Recent News
Exempt versus Non-exempt Property Under Chapter 7
In a Chapter 7 liquidation case, the debtor must relinquish certain property to the bankruptcy trustee so that he or she can sell the property and use the proceeds to pay off debts. Property of the bankruptcy estate is broadly defined under Section 541 of the...
If Chrysler Can File Bankruptcy, Why Can’t I?
I get this question frequently in my office. I found a recent blog post by Attorney Peter Orville of New York that explains it very well: http://www.bankruptcylawnetwork.com/2009/04/30/if-chrysler-can-file-bankruptcy-why-cant-i/
Supreme Court to Weigh In on Debtors’ Exemption Rights
In its next term, the Supreme Court will decide the case of Schwab v. Reilly, USSC Docket No. 08-538, which will resolve an important issue related to debtors’ exemption rights in bankruptcy. The case involves the bankruptcy petition of Nadejda Reilly. Reilly ran her...
About NACBA, The National Association of Consumer Bankruptcy Attorneys
The National Association of Consumer Bankruptcy Attorneys was formed in 1992 to: Ensure that the voices of consumer debtors and their attorneys are heard in the halls of Congress, the Judiciary and other arenas affecting consumer debtors; and Help consumer bankruptcy...
Some of the Rules for Filing Bankruptcy…
...As set out in the Bankruptcy Code, 11 USC Section 527(a) : Rule #2 Everthing you own and every debt you owe must be completely and accurately disclosed in the documents filed to commence this case. Bankruptcy is not a "pick and choose" proceeding. You do not...
Senate passes credit card crackdown
The Senate passage was expected, but it took a coalition led by Banking Chairman Chris Dodd. The Senate has easily passed a major crackdown on credit card companies, agreeing to impose strict new rules on interest rates, fees and other controversial billing...