Student Loan Dischargability in Bankruptcy

 

Clients frequently inquire as to whether their private and government backed student loans can be discharged in bankruptcy. Sadly for them, it is almost impossible to discharge federal student loans in bankruptcy given certain changes in the way they are structured today.  

The so called Brunner Test (named after the seminal case on the topic), which contains the standards used in bankruptcy courts to determine whether a student loan can be discharged, specifies that in order for discharge to occur, all of the following must be true:

  1. based on current income and expenses, the debtor cannot maintain a “minimal” standard of living for herself or her dependents if forced to repay the loans;
  2. additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of the repayment period for the student loans; and,
  3. the debtor has heretofore made a good faith effort to repay the loans.

Yes, you can try to prove undue hardship, under these tests, but it is now, for all practical purposes, almost impossible to do and this is why. First, under the various special repayment schemes: income based repayment, pay as you go, income sensitive repayment; you can have a zero dollar ($0) monthly payment assuming your income is low enough.  At the end of the term of these programs (20 to 25 years), any remaining student loan balance will be forgiven. So how can anyone successfully argue that a zero (or very low) monthly payment with the prospect of loan forgiveness creates an undue hardship? Secondly, now that the Dept. of Education has a workable administrative process for a disability discharge, if you are declared 100% disabled by the social security admin, you can discharge your federal student loan.  Thus, people who once would have been able to show Brunner hardships because of disability no longer need to do so.  those people don’t need bankruptcy for their student loans.

So, if you have both significant private student loans and federal loans and are a good candidate for a bankruptcy hardship discharge, you include both classes of debts in the case.   (Note:  The bankruptcy must be filed (either a 7 or 13) then an adversary proceeding (2nd lawsuit) against the student loan lenders must be filed.) Assuming you can win on undue hardship, the court is likely to only discharge the private student loans because these do not have the programs discussed above attached to them.

If you are not already on one, you need to get on a specialized repayment program.  I suggest that you visit the following site to find out more information.

            https://studentaid.ed.gov/repay-loans/understand/plans/income-driven

Also, it is recommended that you discuss this issue with a seasoned bankruptcy lawyer.  I am Christopher C. Carr, Esq., a Chester County Bankruptcy Lawyer who can assist you with these and all other matters relating to bankruptcy and debt relief.. Call me at 610-380-7969 today!

ABC’s of Chapter 13 Lien Stripping

 

By Christopher C. Carr Esq., Chester County Bankruptcy Attorney (Contact info. Below)

OVERVIEW: The once obscure practice of lien stripping has more recently enabled thousands of homeowners to remove the liens of second and third mortgages forever, while paying only a small percentage of their face value. The result has been to grant a “new lease on life” to many homeowners which is after all the ultimate goal of bankruptcy.

WHAT IS A LIEN STRIP?

Lien Stripping refers to the practice permitted by 11 USC 1322(b), which provides that “wholly undersecured” (don’t worry, this term is explained below) liens against real property may be removed or “stripped,” and the debt to which they relate treated as unsecured in a Chapter 13 Plan of Reorganization. Liens may not be stripped in Chapter 7 cases. Lien stripping however has two distinct, and very desirable, benefits for qualifying Chapter 13 debtors:

(1) At the conclusion of the lien strip the underlying property is no longer be encumbered by the undersecured lien and that creditor cannot prevent the sale or refinancing of the real estate nor deduct anything from the proceeds payable to the seller; and

(2) Instead of having to pay the debt secured by that stripped lien in full, the debtor need only pay the same percentage of the claim as it plans to pay all unsecured creditors – often 10% or less plus applicable trustee fees.

FIRST MORTGAGES ONLY NEED APPLY. 

Lien stripping is permissible only for claims secured by the Debtor’s principal residence because a lien strip modifies the “total package of rights for which the claim holder bargained.”

 

CAN A PARTIAL LIEN STRIP WORK?

