaler.
An accountant should be able to punch numbers into a calculator without looking down at it.
That’s white knowledge. It’s information acquired without effort, as if by osmosis and sheer exposure to a field.
It’s a level of understanding borne of constant practice, and it’s where your lawyer adds value to the process.
You can’t teach it, at least not in the classroom. It’s assimilated into the brain, the heart and the bloodstream.
What Does A Lawyer Look Like With White Knowledge?
When your lawyer:
- understands the ways in which bankruptcy works in the real world (even if you can’t wipe out your student loan debts)
- can quote sections of the Fair Debt Collection Practices Act and Fair Credit Reporting Act by heart
- can reach into his or her hard drive for a variety of samples of discovery requests for student loan lawsuit defense cases
- can flip through a Pooling and Servicing Agreement and instinctively understand the roles of the parties to a student loan securitization scheme
That’s all white knowledge.
White Knowledge Sees Solutions Without Blinders
The lack of this exceptional (and unteachable) skill is why so many bankruptcy lawyers hear about student loan debt and say, “nope, can’t help you.”
And why many collection defense lawyers shake their heads and tell you there’s no defense to a student loan case.
They know one field of law to the exclusion of all others. If your problem doesn’t fit neatly into their preconceived notions of what can and cannot be done then you’re shown the door.
For some fields of law, that’s fine – but not when it comes to student loan lawyers. We’re operating at the crossroads of a number of different legal and regulatory systems, providing solutions that didn’t exist even a few years ago.
It’s a minefield of complexities, and a lack of white knowledge could mean the difference between relief and continued frustration.
If you’re looking for a student loan lawyer, you’re going to need to take some time to get the right one. But if you look closely, you’ll be able to spot the one who’s got white knowledge.
And when you do, stop looking for help. Because if there’s a solution out there, that lawyer will be able to find it for you.
Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for March 25th, 2014 G.M.’s Bankruptcy Drawn Into Defect Inquiry Bankruptcy Filings Give Quiznos, Sbarro Chances to Change Supreme Court hears case on bankruptcy-exempt inherited IRAs
If you are expecting to receive a tax refund before filing bankruptcy you may be able to spend it wisely without causing legal headaches. There are a few actions to consider when it comes to using your refund before you file and this includes reviewing your intentions with your bankruptcy attorney. You can get further […]
Your bankruptcy lawyer’s constant requests for information probably frustrate you.
Once you’ve gotten past the whole, “should I or shouldn’t I,” stage of things, you think it will go pretty quickly. Not so.
In fact, the major chunk of your bankruptcy lawyer’s work is done before the court gets involved.
There are income and expense statements to be provided, financial disclosures to be made, and asset valuations to be completed (that collection of coffee tables books? Yup, we need to figure out how much they’re worth).
We need to account for your financial life in the time leading up to when your bankruptcy case is filed.
And once that’s done, we need to review your debts – all of them – to make sure we time things perfectly.
File No Bankruptcy Before Its Time
Back in the 1970s there was a television commercial for Paul Masson wine. In it, the actor proclaims that the company, “will sell no wine before its time.”
The point was that things needed to be perfect before the wine was released to the public.
So, too, with bankruptcy.
File too soon and you’re taking a risk that things won’t turn out the way you’d hoped.
Wait too long and there’s a chance that you will have wasted precious time in your quest to get out of debt.
Information Needs To Be Fresh
Your income for bankruptcy purposes has to reflect the money you’ve made over the past six months. That means you’ve got to have your most recent paystubs and income information, as well as the current value of what you own (including bank account balances).
If we need to wait to file your bankruptcy case, your information may get stale. In fact, it gets stale every month.
Stale information isn’t useful when it comes to your bankruptcy.
We, As Bankruptcy Lawyers, Repeat Ourselves
Every month until your bankruptcy case is filed brings with it a fresh request for information.
Paystubs. Operating reports for your business. Bank account statements.
It annoys you to have to send us documents every month.
It makes us feel bad to ask you for the same things over and over again, but we’ve got no choice.
We’re On Your Side
We could file your bankruptcy case immediately, but sometimes it’s just not possible.
Timing is important to ensure that you’re protected, and that we get it right the first time.
Part of the reason you hire us is because you respect our opinion and trust our base of knowledge.
Let’s keep working together to make your bankruptcy case a smooth and successful process.
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