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Archive for the ‘Bankruptcy Tips’ Category

Will Electric Cars Revolutionize our Energy Costs and Stop Foreign Oil Import Problems?

Posted by Oswald Goldstein on April 14th, 2011

Well, probably not.

Here’s that would radically cut the use of oil from countries that hate us and want us dead.

It looks funny, because it’s designed to eliminate drag.

Now, you’d think that a government that wanted to cut the use of foreign oil and encourage recycling of materials would embrace this car and make its way smooth.

And I’d love to see the United States become the leader in fuel efficient cars that are fun and safe to drive; and there’s no rational reason we couldn’t produce these simple vehicles right here in the USA, creating value, and jobs for U.S. Citizens.

And will I hold my breath?

Uh, no.

And why would I want to see jobs created in the United States? Well, I’m a bankruptcy lawyer; and I’d like to see fewer folks forced to file bankruptcy because of unemployment!

p.s. innovation and production capacity made our County great; if we can reduce the barriers that permit small companies to innovate, we can generate jobs, and that will be a good thing!

Tags: Foreign Oil, Oil
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Foreclosures down in first quarter of 2011

Posted by Oswald Goldstein on April 13th, 2011

Wisconsin foreclosure figures for the first quarter of 2011 show a 10.2 percent decrease in foreclosure filings in southeastern Wisconsin from the first quarter of 2010.  In the seven county region, 2,906 foreclosures were filed from January through March.  In 2010, 3,235 foreclosures were filed in the same span of time.

Since the beginning of the year, Milwaukee County has seen fewer than 500 foreclosures every month.  Last year, the county had an average of 536 foreclosure filings every month, and a year before, it had a monthly average of 594.

Looking at the month of March alone, foreclosure filings were 14.6 percent lower than March 2010.  1,018 foreclosures were filed in the seven county area in March of this year, whereas 1,192 were filed in March 2010.

Tags: 2011, First Quarter
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Mortgage Modification Lies Cost U.S. Bank, N.A.

Posted by Jim Karlson on April 10th, 2011

U.S. Bank misled the Debtor into abandoning bankruptcy by promising to work with the Debtor on a mortgage reinstatement and loan modification. The case, Aceves v. U.S. Bank, N.A., No. B220922 (Cal.App. Dist.2 01/27/11) the California Court of Appeal for the 2d Appellate Division found that the Debtor could have reasonably relied on the bank’s promises, the promises were sufficiently concrete to be enforceable, and the Debtor’s decision to forgo Chapter 13 relief was detrimental because it allowed the bank to foreclose on the property. Here’s my favorite part:

“Contrary to the bank’s contention that Plaintiff’s use of the Bankruptcy Code was ipso facto bad faith, Chapter 13 is uniquely tailored to protect homeowners’ primary residences from foreclosure,” the appellate court said.

After the debtor abandoned her case, the lender foreclosed.  The trial court entered a judgment in favor of U.S. Bank and the appellate court reversed on the issues of promissory estoppel and fraud.

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Tags: Bank, Cost Bank
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How Often Can I File Bankruptcy?

Posted by Oswald Goldstein on April 10th, 2011

 The federal bankruptcy laws do not limit the number of times an individual can file for bankruptcy protection. When an individual is facing overwhelming debt and needs relief from creditors, the bankruptcy laws provide powerful protection. In some cases that protection can be a discharge of debt. In other cases, it means an opportunity to repay what is owed.

An individual may file multiple bankruptcies for many reasons. When a discharge of debt is needed, the federal law limits time between discharges. After you receive a discharge in a previous Chapter 7 bankruptcy case, you must wait 8 years before you can receive another Chapter 7 discharge; and 6 years to receive a Chapter 13 discharge. If you received a discharge in a previous Chapter 13 bankruptcy case, you must wait 4 years before you can receive a Chapter 7 discharge; and 2 years to receive another Chapter 13 discharge.

The above time periods are measured from the date the previous case was filed. For instance, if you filed a Chapter 7 bankruptcy on June 1, 2005, then on June 1, 2013 you will be eligible to file a Chapter 7 bankruptcy case and receive a discharge.