No. There is no such thing as a partial lien strip. Bankruptcy Courts everywhere, including the Eastern District of Pennsylvania where Chester County Bankruptcy Attorney Christopher C. Carr, Esq. primarily practices, will only allow a lien to be stripped if it is wholly “undersecured”: that is, the equity remaining after the first mortgage and all other liens on the property that are prior in interest is zero or negative. Since the majority view among the Federal circuits is that the term “undersecured” means that there is some equity to secure the lien, in order to be stripped liens must be wholly unsecured.

QUALIFYING FOR A LIEN STRIP

A lien strip can only be accomplished in the course of a confirmed Chapter 13 plan of reorganization. The practice of lien stripping refers to the splitting  of a secured interest in real or personal property into a secured and unsecured portion. The calculations behind lien stripping are simple:

V – D[- JD] ≤ $0

V: market value of a property

D: debt(s) encumbering that property

JD: Junior debt/TARGET debt (i.e. Second mortgage)

Repeat for each lien, adding “strippable” debt amounts to D. For example, add mortgage debt 2 and mortgage debt 1 to see if a lien strip for mortgage debt 3 is available.

In other words, for a lien to be stripped and the lien holder’s interest treated as unsecured, such that it receives far less than all its money plus interest, the value of the debtor’s property at the time of filing, less the fully-secured non-target debts, must be less than or equal to $0. In a rising real estate market, meeting these requirements used to be challenging, if not downright impossible. However, in market conditions such as those prevailing today where many homeowners are “underwater” as to their first mortgage and have a HELOC or second mortgage and/or even an additional mortgage in third position on top of that, the conditions necessary for a lien strip to take place are relatively straightforward and can sometimes be met without much resistance from the affected creditor, especially if there is a wide disparity between market price and first mortgage debt. [1]

STRIPPING THE LIEN – WHEN, WHERE, HOW, WHAT RESULT?

Federal Appellate circuits follow different approaches when it comes to lien stripping. Some Bankruptcy Courts, for instance, require no more than a listing in the debtor’s bankruptcy petition that bifurcates the creditor’s interest into secured and unsecured portions. Should the creditor fail to timely object, their lien is stripped virtually automatically.

On the other hand, other Courts, such as the Eastern District of Pennsylvania where Chester County Bankruptcy Attorney Christopher C. Carr, Esq. primarily practices, require that the debtor bring a motion to strip the lien. Again, if the creditor fails to respond its lien is stripped. Still other circuits, the most conservative ones, require the debtor to bring a separate adversary case against the creditor whose lien is to be stripped. Often the latter 2 kinds of situations – motions and adversary actions – become fiercely contested and require incredible amounts of preparation as well as costly expert testimony. This kind of attention and resources are required because it is the value of the underlying property that is typically in dispute. This suggests that prudent bankruptcy attorney not counsel his/her client to do a lien strip where there is a lack of solid evidence of a disparity in value vs. debt as this will only lead to litigating disputes over collateral valuation in the bankruptcy court which the bankruptcy client, already hard pressed can ill afford.  See for example: In re Heritage Highgate, Inc.,  Case No. 11-1889, 2012 U.S. App. LEXIS 9698 (3d Cir., May 14, 2012).

 

WHAT ABOUT TAXES?  Can they ALSO be stripped OR UTILISED?

Neither Federal nor State taxes can typically be discharged in bankruptcy and if real estate is sold or transferred following a Bankruptcy filing the taxes must still be paid – regardless of any lien strip action. So, no you cannot strip such taxes. But if properly engineered, the additional lien of unpaid property taxes can be used to create a viable lien strip where none would otherwise exist since they reduce the amount of equity in the debtor’s property.  With the addition of one additional variable the above formula above then becomes:

V – (D+PT)[-JD] ≤ $0   Where PT = property tax lien(s) value.

DO NOT TRY THIS AT HOME:

Since lien stripping can be a contentious area with minefields aplenty the reader is advised to consult an experienced lawyer such as Chester County Bankruptcy Attorney, Christopher C. Carr, Esq.

