News & Analysis as of

Consumer Bankruptcy Debt

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -

New Putative FCRA Class Action May Signal a Trend

by Ballard Spahr LLP on

A borrower recently filed a putative class action against Fannie Mae under the Fair Credit Reporting Act (FCRA) in federal court in Washington, D.C., alleging that Fannie engaged in unauthorized inquiries into borrowers'...more

Flurry of FCRA Complaints Recently Filed in Nevada Courts

by Ballard Spahr LLP on

Approximately 50 cases have been filed recently in Nevada state and federal courts against furnishers of information and credit reporting agencies (CRAs) for alleged Fair Credit Reporting Act (FCRA) violations. It appears...more

Worthless Debt Deduction – A Cautionary Tale

For partnership, individuals and other types of taxpayers that are not in the business of making loans, the main avenue for tax relief when a loan goes bad is Section 166 – the bad debt deduction. In order to claim this...more

Property Surrender: Surrender Means Surrender – Really

by Pepper Hamilton LLP on

In re Failla, 529 B.R. 786 (Bankr. S.D. Fla. 2014) – Individual chapter 7 debtors filed a statement of intention electing to surrender their real estate. The mortgagee contended that they had failed to do so and filed a...more

Alabama Bankruptcy Court Holds That Filing Proof of Claim for Time-Barred Debt Cannot Give Rise to FDCPA Claim or Sanctions

by Burr & Forman on

In Jenkins v. Midland Credit Management, Inc., the U.S. Bankruptcy Court for the Northern District of Alabama held that the filing of a proof of claim based on a time-barred debt cannot give rise to a claim for damages under...more

Distressed Downloads - June 2015

A Battle in the Making in the Oil and Gas Sector: Second Lien vs. High Yield Debt - In the oil and gas industry, there is a storm brewing between holders of second lien debt and unsecured high yield bonds. These...more

The 1099-C Issue: Potential Tax Liability in Debt Settlement and Bankruptcy

by John Skiba on

When you owe debts that you cannot pay most will look to one of two options – debt settlement or bankruptcy. What many don’t realize is that in some circumstances there is the potential for additional tax liability even if...more

What might bankruptcy do for me? The short version.

by Malcolm Ruthven on

Many people contact me to see if bankruptcy would be right for them. I find that many of them don't understand the basics of what bankruptcy might do for them, so here is the short version....more

3 Ways to Use Your Tax Refund to Solve Your Debt Problem

by John Skiba on

It is the time of year when people are gearing up to get their taxes filed. Many will get a nice tax refund check and while what I am about to propose may be some of the least fun things you can do with a tax refund check,...more

Top Ten Consumer Debt Myths (#8 Will Surprise You)

by John Skiba on

A while back I wrote a small e-book that went over the top ten myths I heard repeated over and over by clients coming into my office. As I continue to hear these concerns voiced by clients I thought it would be worth going...more

3 Ways the System is Rigged Against Consumers

by John Skiba on

The other day I met with a family who was barely getting by – large family, large amount of debt, and underemployed for eighteen (18) months. For eighteen (18) months the husband had toiled at a job he was overqualified for,...more

How Bankruptcy Stops Arizona’s Wage Garnishment Law Dead in Its Tracks

by John Skiba on

Imagine losing a full quarter of your paycheck. Terrifying, right? That is what happens when wages are garnished in Arizona. After meeting with thousands of families over the last eleven years I have come to realize that...more

My credit card company "wrote off" my debt. Can I stop worrying about it?

by Malcolm Ruthven on

That's a common question that people ask me when they contact me to discuss bankruptcy. The short answer is "No". We'll look at why that is so in this article....more

Determining Foreigners Insolvency Exception

Can a foreign person exclude foreign-situs assets in determining insolvency exception to cancellation of indebtedness income? With the worldwide global default rate on corporate debt continuing to rise, a taxpayer’s...more

Can I file bankruptcy if I have gambling debts?

by Malcolm Ruthven on

The short answer is yes, you can file bankruptcy. But then you have to ask if that will discharge (get rid of) those gambling debts. The answer to that depends on in what state you gambled and ran up those debts....more

Affairs of State: When States Are Creditors: Why § 525 Matters and Should Be Expanded

by Jackson Walker on

One of the pillars of a debtor’s fresh start is the anti-discrimination provisions of § 525 of the Bankruptcy Code, which codifies the U.S. Supreme Court’s decision in Perez v. Campbell. The Court held that two state statutes...more

Not All Property Acquired Post-Petition is Safe from Creditors

by Snell & Wilmer on

Although property obtained by a debtor after filing for bankruptcy is usually safe from creditors, a recent case from the Ninth Circuit Bankruptcy Appellate Panel allowed a Chapter 7 Trustee to sell real property obtained by...more

Student Loan Debt – The Exception to the Bankruptcy Fresh Start

by John Skiba on

You file bankruptcy to eliminate your debt. However the “fresh start” promise of bankruptcy is often not fully realized due to the fact that student loan debt is usually not eliminated in bankruptcy. Bankruptcy will allow...more

3 Ways to Take Control of Your Debt in 2014!

by John Skiba on

Eliminate your debt in 2014Happy New Year! When this time of year rolls around I always tend look back on the prior year and ask myself if things are any different now than they were a year ago. Did I meet my goals? Have I...more

How Holiday Debt Can Lead to Bankruptcy

by John Skiba on

Talk about the gift that keeps on giving the whole year through! I am up visiting family in Utah for the Thanksgiving holiday and noticed this sign on a local credit union. It got me to thinking about trends I notice...more

Two Hurdles to Chapter 7 Bankruptcy

by John Skiba on

Most people I meet with to discuss bankruptcy want to file a chapter 7 bankruptcy. They may not know exactly what a chapter 7 is, but they want their debt to go away and go away and quickly as possible. Chapter 7 bankruptcy...more

5 Factors to Consider Before Filing Bankruptcy

by John Skiba on

Often when clients come in for a bankruptcy consultation they will tell me their situation and ask whether bankruptcy would be appropriate in their case....more

Chapter 7 Bankruptcy or Chapter 13 Bankruptcy – Which is Better?

by John Skiba on

In the grand scheme of things most would consider this a lose/lose situation. I mean, who really want’s to file for bankruptcy. No one. That’s who. But if you find yourself in the position of needing to file bankruptcy...more

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