Category Archives: Bankruptcy Law

Bankruptcy law news articles, reiews, notes and blog examples.

What happens to a non-filing spouses joint tenancy interest when the debtor dies during the pendency of a bankruptcy proceeding?

In a recent decision from the 10th Circuit, the court held that the bankruptcy estate’s interest in joint tenancy property terminated upon debtor’s death. When the Chapter 7 debtor died post-petition, the case continued under Bankruptcy Rule 1016 but the bankruptcy estate’s interest in jointly owned property owned by the debtor and his non-filing wife….. To continue reading this legal news please click Read full information...

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Can I Obtain Federal Student Loans During or After a Bankruptcy?

Generally, approval is needed from the bankruptcy court to take on any new debt in the form of a new federal or private student loan.  This would include the filing of a refinance or even a consolidation application – as these are considered new loans. ECMC, the guarantor of FFEL government backed loans, has a specific policy regarding regaining Title IV eligibility during a bankruptcy.  Whether a borrower is in a Chapter 7 or 13, they are required to make six consecutive payments in order to regain Title IV eligibility. If the student loan debt is not listed, or if it is listed in the bankruptcy, but the plan provides for 0% to be paid to general unsecured creditors, then the borrower is not considered to have established a “satisfactory repayment arrangement” through their bankruptcy plan. Continue reading → The post Can I Obtain Federal Student Loans During or After a Bankruptcy? appeared first on Reboot Your Life: Tampa Student Loan and….. To continue reading this legal news please click Read full information...

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Can Foreigner File Bankruptcy in Florida?

Florida residency is significant if bankruptcy is more than one way. A person may not claim Florida bankruptcy exemptions unless he has resided in Florida for two years. Prior to two year residency, the debtor is eligible for exemptions in the state where he most recently lived for two years. If he did not qualify for his prior state’s exemptions the debtor could claim a set of federal exemptions. A U.S. resident may file bankruptcy in Florida if he has resided in the State the greater part of the prior six months. In practice, a new resident must be here three months and a day in order to file in Florida. In such case, the debtor would not qualify for Florida exemptions. A client asked me if he could file bankruptcy in Florida as a foreigner. The client lived in the Middle East. He had never resided in Florida or any other state in our country. He wanted to know if he could file as a non-resident and whether any property would be exempt. A foreign citizen may file….. To continue reading this legal news please click Read full information...

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Is SB 901 Constitutional?

PG&E filed a notice that it was preparing to file for bankruptcy in around 15 days.  Companies don't usually make this sort of announcement willingly; it's an invitation to a creditor run.  PG&E filed the notice because it's required to under a recently enacted California law, SB 901.  SB 901 requires public utilities to file notice of changes of control at least 15 days in advance, and "change of control" is defined to include filing a bankruptcy petition.  That strikes me as really problematic–it is a state law conditioning and interfering with the exercise of a federal right.  (Imagine how this would work with a financial institution bankruptcy process…)  I can't believe that the law would hold up if challenged.  Yet PG&E filed the notice.  Maybe there's just not a meaningful run possibility for a power utility... To continue reading this legal news please click Read full information...

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Financial Lessons From Furloughed Federal Workers

The plight of workers going without pay because of the government shut down looms over our news. If our incomes haven’t been affected, it’s easy to see this as someone else’s problem. But are the rest of us really immune to the same financial straight? Over and over again, we hear that most U.S. families couldn’t pay an unexpected $400 bill without borrowing money. The current problem is a lot bigger than $400. Effectively out of work, federal workers face weeks with nothing coming in, and too little set aside.  It’s notable now because there are so many families affected. But ending up with no income isn’t unique to the governmental workforce. To paraphrase the credit card ad, what’s in your savings account? Image courtesy of DavityDave and Flickr under a CC license.   The post Financial Lessons From Furloughed Federal Workers appeared first on Northern California Bankruptcy Lawyer... To continue reading this legal news please click Read full information...

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