Category Archives: Bankruptcy Legal News
When Cities Go Under: Will Harrisburg, PA File for Bankruptcy?
Harrisburg, Pennsylvania is in big financial trouble. In fact, the state’s capital city may file for Chapter 9 bankruptcy. A few weeks ago, an elite New York firm even agreed to take the case pro bono, asserting that the situation fits with the firm’s tradition of doing challenging pro bono work. Just as likely,… Read More »
Senior Citizen Bankruptcy on the Rise
Once upon a time, entering one’s senior years meant moving to Florida or some other warm locale, having the time to indulge in leisure activities, and spoiling the grandkids when they came to visit. However, today’s poor economy and higher cost of living are tarnishing many seniors’ golden years. In fact, in several states,… Read More »
Nevada Leads Nation in Foreclosures for 44 Consecutive Months
Based on data found a recent piece in the New York Times, of all the states struggling amid the so-called “great recession,” there may be none suffering worse than Nevada. For a state dependent on tourism – and the revenue it brings – the economic downturn has been especially devastating. Discretionary spending such as… Read More »
Will Fee-splitting be added to the List of Questionable Foreclosure Proceedings?
A Mississippi couple going through bankruptcy proceedings has filed suit against one of the largest mortgage-loan and foreclosure providers in the United States, Lender Processing Services (LPS), and the technology firm and foreclosure law firm that it works with when processing foreclosures. The couple alleges that the companies illegally shared fees for client referrals,… Read More »
Retirement Plan Interests are Protected in Bankruptcy Proceedings
The United States Supreme Court held that creditors could not reach a debtor’s interest in a plan qualified by the Employee Retirement Income Security Act (ERISA). This case resolved a long-standing conflict in the federal courts regarding whether a debtor’s retirement plan could be used to satisfy the claims of creditors in bankruptcy proceedings…. Read More »
Information for Married Couples Considering Bankruptcy
Most married couples share credit cards, car loans, mortgages, and other debts. As a result, they often face financial difficulties together and file bankruptcy jointly. While this is not a requirement, and one spouse in a marriage can file independently if the debt is in his or her name, several important legal considerations should… Read More »
What is the Difference Between Chapter 7 and Chapter 13?
For many people who are considering bankruptcy, the process can seem like a daunting and intimidating maze of federal and state laws. A common area of confusion is the difference between Chapters 7 and 13 and which is right in a certain situation. An experienced bankruptcy attorney can help you determine which option is… Read More »
Can I Put Money in My Child’s 529 Account to Shield it from Bankruptcy?
Even people who have an income and some savings can face financial difficulties, such as substantial credit card debt or medical bills, which would lead them to consider bankruptcy. If you are in this situation, you may be wondering if there is a way to continue to save money for your children’s education. Simply… Read More »
If I Declare Bankruptcy, Can I Buy a House?
Bankruptcy leaves a long-lasting mark on your credit – between seven and ten years depending on which type of bankruptcy you declare. Many people are concerned that declaring bankruptcy will result in having to wait a long time before being able to purchase a new home. However, in many cases, this is not the… Read More »
Debts You Cannot Discharge in Bankruptcy
Many people consider declaring bankruptcy a way to get rid of debts they have trouble paying. However, the situation is actually much more complicated and not all debts can be discharged. In a Chapter 7 bankruptcy, many of your unsecured debts such as credit card loans and medical bills can be discharged. However, several… Read More »