CONCLUSIONS

While not unrestricted and often misunderstood, lien strips can, and ought to be used to the great advantage of Chapter 13 debtors in the proper circumstances. This will be the case so long as property values continue to be depressed and debtors find themselves squeezed between escalating obligations and dwindling home values.

cCc

Law Offices of Christopher C. Carr, MBA,  P.C., is a quality bankruptcy and debt relief practice, located in  Valley Township, west of Coatesville, Pennsylvania, where Attorney Christopher Carr, a Chester County bankruptcy attorney, who has over 30 years if diversified legal experience, concentrates on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester,  Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!  


©Christopher C. Carr, Attorney at Law 2009, 2014, All Rights Reserved.


[1] As with so many other bankruptcy concepts, it seems counterintuitive but our Debtor may ultimately be unable to strip the lien of a second mortgage debt because he/she thought they were doing the right thing by conscientiously paying their first mortgage every month. Maybe had they instead spent that money in Aruba or Vegas (LOL) and let the mortgage go into arrears status and the interest, unpaid escrows and penalties build up over time, the increase would perhaps have been sufficient to absorb a higher market price.

Chapter 13 Lien Strip A to Z

By Christopher C. Carr Esq., Chester County Bankruptcy Attorney (Contact info. Below)

OVERVIEW: The once obscure practice of lien stripping has more recently enabled thousands of homeowners to remove the liens of second and third mortgages forever, while paying only a small percentage of their face value. The result has been to grant a “new lease on life” to many homeowners which is after all the ultimate goal of bankruptcy.

WHAT IS A LIEN STRIP?

Lien Stripping refers to the practice permitted by 11 USC 1322(b), which provides that “wholly undersecured” (don’t worry, this term is explained below) liens against real property may be removed or “stripped,” and the debt to which they relate treated as unsecured in a Chapter 13 Plan of Reorganization. Liens may not be stripped in Chapter 7 cases. Lien stripping however has two distinct, and very desirable, benefits for qualifying Chapter 13 debtors:

(1) At the conclusion of the lien strip the underlying property is no longer be encumbered by the undersecured lien and that creditor cannot prevent the sale or refinancing of the real estate nor deduct anything from the proceeds payable to the seller; and

(2) Instead of having to pay the debt secured by that stripped lien in full, the debtor need only pay the same percentage of the claim as it plans to pay all unsecured creditors – often 10% or less plus applicable trustee fees.

FIRST MORTGAGES ONLY NEED APPLY. 

Lien stripping is permissible only for claims secured by the Debtor’s principal residence because a lien strip modifies the “total package of rights for which the claim holder bargained.”

 

CAN A PARTIAL LIEN STRIP WORK?

No. There is no such thing as a partial lien strip. Bankruptcy Courts everywhere, including the Eastern District of Pennsylvania where Chester County Bankruptcy Attorney Christopher C. Carr, Esq. primarily practices, will only allow a lien to be stripped if it is wholly “undersecured”: that is, the equity remaining after the first mortgage and all other liens on the property that are prior in interest is zero or negative. Since the majority view among the Federal circuits is that the term “undersecured” means that there is some equity to secure the lien, in order to be stripped liens must be wholly unsecured.

QUALIFYING FOR A LIEN STRIP

A lien strip can only be accomplished in the course of a confirmed Chapter 13 plan of reorganization. The practice of lien stripping refers to bifurcation of a secured interest in real or personal property into a secured and unsecured portion. The calculations behind lien stripping are simple:

V – D[- JD] ≤ $0

V: market value of a property

D: debt(s) encumbering that property

JD: Junior debt/TARGET debt (i.e. Second mortgage)

Repeat for each lien, adding “strippable” debt amounts to D. For example, add mortgage debt 2 and mortgage debt 1 to see if a lien strip for mortgage debt 3 is available.

