Bankruptcy Mastery

Becoming a better bankruptcy lawyer

Why Ask Why?

By Filed Under: Bankruptcy Practice

question mark

Any parent who's lived through the terrible 2's  knows the appeal, and the annoyance, of the question "why". Life, to a two year old, is a series of interconnected questions. Why are things this way?  Why? The centrality of that question to bankruptcy lawyers surprised me this weekend when Jay Fleischman and I conducted a workshop on practice skills for bankruptcy lawyers.  Jay was … [Continue reading...]

Scary Peak At Loan Mod Future

By Filed Under: Bankruptcy Practice

Scary future

Loan modifications and the relative casualness with which they are documented scare me. Given the glaring problems that loan servicers have in accounting for payments made by borrowers and expenses charged to loans,  the idea that those same people at the servicer  are making good records about modifications seems naive. Consider that the same people who lose your loan modification … [Continue reading...]

Five Shortcuts To The Latest In Bankruptcy

By Filed Under: Bankruptcy Practice

Someone asked me the other day how I keep up on cases. I bit my tongue, since my usual sense about advance sheets and the like is that I'm horribly behind.  (I'm so behind I'm talking about "advance sheets", cases printed on paper!). Reading my email seems to consume a disproportionate portion of the day.  What advice could I possibly have about being current? OK.  If you need an answer, … [Continue reading...]

How To Avoid Being Thrown Under The Bankruptcy Bus

By Filed Under: Bankruptcy Practice

Bankruptcy lawyers find themselves thrown under the proverbial bus time and again. Clients contradict themselves, trustees speak poorly of us during hearings, and even judges from time to time have been known to call us on the carpet for perceived shortcomings. Sometimes we're caught in a position due to an unforeseen turn of events. Other times, we end up stepping under the bus because we … [Continue reading...]

Can You Clean Up After Business Closure?

By Filed Under: Business bankruptcy

mopping up business

Whether it makes sense to file a Chapter 7 for a corporation is a nuanced issue. Whether you advise to file Chapter 7 for the corporation or just shut the business down without bankruptcy, there's some mop-up to do. Miss these wind up issues and the corporate officers will not sing your praises. Payroll taxes Too often, a failing corporation lets its employees goes or stops paying the … [Continue reading...]

Why No Look Fees Are No Good For Bankruptcy Lawyers

By Filed Under: Bankruptcy Practice

No look fees for bankruptcy cases are comfortable and easy for the practitioner. You can quote a fee for a Chapter 13 confident that most other attorneys in town are quoting the same fee.  No fear of price competition. The client likes it. It appears to offer certainty in an uncertain world to someone worried about how to pay for a debt solution. You can skip preparing fee applications … [Continue reading...]

Here’s A Way To Rescue Your Client’s Exemptions

By Filed Under: Bankruptcy Practice

Do you know which ignored prefiling issue  triggers the most reopened bankruptcy cases? I've got no data but my money's on avoidable judicial liens. We as bankruptcy attorneys have gotten so caught up in avoiding consensual mortgages where they are totally unsecured that we forget to look for the easy stuff.  Stuff that is available to our clients in Chapter 7 and Chapter … [Continue reading...]

Here Are 3 Ways To Cram Down A Car In Spite Of The Hanging Paragraph

By Filed Under: Bankruptcy Practice

There are three labeled exits from the 910 freeway.  Find one and you save your client thousands of dollars.  Miss them all and you do your client a disservice. The infamous hanging paragraph in  §1325(a) prohibits bifurcation of a creditor's claim secured by a vehicle into a secured claim and an unsecured claim.  Specifically: section 506 shall not apply to a claim described in that paragraph if … [Continue reading...]

What I Learned In San Antonio, And What We Missed

By Filed Under: Bankruptcy Practice

bankruptcy practice workshop

After a long weekend with 900 bankruptcy colleagues, I've been thoroughly reminded about all that remains to be learned about this marvelous profession.  What did I learn, and what was missing? I took my first bankruptcy case 32 years ago, and looking back, I blanch at what I didn't know then.  Even now, I see new angles, new complexities in a law I've been reading almost daily for more than 3 … [Continue reading...]

NACBA San Antonio: Marketing A Bankruptcy Practice

By Filed Under: Bankruptcy Practice

Our presenter was Larry DePalma, an affable guy who identified himself as  a marketing expert. He mentioned a number of times that he works with a bankruptcy lawyer in Tennessee.  [I checked his  LinkedIn profile  which claims that he is a "Treasury management and payments industry professional with extensive experience in product and marketing management." His specialty, … [Continue reading...]

Evidence Rules In Mortgage Litigation

By Filed Under: Bankruptcy Practice

Judge Pamela Pepper convened a "hearing" on related disputes involving a debtor's mortgage, the creditor's standing, and the payment history on the loan.  The various parties to the dispute sought to obtain, introduce and exclude evidence at the mock hearing.  The comments are almost exclusively hers as she analyzed what we'd just seen. This is bankruptcy court; does anyone care about evidence? … [Continue reading...]

Remember the Big Stuff: Protecting Retirement and Business Assets

By Filed Under: Bankruptcy Practice

Hon. Susan Kelley, U.S. Bankruptcy Court (Milwaukee, WI) Behrooz Vida, Esq. (Bedford, TX) Retirements asset issue that can be calculated by using equity interest rate release calculator. ERISA qualified plans excluded from bankruptcy estate. Nobody knew what was ERISA-qualified and not. IRAs may not have been qualified under Patterson but SUpreme Court came along and said debtor’s own IRA is … [Continue reading...]