The bankruptcy court has the power to surcharge a debtor’s exemptions.  What does this mean?  When an exemption is surcharged, the court takes the exemption away from the debtor; because the debtor committed a wrongful act that caused waste to the bankruptcy estate.  This is a controversial practice because there is nothing in the Bankruptcy Code that explicitly permits the court to do this.  Instead, the court relies on its equitable powers under 11 U.S.C. § 105.  Basically, 11 U.S.C.

Student loan forgiveness for teachers can help make a tough career decision a lot easier.
Going to school to become a teacher is hard work, and often results in a job that doesn’t pay nearly as well as it should. You knew that when you decided to become a teacher, but altruism won out over the drive to chase the almighty dollar.

Student loans continue to be a heavy burden on many people.  Student loan payments are often as much as mortgage payments and can severely limit your ability to have any kind of financial future.  Unfortunately many people just assume that they cannot discharge their student loans in bankruptcy.  While it is true that it is difficult to discharge student loans in bankruptcy, it is not impossible.  Some recent decisions from courts in the Ninth Circuit give us some indication how to discharge student loans in bankruptcy.

Many clients “surrender” their house as part of their Chapter 7 bankruptcy and assume that said act will allow them to put their homeowner's “experience” totally in their rear view mirror. Unfortunately, in the context of dealing with secured debt (such as mortgages or car loans) in bankruptcy, the term “surrender”does not mean what many... Read More »

If you file for bankruptcy without a lawyer, you can usually get most of the way to the finish line. Unfortunately, “almost” is good enough only in horseshoes and hand grenades – not in bankruptcy.
For a layman filing a Chapter 13 case without a lawyer, he didn’t do too badly.
He got credit counseling and filed the certificate.

Many clients “surrender” their house as part of their Chapter 7 bankruptcy and assume that said act will allow them to put their homeowner’s “experience” totally in their rear view mirror. Unfortunately, in the context of dealing with secured debt (such as mortgages or car loans) in bankruptcy, the term “surrender”does not mean what many people think it does.

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for June 18, 2013 Orchard Files for Bankruptcy, but Lowe’s Buying Assets Mexico’s Maxcom negotiates prepackaged bankruptcy Texas Construction Firm Caught in Rare Spider’s Web

Here at Shenwick & Associates, many of our clients have complex bankruptcy cases involving factors that often lead to increased scrutiny by the Chapter 7 Bankruptcy Trustees assigned to the cases, as well as by the United States Trustee Program (USTP), a component of

Warning – this article is fairly technical. It’s an important issue if you’re thinking about filing for bankruptcy and have student loan debt, so skim it to get some ideas.
At least once a week, a client comes in to me with a lot of credit card debt and student loans they can’t pay.