Preparing for Your Meeting of Creditors

Within a few days of filing your bankruptcy petition, the bankruptcy court will schedule your “first meeting of creditors,” which is often referred to as a “341 hearing.”  Your bankruptcy trustee (not the bankruptcy judge) will preside over the meeting of creditors, and you will be required to testify under

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Number 2 Pet Peeve

Before every deposition of a client, I advise the witness to always answer deposition questions truthfully in as few words as possible. If a question can be answered “yes” or “no,” then that’s the preferred response. If the client does not know the answer to a question, the answer is

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Silencing the Bankruptcy Critic

“Some people take advantage of the bankruptcy laws and file unnecessarily,” says Mr. Bankruptcy Critic.  There are bankruptcy judges all over the United States at this very moment deciding whether a Debtor deserves to be granted a discharge.  Taking advantage of the bankruptcy laws and filing bankruptcy unnecessarily is what

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I Hope I Never Have to Use You

After some general niceties, the conversation that I have when I first meet someone usually goes something like this: Them: What do you do for a living? Me: I’m an attorney. Them: What kind of law do you practice? Me: Mostly bankruptcy Them: Oh, I hope I never have to

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The Best Free Legal Advice You’ll Ever Get

What legal advice could save you tens of thousands of dollars and can make or break a legal matter you are involved with?  That advice is very simple, but you would be surprised the number of times that it is ignored.  What is this great legal advice? Read the documents

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Mortgages and Rents – SNDA Agreements

From the borrower’s perspective, there are some special issues which arise with rents on commercial real estate properties in a foreclosure or bankruptcy setting. These issues must be thoroughly analyzed on the front end because cash is king, and continued use of cash to support the upkeep of the properties

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Small Business Owners Remain Pessimistic

The National Federation of Independent Business (NFIB) has collected small business economic trends data since 1973.  The NFIB monthly surveys are available at their excellent website.  The NFIB March report states that the current trends remain on par with the 2008 trends. While the report notes that there is some

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Number 1 Pet Peeve – Client Depositions

As everyone does, I have developed my own list of deposition “pet peeves,” and I’m going to introduce you to them. So, here is my No. 1 pet peeve: clients not listening to and contemplating questions before answering when being deposed. Before every deposition of a client, I have a

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Overall Bankruptcy Filings Continue to Decrease

Overall Bankruptcy Filings Continue to Decrease The American Bankruptcy Institute (“ABI”) recently reported that total bankruptcy filings in the United States decreased 21% in February, 2013, as compared to February, 2012. Consumer filings declined 21% and total business filings declined 29%. The ABI projects that bankruptcy filings will continue to

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Student Loans: Who Owns Yours?

Although student loans may be made by private lenders, most of them are guaranteed by a state or federal government agency such as the Kentucky Higher Education Assistance Agency (KHEAA) or the U.S. Department of Education.  Student loans are bought, sold and transferred just like mortgages and credit card accounts,

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