Bankruptcy Mastery

  After all the time I spend cajoling, suggesting, demanding that bankruptcy lawyer READ THE CODE, I was bitten by my own advice recently. The youngish bankruptcy lawyer had read § 109, and leapt to a conclusion 180 degrees from correct. He was utterly right that the words of the statute talk about debts the debtor owes. Only an individual with regular income that owes, on the date … [Continue reading...]

  They're not "I love you" or even "I am sorry". They're bequest, devise, and inheritance from §541(a)(5)(A). Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date— (A) by bequest, … [Continue reading...]

I asked you last week to identify the challenges in your practice.  I heard cries for more clients, for mentors, for new skill sets. Turning the focus around, I thought about what I wanted to do differently or better this year in my practice.  Here's my list. Communicate the bankruptcy grounds rules to clients more effectively. Improve my work product retrieval system Pay better … [Continue reading...]

Ever feel like the practice of consumer bankruptcy law resembles crossing the chasm on a rope bridge? In the dark? I assure you, you are not alone. In one of my first contested matters in bankruptcy, probably within 18 months of passing the bar,  and  the same distance from adoption of  the Bankruptcy Code,  I must have set a record for the number of times I continued a hearing, because I … [Continue reading...]

Whether it's fear of the cost of lawyers or joinder in probate-phobia, the public's do-it-yourself testamentary substitutes can have ugly consequences when bankruptcy looms. "When the individual who is supposed to benefit from a parent's accumulations  files bankruptcy, the cheapo alternative to a will or trust can cost the players the property", said probate lawyers based in Raleigh area. Do it … [Continue reading...]

Three weeks til the New Year and I'm starting to look at each Chapter 13 filing in my shop and ask whether we should file this case. It's not that the calendar has much influence on whether clients need a bankruptcy.  It's "Will these folks owe taxes for 2011?" For the case I reviewed yesterday, the clients expect to owe $11,000 in income taxes for 2011.  If we file this week, as the client … [Continue reading...]

Howdy, nice of you to drop in.  Now, I've got two reasons for you to skedaddle out of here. Bankruptcy Rule Changes New bankruptcy rules took effect December 1.  If you can't recite them in your sleep, the National Consumer Law Center has generously made their otherwise subscription only newsletter available for free.  Click on www.nclc.org/form10 to download. NCLC's John Rao (he's the … [Continue reading...]