Bankruptcy Law Blog

Form 22 is a
form used in Chapter 7 and Chapter 13 bankruptcy cases.  It is very important in both of those kinds
of bankruptcy cases, but in different ways. 
It’s somewhat complicated, and it deserves a discussion of its own.

Form 22 is a
statement of current monthly income.  In
Chapter 7 it is called the means test because it... Read More

Bougie Bankruptcy

Thought bankruptcy was just
for Gary Coleman and real housewives? Well, in a way, that’s not too far from
the truth. As the costs associated with filing have risen annually, there is
actually an increasing number of Americans who cannot afford to go bankrupt.

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Homeowners
associations and condominiums normally charge monthly or quarterly dues to
homeowners in  their territory.  These dues attach to the property as well as
to the homeowner(s), and they are important in bankruptcy as well.  The key statutes are the Maryland Condominium
Act, the Maryland Contract Lien Act, and 11 U.S.C. 523(a)(16).

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The total amount of outstanding student loan debt exceeded $ 1 trillion last week, and that number appears only set to grow as tuition rates continue to rise and federal and state funding for school drops.
The Consumer Financial Protection Bureau reported that student loan debt topped $1 trillion—nearly 16% higher than an estimate by the Federal Reserve Bank of New York earlier this year.
And there’s more bad news: Students borrowing money from the government may face... Read More

Who knew I’d ever be comforted with the notion that if I was unable to pay back my incredulous amount of student loan debt, I had the fallback alternative of bankruptcy? In 2007, Congress passed “The College Cost Reduction and Access Act” which reduced subsidized Stafford loan interest rates from 6.8% to 3.4% over a period of 4 years. [http://www.foxbusiness.com/personal-finance/2012/03/26/students-loan-rates-could-double-if-congress -doesnt-act-soon/]. Lawmakers must... Read More

Dick Durbin has proposed legislation that will allow for the discharge of student debt in bankruptcy.
For most young people, the prospect of graduating from college saddled by debt and unable to find a job is a daunting and real one. Student loan debt has grown to be greater than credit card debt. It represents a tidal wave of default that is threatening to engulf the economy. Durbin’s bill is seen as a way to deal with that impending reality.
Interestingly, this legislation... Read More

The first quarter of 2012 showed an increase in bankruptcy filings despite the good news regarding the unemployment figures that have generally been coming out of Olympia. Chapters 7, 11 and 13 have all seen a rise in filings. An increase in filings is typically seen at this time of the year, because people use their credit cards for Christmas holiday shopping, and the bills are now due. But the increase in filings goes beyond the historical numbers associated with the season.... Read More