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Posted 3 years 1 week ago

The Judicial Conference of the United States recently approved increases to the bankruptcy courts‘ filing fees on September 13, which will become effective on November 1, 2011. The increased revenue generated by the new filing fees will be used to cover increasing costs to the Judiciary.
As of November 1, 2011, the following bankruptcy filing fees will apply:

Posted 3 years 13 weeks ago

As the number of bankruptcy filings increases each year, bankruptcy courts are uncovering an alarming amount of bankruptcy fraud. As a result, the US Department of Justice has increased its efforts to prosecute bankruptcy debtors, who hide their assets or lie when completing their bankruptcy petition and other paperwork.
To better understand the way bankruptcy fraud affects a debtor’s case, this article discussses the recent, public bankruptcy filing of Teresa Guidice, who is widely known as a TV reality star on Bravo’s Real Housewives of New Jersey. Teresa and her husband, Joe Giudice (a/k/a “Giuseppe Giudice”), first filed bankruptcy in 2009. At that time, their bankruptcy paperwork listed numerous debts, totaling more than $11 million.

Posted 3 years 13 weeks ago

According to the US Bankruptcy Code, a “consumer debtor” is a person whose debts are primarily consumer debts. “Consumer debts” are debts incurred for personal needs – as opposed to business purchases. Examples of consumer debts include auto loans, home mortgages and credit cards used to purchase things like groceries, school supplies and clothes.

Posted 3 years 15 weeks ago

A “claim” against a debtor’s bankruptcy estate is creditor’s allegation that it has a bona fide legal right to payment from the debtor or the debtor-in-possession if the case is filed under chapter 11.
Because claims are used by creditors to legitimize the debts they are owed in the bankruptcy proceedings, it is commonly said that claims are made “against” a debtor’s bankruptcy estate. Chapter 5 of the US Bankruptcy Code (the “Code”) plays a critical role in identifying and processing creditors’ claims.

Posted 3 years 16 weeks ago

A person or company’s bankruptcy “estate” is composed of all legal or equitable “interests in property” at the time of the bankruptcy filing – even if the property is owned or held by another person.
When a person or company files bankruptcy in Colorado, an estate is created to make it easier for the court to administer the case. From a legal perspective, the debtor’s estate is a completely new entity and is treated separately from the debtor. Under section 541 of the US Bankruptcy Code (or simply the “Code”), the estate contains a variety of things, including all legal or equitable interests of the debtor in property when the bankruptcy petition was filed.
If a bankruptcy petition is filed by an individual consumer (as opposed to a business), the Code imposes several important qualifications on what becomes property of the estate. For example, the debtor’s “earnings from services performed” after filing for bankruptcy are excluded from the estate. § 541(a)(6).

Posted 3 years 16 weeks ago

The US Bankruptcy “Code” is the informal name used by lawyers and judges to describe the sections of federal law that govern the bankruptcy process. Regardless of whether the case is a chapter 7, 9, 11, 12 or 13 bankruptcy, the entire statutory text of bankruptcy can be found in title 11 of the United States Code – specifically 11 USC §§ 101-1330.

Posted 3 years 18 weeks ago

When you “assume” a contract in bankruptcy, you are agreeing to continue performing your duties under the contract.
For example, if you currently have a monthly service contract with a cellphone provider – like AT&T, Verizon or T-Mobile – you are legally permitted to break your contract by filing bankruptcy. In some scenarios, this could be a good idea, especially if you can’t afford your monthly bill. If, however, you can afford to pay your monthly bill and you’d like to keep using your cellphone, you can choose to “assume” the cellphone contract in your bankruptcy paperwork. By doing so, there won’t be any hiccups in your service as a result of your bankruptcy filing.

Posted 3 years 19 weeks ago

In Colorado, an “adversary proceeding” is a lawsuit filed by a third party or the bankruptcy trustee to resolve a legal dispute relating to a debtor’s bankruptcy case. This term is used regardless of whether you choose to file chapter 7, 11, 12 or 13 bankruptcy.
Several examples of “adversary proceedings” are listed Federal Rule of Bankruptcy Procedure 7001, including those listed below:

Posted 3 years 19 weeks ago

When you file bankruptcy, an “automatic stay” takes effect. The “automatic stay” is like a shield that protects you from banks, credit cards and collection agencies. To be more precise, bankruptcy’s “automatic stay” is a legal injunction that stops any lawsuits, foreclosures, garnishments or collection activities against you as of the moment your bankruptcy petition was filed.

Posted 3 years 20 weeks ago