image by: Dreamstime Bankruptcy attorneys file bankruptcy, themselves, both Chapter 13 payment plan bankruptcies, or Chapter 7 liquidation bankruptcies, more often than we get million dollar fees. But, what is news? Over a billion (yeah, B as in Billion) in attorney fees, on a bankruptcy case? Yah, you betcha. “These fees are higher than my…
Tag Archive: Bankruptcy
Feel Guilty Filing Bankruptcy? Good!
G Is For Guilty image credit: Dreamstime Most of us have been taught to pay our bills. If you borrow money, you should pay it back. We get mad at our “friends” who don’t pay us back. Whether it is money for furniture, a truck, a car, a boat, a house, a vacation, a student…
Detroit Chapter 7 Creditors’ Meeting
DETROIT BANKRUPTCY COURT This is it! Home of the Detroit, Michigan bankruptcy court. Nothing marking it other than the address: 211 West Fort. The initial, usually, only, court date is held here on the third floor, for both Chapter 7 and Chapter 13 creditor meetings, or, 341 hearings. Well, for certain counties in the Eastern…
S Is For Chapter 13 Step Plan
S is for Step Plan image by: dreamstime image by: dreamstime Chapter 13 bankruptcy is difficult enough to understand. The Chapter 13 plan is the point of a Chapter 13 bankruptcy case. Chapter 13 is a payment plan bankruptcy case, as opposed to Chapter 7 or “straight” or “liquidation” bankruptcy. Clients always ask: How does the…
Oh, Oh, Bankruptcy Danger: Omitted Creditor
Michigan bankruptcy clients forget creditors all the time. Or, don’t even know they owe some body money, especially medical bills, which often show up months later. Some people panic: I already had my bankruptcy hearing, is it too late? How much trouble am I in? Will I have to pay this bill?
The Mystery of Chapter 11
photo credit: dreamstime What the hell is Chapter 11? Just the name gives most people a headache. OK, maybe not as much of a headache as if you work for a company that files Chapter 11 bankruptcy, or, if a company that owes you money files under Chapter 11. Most Chapter 11 bankruptcies are filed…
Mystery: Credit Card Offer After Bankruptcy?
(image credit: dreamstime) You have your bankruptcy discharge, and now, you get an offer in the mail for: another credit card! It feels great! You thought it would take years to “build up” your credit again! You just wiped out thousands of dollars of credit card debt. Why would the bank send you an offer…
C Is For Creditor
Creditors may not all look like this. OK, probably none of them do. But that is what some of them make us think they are, on their way to bashing our heads in if we don’t fork over the loot. Loot that we don’t have. The bankruptcy code defines creditor as: (A) entity that…
The Truth About Student Loans
American youth has been sold a bill of goods, get that college education, you will make more money, it will pay off in the long term, buy now, pay later, get student loans! Lenders even market to unemployed people, borrow our student loan, get that degree that leads to employment! Yet, more college graduates are…
Forgiveness Of Debt Income, What Everyone Ought To Know
DISCLAIMER: NOTHING IN THIS POST IS MEANT AS TAX ADVICE, CONSULT A PROFESSIONAL Some of my clients were about to pay income tax because of 1099-C forms received on rental properties they had abandoned. I was stunned. These people were bankruptcy clients, who had already filed Chapter 7 and received discharges. So they no longer…
