Filing Bankruptcy After 60 More than forty-five years have passed since Title IV of the Higher Education Act which authorizes the government to issue federal student loans was passed in 1965. Many students who took advantage of the student loan program then and in the years following still find themselves mired in debt which is [...]

In the Chapter 7 bankruptcy of a debtor who served as the President and CEO of a company, the bankruptcy court ruled that the debtor could not discharge debt incurred after recklessly taking out loans from the company. The details of the bankruptcy case: The debtor in this case took out 75 loans from the [...]

Ideally, companies filing Chapter 11 bankruptcy want to enter and exit bankruptcy as quickly as possible. But sometimes a bankruptcy case can move so fast that it can cause problems for both the creditors and the bankruptcy trustee. Below are a few issues that may arise in a "too fast" Chapter 11 bankruptcy case: If [...]

  In the bankruptcy case of an unregistered architect here in Texas, the former clients of the debtor submitted a claim saying that the debtor breached contract and/or that their oral contract is void because he is not a registered architect. After hiring the debtor to perform architectural work on their home, the claimants also [...]

The Chapter 7 bankruptcy of a debtor was dismissed after he who admitted wanting to use the bankruptcy as leverage against creditors and failed to disclose material facts in his petition. The Bankruptcy Code Section 727(a) provides that: (a) The court shall grant the debtor a discharge, unless- (2) the debtor, with intent to hinder, [...]

Bankruptcy Preparer Scams The U.S. Bankruptcy Court is searching for a bankruptcy preparer who has scammed several customers seeking to file a bankruptcy petition. Dawn Gomez Bess was banned by a federal judge in October from preparing bankruptcy paperwork, but the court says she continued to do so. The court says she took money from [...]

During the Great Depression, the bankruptcy code was altered so that local governments could seek protection from creditors in bankruptcy. Since the creation of Chapter 9 bankruptcy, only 623 municipalities have filed bankruptcy.  But some states are terrified that the number could increase. Because of this fear, 25 states have made moves to either restrict or [...]

This recession has brought to the surface a lot of discussion about "cram-downs," but most Americans have no idea what that is. Well, when applied to your vehicle, a cram-down is basically when you reduce the car loan to the value of the car. For example, if you have a $35,000 loan on a car [...]

In a recent Chapter 7 bankruptcy case in Texas, a debtor's assets held in trust were made part of the bankruptcy estate despite the fact that the debtor never withdrew the money. The details of the case: The debtor was left assets in a trust by a deceased relative.  The instructions of the trust said [...]

Trying to Sell a Grammy? The National Academy of Recording Arts & Sciences Inc. (NARAS) is concerned about the Toni Braxton bankruptcy case and the future of six Grammys the singer won.  According to NARAS, Grammys are not transferable and therefore cannot be sold during a bankruptcy to satisfy the payment of debts.  NARAS voiced [...]