In other words, for a lien to be stripped and the lien holder’s interest treated as unsecured, such that it receives far less than all its money plus interest, the value of the debtor’s property at the time of filing, less the fully-secured non-target debts, must be less than or equal to $0. In a rising real estate market, meeting these requirements used to be challenging, if not downright impossible. However, in market conditions such as those prevailing today where many homeowners are “underwater” as to their first mortgage and have a HELOC or second mortgage and/or even an additional mortgage in third position on top of that, the conditions necessary for a lien strip to take place are relatively straightforward and can sometimes be met without much resistance from the affected creditor, especially if there is a wide disparity between market price and first mortgage debt. [1]

STRIPPING THE LIEN – WHEN, WHERE, HOW, WHAT RESULT?

Federal Appellate circuits follow different approaches when it comes to lien stripping. Some Bankruptcy Courts, for instance, require no more than a listing in the debtor’s bankruptcy petition that bifurcates the creditor’s interest into secured and unsecured portions. Should the creditor fail to timely object, their lien is stripped virtually automatically.

On the other hand, other Courts, such as the Eastern District of Pennsylvania where Chester County Bankruptcy Attorney Christopher C. Carr, Esq. primarily practices, require that the debtor bring a motion to strip the lien. Again, if the creditor fails to respond its lien is stripped. Still other circuits, the most conservative ones, require the debtor to bring a separate adversary case against the creditor whose lien is to be stripped. Often the latter 2 kinds of situations – motions and adversary actions – become fiercely contested and require incredible amounts of preparation as well as costly expert testimony. This kind of attention and resources are required because it is the value of the underlying property that is typically in dispute. This suggests that prudent bankruptcy attorney not counsel his/her client to do a lien strip where there is a lack of solid evidence of a disparity in value vs. debt as this will only lead to litigating disputes over collateral valuation in the bankruptcy court which the bankruptcy client, already hard pressed can ill afford.  See for example: In re Heritage Highgate, Inc.,  Case No. 11-1889, 2012 U.S. App. LEXIS 9698 (3d Cir., May 14, 2012).

 

WHAT ABOUT TAXES?  Can they ALSO be stripped OR UTILISED?

Neither Federal nor State taxes can typically be discharged in bankruptcy and if real estate is sold or transferred following a Bankruptcy filing the taxes must still be paid – regardless of any lien strip action. So, no you cannot strip such taxes. But if properly engineered, the additional lien of unpaid property taxes can be used to create a viable lien strip where none would otherwise exist since they reduce the amount of equity in the debtor’s property.  With the addition of one additional variable the above formula above then becomes:

V – (D+PT)[-JD] ≤ $0   Where PT = property tax lien(s) value.

DO NOT TRY THIS AT HOME:

Since lien stripping can be a contentious area with minefields aplenty the reader is advised to consult an experienced lawyer such as Chester County Bankruptcy Attorney, Christopher C. Carr, Esq.

CONCLUSIONS

While not unrestricted and often misunderstood, lien strips can, and ought to be used to the great advantage of Chapter 13 debtors in the proper circumstances. This will be the case so long as property values continue to be depressed and debtors find themselves squeezed between escalating obligations and dwindling home values.

cCc

Law Offices of Christopher C. Carr, MBA,  P.C., a quality Chester County Bankruptcy Practice, is located in  Valley Township, west of Coatesville, Pennsylvania, where Attorney Carr concentrates his practice on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield, Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Oxford, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester, Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!

 

©Christopher C. Carr, Attorney at Law 2009, 2014, All Rights Reserved.


[1] As with so many other bankruptcy concepts, it seems counterintuitive but our Debtor may ultimately be unable to strip the lien of a second mortgage debt because he/she thought they were doing the right thing by conscientiously paying their first mortgage every month. Maybe had they instead spent that money in Aruba or Vegas (LOL) and let the mortgage go into arrears status and the interest, unpaid escrows and penalties build up over time, the increase would perhaps have been sufficient to absorb a higher market price.

By Christopher C. Carr Esq., Chester County Bankruptcy Attorney (Contact info. Below)

OVERVIEW: The once obscure practice of lien stripping has more recently enabled thousands of homeowners to remove the liens of second and third mortgages forever, while paying only a small percentage of their face value. The result has been to grant a “new lease on life” to many homeowners which is after all the ultimate goal of bankruptcy.

