Blog
Trustee Disbursements in Chapter 13 Cases
Once a chapter 13 plan is confirmed, disbursements from the Chapter 13 Trustee commence. Adequate assurance payments made on vehicle loans are an exception to the normal rule and other deviations are sometimes permitted for certain secured creditors. In the…
Criminal Prosecutions for NSF Checks and Bankruptcy
Generally speaking, a bankruptcy filing will not stay a criminal prosecution. However, there is case law in the Eastern District of North Carolina that provides as follows: Bankruptcy proceedings have built-in protections for creditors who are owed monies. Therefore, creditors…
Listing Family/Friends as Claim Holders in a Bankruptcy Filing
A debtor filing bankruptcy is required to list the names and addresses of all entities holding claims against the debtor. As a result of the disclosure a notice of the bankruptcy filing will be sent to the claim holder. Some…
April 2014 Bankruptcy Statistics
April 2014 bankruptcy filings totaled 87,954 in the United States. According to the American Bankruptcy Institute, this is a 13% decrease from the 100,770 bankruptcy filings in April 2013. In comparison to last month, April 2014 filings decreased approximately 4%…
Tapping Protected Accounts
In order to avoid bankruptcy it is common for a debtor to tap otherwise protected assets (e.g. IRA accounts, 401k accounts, 403b accounts, 529 accounts, etc.). Because of financial, legal and ethical considerations it is understandable why a debtor would…
Chapter 7 Debtors Who Co-Own Property
It is common for chapter 7 debtors to co-own property with a spouse, family member, friend, business associate, etc.. If the chapter 7 debtor’s interest in the property is not exempt then the chapter 7 trustee may seek to liquidate…
The Strange Tale of Terry Anderson, Ex-hostage and Bankruptcy Debtor
The story of journalist, professor, and ex-hostage Terry Anderson answers several questions you probably didn’t known you needed to have answered. For example: Let’s say you are a reporter for the Associated Press and are held hostage by Islamic Militants…
Recovering a Vehicle Repossessed Pre-Bankruptcy
Once a vehicle has been repossessed the debtor may still be able to recover it with a chapter 13 bankruptcy filing if the bankruptcy is filed prior the lender disposing of the asset. However, to recover the vehicle the debtor…
Selling Assets While a Chapter 7 Case Is Open
When a chapter 7 is filed, the debtor’s assets become part of the bankruptcy estate. Individual chapter 7 debtors are permitted to claim certain exemptions in property that have the effect of protecting the asset from liquidation by the chapter…
Incurring Debt While in Chapter 13
In the Eastern District of North Carolina, chapter 13 debtors are required to obtain court approval prior to incurring debt or making a purchase in excess of $7,500.00. Conventional mortgage loans are rarely obtainable by chapter 13 debtors. Credit cards…
