The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) may now play an important role in the 2016 presidential race. Vice President Joe Biden, then Senator Biden, championed the bill. Now, he is trying to win support for his potential presidential bid from some of his biggest critics, mainly Senator Elizabeth Warren. The […]
Bankruptcy Courts Holding Large Sums for Creditors Yet to Claim Funds
The Wall Street Journal has an article regarding unclaimed funds currently held by bankruptcy courts. Bankruptcy lawyers typically file claims on behalf of their clients, yet if an address changes, or if the creditor does not cash disbursement checks, the funds are turned over to the bankruptcy court to sit on account. Eventually, these bankruptcy […]
Columbia House Files for Bankruptcy
News out of New York is that Columbia House has retained bankruptcy attorneys to file a Chapter 11 bankruptcy. Chapter 11 is a reorganization and restructuring of debts similar to Chapter 13 bankruptcy The debtor’s bankruptcy attorney will prepare a repayment plan and submit it to the bankruptcy court and its creditors for approval. If […]
Life After Bankruptcy Starts Before Filing
Business Insider has a profile on a Michigan bankruptcy filer. The woman profiled hired a bankruptcy attorney in 2008 to help resolve her debts. She felt bad about her decision to file, but could not afford to repay. After meeting with a bankruptcy attorney, she came to the decision that it was the best choice […]
Supreme Court Holds Bankruptcy Attorney Fee Defense Not Billable
The United States Supreme Court issued a ruling yesterday rejecting the right of bankruptcy attorneys to bill for work and costs associated with defending approval of their fees. In Chapter 13 cases, clients may have a retainer paid to a bankruptcy lawyer. That lawyer cannot draw against those funds without bankruptcy court approval so they […]
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