WHAT IS A LIEN STRIP?

Lien Stripping refers to the practice permitted by 11 USC 1322(b), which provides that “wholly undersecured” (don’t worry, this term is explained below) liens against real property may be removed or “stripped,” and the debt to which they relate treated as unsecured in a Chapter 13 Plan of Reorganization. Liens may not be stripped in Chapter 7 cases. Lien stripping however has two distinct, and very desirable, benefits for qualifying Chapter 13 debtors:

(1) At the conclusion of the lien strip the underlying property is no longer be encumbered by the undersecured lien and that creditor cannot prevent the sale or refinancing of the real estate nor deduct anything from the proceeds payable to the seller; and

(2) Instead of having to pay the debt secured by that stripped lien in full, the debtor need only pay the same percentage of the claim as it plans to pay all unsecured creditors – often 10% or less plus applicable trustee fees.

FIRST MORTGAGES ONLY NEED APPLY. 

Lien stripping is permissible only for claims secured by the Debtor’s principal residence because a lien strip modifies the “total package of rights for which the claim holder bargained.”

 

CAN A PARTIAL LIEN STRIP WORK?

No. There is no such thing as a partial lien strip. Bankruptcy Courts everywhere, including the Eastern District of Pennsylvania where Chester County Bankruptcy Attorney Christopher C. Carr, Esq. primarily practices, will only allow a lien to be stripped if it is wholly “undersecured”: that is, the equity remaining after the first mortgage and all other liens on the property that are prior in interest is zero or negative. Since the majority view among the Federal circuits is that the term “undersecured” means that there is some equity to secure the lien, in order to be stripped liens must be wholly unsecured.

QUALIFYING FOR A LIEN STRIP

A lien strip can only be accomplished in the course of a confirmed Chapter 13 plan of reorganization. The practice of lien stripping refers to bifurcation of a secured interest in real or personal property into a secured and unsecured portion. The calculations behind lien stripping are simple:

V – D[- JD] ≤ $0

V: market value of a property

D: debt(s) encumbering that property

JD: Junior debt/TARGET debt (i.e. Second mortgage)

Repeat for each lien, adding “strippable” debt amounts to D. For example, add mortgage debt 2 and mortgage debt 1 to see if a lien strip for mortgage debt 3 is available.

In other words, for a lien to be stripped and the lien holder’s interest treated as unsecured, such that it receives far less than all its money plus interest, the value of the debtor’s property at the time of filing, less the fully-secured non-target debts, must be less than or equal to $0. In a rising real estate market, meeting these requirements used to be challenging, if not downright impossible. However, in market conditions such as those prevailing today where many homeowners are “underwater” as to their first mortgage and have a HELOC or second mortgage and/or even an additional mortgage in third position on top of that, the conditions necessary for a lien strip to take place are relatively straightforward and can sometimes be met without much resistance from the affected creditor, especially if there is a wide disparity between market price and first mortgage debt. [1]

STRIPPING THE LIEN – WHEN, WHERE, HOW, WHAT RESULT?

Federal Appellate circuits follow different approaches when it comes to lien stripping. Some Bankruptcy Courts, for instance, require no more than a listing in the debtor’s bankruptcy petition that bifurcates the creditor’s interest into secured and unsecured portions. Should the creditor fail to timely object, their lien is stripped virtually automatically.

On the other hand, other Courts, such as the Eastern District of Pennsylvania where Chester County Bankruptcy Attorney Christopher C. Carr, Esq. primarily practices, require that the debtor bring a motion to strip the lien. Again, if the creditor fails to respond its lien is stripped. Still other circuits, the most conservative ones, require the debtor to bring a separate adversary case against the creditor whose lien is to be stripped. Often the latter 2 kinds of situations – motions and adversary actions – become fiercely contested and require incredible amounts of preparation as well as costly expert testimony. This kind of attention and resources are required because it is the value of the underlying property that is typically in dispute. This suggests that prudent bankruptcy attorney not counsel his/her client to do a lien strip where there is a lack of solid evidence of a disparity in value vs. debt as this will only lead to litigating disputes over collateral valuation in the bankruptcy court which the bankruptcy client, already hard pressed can ill afford.  See for example: In re Heritage Highgate, Inc.,  Case No. 11-1889, 2012 U.S. App. LEXIS 9698 (3d Cir., May 14, 2012).

