Blog Posts in January, 2011
Posted on Jan 31, 2011 By Joseph Tosti
Recently, Senator Jeff Merkley from Oregon has been speaking very loudly about the need for the current Congress to amend the Bankruptcy Code to allow cramdowns of first mortgages on primary ...
Continue reading "Mortgage Modifications In Bankruptcy – A New Wave Is Beginning" »
Posted on Jan 28, 2011 By Joseph Tosti
Your mother entrusted her funeral expense money to you last year. You spent it on living expenses. You don't want your mother to get notice of the bankruptcy as a creditor because you are very much ...
Continue reading "Family Debts, Loans, Payments, and Repayments in Bankruptcy" »
Posted on Jan 22, 2011 By Joseph Tosti
A Michigan bankruptcy court recently took the unusual step of denying a discharge under bankruptcy code section 707(a) to a debtor whose debts were primarly business debts, based upon the court's ...
Continue reading "Business Bankruptcy Debtor Denied a Discharge Under Section 707(a) for Ability to Pay" »
Posted on Jan 21, 2011 By Joseph Tosti
Five years after bankruptcy reform, and millions of cases later, the Supreme Court is still deciding issues affecting the most basic administration of bankruptcy cases. The latest case, In re Ransom , ...
Continue reading "Should the Supreme Court Teach a Bankruptcy Seminar? Yes, as soon as possible." »
Posted on Jan 20, 2011 By Joseph Tosti
Lately, a number of clients coming to see me have just transferred real property (or their interest in real property) to a family member or friend, or they are inquiring about transferring their ...
Continue reading "Transferring property before bankruptcy is risky business!" »
Posted on Jan 14, 2011 By Joseph Tosti
Foreclosures have been getting a lot of media attention lately, but credit card debt probably accounts for more bankruptcies than foreclosures. And a lot of people who fall behind on mortgage payments ...
Continue reading "Credit Cards and Bankruptcy" »
Posted on Jan 11, 2011 By Joseph Tosti
Student loan debt is not dischargeable in bankruptcy. That's not news-it's pretty much common knowledge. But student loan debt for newly-minted lawyers is a growing problem, since the job market for ...
Continue reading "Bankruptcy and Student Loans-Time to Reconsider Discharge" »
Posted on Jan 10, 2011 By Joseph Tosti
Unless you are a mortician most people do not like to think about death, especially when considering filing bankruptcy. However there are times when death comes into play whether it be the death of ...
Continue reading "Death and Bankruptcy." »
Posted on Jan 10, 2011 By Joseph Tosti
Holidays are wonderful… and sometimes, some parts, not so wonderful. Some of us know this because we are barely now relaxing from the rush to prepare, having battled traffic and crowds and lines in ...
Continue reading "After the Holidays — Now Comes the Hard Part" »
Posted on Jan 7, 2011 By Joseph Tosti
People frequently ask whether they can file a bankruptcy case without their spouse. The simple answer is yes. The complicated answer is that your spouse matters for several reasons. Let's assume that ...
Continue reading "Can I file bankruptcy without my wife? Can I file bankruptcy without my husband?" »
Posted on Jan 6, 2011 By Joseph Tosti
Yesterday’s Wall Street Journal published an opinion piece by George Mason University law professor Todd Zywicki entitled Dodd-Frank and the Return of the Loan Shark . If you do not subscribe to the ...
Continue reading "The 2009 Credit CARD Act – Does it Do More Harm than Good?" »
Posted on Jan 6, 2011 By Joseph Tosti
For the first time, a federal appeals court has ruled that the bankruptcy code does not forbid a private employer from refusing to hire a person based solely on the fact that he or she filed for ...
Continue reading "Bankruptcy Discrimination in Hiring Approved by Federal Appeals Court" »
Posted on Jan 5, 2011 By Joseph Tosti
As we start a new year, it is a good time to set some new financial goals. In particular, the goal of reducing debt or eliminating your dependence on debt should be everyone’s goal. So, how do we get ...
Continue reading "A New Year–A New Financial Goal" »
Posted on Jan 5, 2011 By Joseph Tosti
Even a rich and ancient institution like the Roman Catholic Church needs bankruptcy. On January 4, 2011 the Archdiocese of Milwaukee filed for protection in bankruptcy under chapter 11 . Other ...
Continue reading "Milwaukee Catholic Church Files for Bankruptcy under Chapter 11" »
Posted on Jan 4, 2011 By Joseph Tosti
No one wants to file bankruptcy. No one does it for fun. It's like going to the dentist (or proctologist, or urologist-take your pick). You do it only because you need to, and it will improve your ...
Continue reading "Should Bankruptcy Be One of Your New Year’s Resolutions?" »
Posted on Jan 3, 2011 By Joseph Tosti
The bankruptcy code give you l imited protection against employment discrimination after bankruptcy . You can’t get fired from your existing job in the private sector. You can’t be discriminated ...
Continue reading "Law prohibits employment discrimination after bankruptcy" »
Posted on Jan 3, 2011 By Joseph Tosti
On more than one occasion, I have represented individuals in Chapter 7 and Chapter 13 bankruptcy cases when the debt that prompted the filing was wholly or in large part co-signed debt . It seems that ...
Continue reading "Am I Responsible for a Deceased Child Borrower’s Student Loan Debt?" »
Posted on Jan 3, 2011 By Joseph Tosti
Every person that files a bankruptcy is required to attend a Meeting of Creditors . The meeting, also called a Section 341(a) meeting is held by a Trustee . The Trustee is an individual, usually an ...
Continue reading "Bankruptcy: The Meeting of Creditors. What Did The Trustee Say?" »