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Tags: Bankruptcy
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Credit Union Cross-Collateralization Clauses Violate TILA

Posted by Jim Karlson on April 5th, 2011

I’m a member of a Credit Union and have several accounts with them.  I’ve heard of this mysterious ‘cross-collateralization’ CLAUSE and thought I would do some investigation so we can all sleep better.  Arizona Bankruptcy Attorney John Skiba wrote, Bankruptcy, Credit Unions & Cross Collateralization Agreements, over at JDSupra, which provides a very brief and technically incorrect overview of Credit Union’s dirty little tricks to get you to pay all your debts owed to them.  What we all need to know is, Can they get away with it?

The term cross-collateralization is not an agreement on its own, but rather it is a clause contained in other agreements that you might enter into with your credit union.  A contract clause is a term or condition that is written into the agreement that becomes part of the contract.  The trouble with these nasty little clauses is that credit unions are the only entities that think they’re a good idea and these clauses are not disclosed to the consumer and buried in the fine print or what we call ‘boilerplate’ language. I lik

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Tags: Credit Union, Union
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Chapter 13 Debtor Opposition To Late Filed Unsecured Claim

Posted by Jim Karlson on April 5th, 2011

Chapter 13 bankruptcy cases have claim deadlines by which date the debtor’s creditors are supposed to file claims in order to be included in the roster of creditors entitled to distributions of money out of the Chapter 13 plan. I represent a debtor who prior to filing owed money to a law firm which represented him in a pre-bankruptcy legal matter. Three months after the Chapter 13 claim deadline the law firm filed an unsecured claim.

The first question is whether or not the debtor cares if an unsecured creditor files a late claim. If a debtor is paying all of their disposable income into a plan, but the plan will not pay 100% of unsecured claim, then a late claim does not change the amount of the debtor’s monthly plan payment or total payments under the plan. No harm no foul. If the debtor’s plan must be a 100% plan for any number of reasons (such as the debtor’s desire to reaffirm an investment property) then a late filed claim is important to the debtor because the claim would increase plan payments.

In this case, my client is required to pay 100% of unsecured claims, and therefore, opposed the late claim. The cre

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Tags: Chapter 13, Claim
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I Have My Bankruptcy Discharge. Now What?

Posted by Oswald Goldstein on April 3rd, 2011

You should obtain a copy of your credit report immediately after receiving your bankruptcy discharge. Federal law entitles you to one free credit report from the “big three” credit reporting agencies, Experian, Equifax, and TransUnion, every twelve months. The easiest way to obtain your free credit report from each of these agencies is by visiting AnnualCreditReport.com.

After receiving your free credit reports, check each report for errors. First, any debt discharged by your bankruptcy should be listed as “Discharged in Bankruptcy” with a “Zero Balance.” Second, there should not be any negative activity reported after the date that you filed your bankruptcy case. This includes any new collection agency report after your filing date. Third, any debt that was reaffirmed should not be listed as “Discharged in Bankruptcy,” and should list your on-time payments. Finally, in some cases inaccurate information will be reported. For instance, a car voluntarily surrendered back to a creditor during a bankruptcy is not a “repossessed vehicle” and should not be reported as such.

Correcting any errors on your credit report is simple and easy. Each reporting agen

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Tags: Bankruptcy Discharge, Discharge
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Protecting Your Lawsuit During Bankruptcy

Posted by Oswald Goldstein on April 2nd, 2011

Any claim that a debtor may have at the time a bankruptcy case is filed is considered an asset and must be disclosed to the bankruptcy court. This includes lawsuits that are currently pending in court or through an administrative process, and those that are not yet filed. Social Security Disability claims, Worker’s Compensation claims, unemployment claims, class action lawsuits, and personal injury lawsuits are all claims that must be disclosed to the bankruptcy court.

Keeping any money obtained from a legal claim (after settlement or adjudication) depends on several factors. For instance, if the bankruptcy case is a Chapter 13, the debtor does not lose any property, but must pay unsecured creditors an amount equal to the value of non-exempt property. Another factor is whether the claim or any money received from the claim is “property of the bankruptcy estate.” Some legal claims, like retroactive social security benefits, are protected by law and are excluded from the debtor’s bankruptcy case. Money from a legal claim may be protected using federal or state law exemptions. In some

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Tags: Bankruptcy
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