Blog Posts in 2010
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Posted on Dec 30, 2010 By Joseph Tosti
As a consumer bankruptcy attorney I get to see trends coming before they become mainstream. Living in Southwest Florida , I get to deal with people from all walks of life. The generation that I find ...
Continue reading "Credit Card Horrors For Senior Citizens" »
Posted on Dec 28, 2010 By Joseph Tosti
HAMP, the Home Affordable Modification Program which can modify a mortgage, is no way to avoid bankruptcy. It's a heart-breaker. It builds up false hopes and then destroys them. That's my conclusion ...
Continue reading "HAMP Mortgage Modifications and Bankruptcy" »
Posted on Dec 27, 2010 By Joseph Tosti
Gov. David Paterson has signed a bill that gives more protection to New Yorkers who file bankruptcy or who have been sued by bill collectors. The new law increases the exemptions that people can use ...
Continue reading "Outgoing Governor Paterson Gives New York Debtors Something to Cheer About!" »
Posted on Dec 26, 2010 By Joseph Tosti
In earlier posts, two bankruptcies filed by debtors appearing in Bravo Television reality shows were discussed. Terese Giudice who appears on Real Housewives of New Jersey and Sonja Morgan who appears ...
Continue reading "Bankruptcy Basics: Bankruptcy Fraud can lead to Truth or Consequences" »
Posted on Dec 24, 2010 By Joseph Tosti
I've been hearing from more and more people who have purchased small businesses on an installment basis from a previous owner and are now struggling to make the payments because of the downturn in the ...
Continue reading "Defaulting on Business Purchase Loan" »
Posted on Dec 22, 2010 By Joseph Tosti
Unusual situations often show up in bankruptcy court eventually. And sometimes they contain both humor and depression in equal measure. Recently the 8th Circuit Bankruptcy Appellate Panel was called ...
Continue reading "A Horse Trailer is Not a Home" »
Posted on Dec 14, 2010 By Joseph Tosti
What happens if a creditor contacts someone after bankruptcy ? Under the bankruptcy laws, creditors can't take any action to collect a debt once a case has been filed. If a bankruptcy case is still ...
Continue reading "After You File Bankruptcy, What Happens If A Creditor Contacts You?" »
Posted on Dec 13, 2010 By Joseph Tosti
This is a wonderful time of year, a time for giving thanks, for counting blessings, for sharing joy and for giving to others. The natural desire to express our love through gifts burns strong in our ...
Continue reading "Credit Cards and the Christmas Holidays – a Dangerous Combination" »
Posted on Dec 13, 2010 By Joseph Tosti
Being in bankruptcy means remembering priorities. A big priority is keeping a roof over your head. As I have in the past , I will suggest that this is even more important than Christmas. If you have ...
Continue reading "Christmas and Mortgage Payments: Don’t Confuse Priorities!" »
Posted on Dec 2, 2010 By Joseph Tosti
What happens to a co-debtor when a debtor files for bankruptcy depends upon the type of case that is filed. Many clients come to my office relieved to find out that a bankruptcy stays proceedings ...
Continue reading "How Does Bankruptcy Impact A Co-Debtor?" »
Posted on Nov 17, 2010 By Joseph Tosti
If you're paying minimum payments on credit card debt and have nothing saved for retirement, you are my favorite candidate for bankruptcy. The most compelling reason to file bankruptcy is so you can ...
Continue reading "Best Reason To File Bankruptcy" »
Posted on Nov 12, 2010 By Joseph Tosti
The means test is one of the first things that your attorney needs to prepare in order to file a consumer bankruptcy . The results of this process will tell you whether you qualify to file a Chapter 7 ...
Continue reading "The Means Test" »
Posted on Nov 12, 2010 By Joseph Tosti
According to the 2010 Fiscal Year statistics from the Administrative Office of the U.S. Courts, the number of bankruptcies filed between October 1, 2009 and September 30, 2010 increased from 1,402,816 ...
Continue reading "2010 Bankruptcy Filings Up 14%" »
Posted on Nov 9, 2010 By Joseph Tosti
Proprietary mortgage modifications, not HAMP mortgage modifications, lead the way according to HOPE NOW Loan Mod statistics. 120,000 modifications have been done by the mortgage companies themselves, ...
Continue reading "Mortgage Modifications Fail To Slow Foreclosure Rate" »
Posted on Nov 8, 2010 By Joseph Tosti
Below poverty level income for five of the past six years was no basis for discharging a chapter 7 debtor's student loans, where she was voluntarily underemployed, had no dependents, and lived with ...
Continue reading "Student Loans Not Discharged Due to Boyfriend’s Income and Voluntary Underemployment" »
Posted on Nov 8, 2010 By Joseph Tosti
A minimum payment in a Chapter 13 Bankruptcy will vary from district to district depending on the local rules. However, the minimum payment must cover what you must pay within the applicable ...
Continue reading "Chapter 13 Minimum Payment." »
Posted on Nov 4, 2010 By Joseph Tosti
If you're running a business, filing bankruptcy involves preparing a profit and loss statement. While this subject isn't terribly interesting or sexy, it's critically important to preparing accurate ...
Continue reading "Profit and Loss Statements for Bankruptcy" »
Posted on Nov 2, 2010 By Joseph Tosti
The new median family income numbers used for determining whether a debtor can file a Chapter 7 bankruptcy went into effect today, November 1, 2010. The numbers are provided by the U.S. Census Bureau. ...
Continue reading "New Median Family Income Numbers For Bankruptcy Effective November 1, 2010" »
Posted on Nov 1, 2010 By Joseph Tosti
As a consumer bankruptcy attorney who has spent the better part of the last 15 years counseling individuals contemplating bankruptcy, I can tell you that one of the things I see on a daily basis is ...
Continue reading "Bankruptcy Is Not Failure – It’s Financial Planning" »
Posted on Oct 26, 2010 By Joseph Tosti
Most people would like to avoid bankruptcy if they can. Sometimes alternatives are worth trying, but it pays to know the risks. A good bankruptcy lawyer never pushes someone into bankruptcy but, ...
Continue reading "Alternatives to Bankruptcy" »
Posted on Oct 21, 2010 By Joseph Tosti
Banks do not want to go to trial in mortgage foreclosure cases . Judges and the Wall Street Journal still do not get it. Banks want to avoid trial because trial shines a light on the facts of a case. ...
Continue reading "Why Banks Robo-Sign Mortgage Documents." »
Posted on Oct 20, 2010 By Joseph Tosti
Modification of home loans in bankruptcy was promised by candidate Obama before his election as President. Current bankruptcy law prohibits modification of a loan secured against the debtor's ...
Continue reading "Why Hasn’t Obama Supported Judicial Modification?" »
Posted on Oct 20, 2010 By Joseph Tosti
Crystal Cathedral Ministries in California (best known for its " Hour of Power ") announced yesterday that it is seeking the protection of Chapter 11 bankruptcy to protect it from its creditors. The ...
Continue reading "Crystal Cathedral Ministries announces plans to file for bankruptcy protection" »
Posted on Oct 12, 2010 By Joseph Tosti
If you are behind in the mortgage payment on your home , there are several things you can do. One way to stop a foreclosure is to file bankruptcy. Once filed, there is an automatic stay that goes into ...
Continue reading "Mortgage and Bankruptcy: Save Your Home!" »
Posted on Oct 11, 2010 By Joseph Tosti
Growing case law suggests that debtors should hope the bankruptcy court does not approve their car reaffirmation agreement . Huh?, you say. If you've agreed to reaffirm, and essentially waive the ...
Continue reading "Reaffirmation Agreements- Drive Happily into Sunset" »
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