 

WHAT ABOUT TAXES?  Can they ALSO be stripped OR UTILISED?

Neither Federal nor State taxes can typically be discharged in bankruptcy and if real estate is sold or transferred following a Bankruptcy filing the taxes must still be paid – regardless of any lien strip action. So, no you cannot strip such taxes. But if properly engineered, the additional lien of unpaid property taxes can be used to create a viable lien strip where none would otherwise exist since they reduce the amount of equity in the debtor’s property.  With the addition of one additional variable the above formula above then becomes:

V – (D+PT)[-JD] ≤ $0   Where PT = property tax lien(s) value.

DO NOT TRY THIS AT HOME:

Since lien stripping can be a contentious area with minefields aplenty the reader is advised to consult an experienced lawyer such as Chester County Bankruptcy Attorney, Christopher C. Carr, Esq.

CONCLUSIONS

While not unrestricted and often misunderstood, lien strips can, and ought to be used to the great advantage of Chapter 13 debtors in the proper circumstances. This will be the case so long as property values continue to be depressed and debtors find themselves squeezed between escalating obligations and dwindling home values.

cCc

Law Offices of Christopher C. Carr, MBA,  P.C., a quality Chester County Bankruptcy Practice, is located in  Valley Township, west of Coatesville, Pennsylvania, where Attorney Carr concentrates his practice on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield, Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Oxford, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester, Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!

 

©Christopher C. Carr, Attorney at Law 2009, 2014, All Rights Reserved.


[1] As with so many other bankruptcy concepts, it seems counterintuitive but our Debtor may ultimately be unable to strip the lien of a second mortgage debt because he/she thought they were doing the right thing by conscientiously paying their first mortgage every month. Maybe had they instead spent that money in Aruba or Vegas (LOL) and let the mortgage go into arrears status and the interest, unpaid escrows and penalties build up over time, the increase would perhaps have been sufficient to absorb a higher market price.

When Should You Talk To A Bankruptcy Lawyer?

Attorney Christopher Carr, a Chester County bankruptcy attorney. Tel: 610-380-7969 Email: cccarresq@aol.com

In Chancery

In Chancery

Maybe the best approach to the question is to talk about when is not the best time to talk to a bankruptcy lawyer.  You were served with the foreclosure notice 6 months ago and the mortgage company has been refusing your payments and now your home is to be sold at a sheriff’s sale tomorrow.  Your car has just been repossessed and your job is now in jeopardy since you do not have transportation to work. These are bad times to be talking with a bankruptcy attorney.  Not because a bankruptcy attorney can’t still help you.  An “emergency” bankruptcy filing can still possibly help you save your home or maybe your car can be returned to you.  It is a bad time because had you consulted with a bankruptcy attorney sooner, a different plan to help you deal with your debt issues may have been available.  That is, while we may still be able to save your home in the short term, your bankruptcy may fail over the longer term whereas had you taken action earlier, a plan could have been devised to save it long term. So when should you talk to a bankruptcy lawyer?  HERE ARE SOME bASIC GUIDES: You know your finances are not what they should be.  You know that you are falling behind on your bills or are struggling to make ends meet each month.  You are juggling, you often have to choose between putting food on the table and paying your credit cards in full. You pay one card one month but not the next so you can pay another.   Or maybe you know that, even though you are current on your bills, there will be a  disruption in your income coming:  Maybe an operation that will require you or your spouse to be out of work for a time or a coming labor union strike. These are better times to be exploring options. Talk to an a compassionate, experienced, knowledgeable attorney who can look at your particular situation before absolute disaster strikes, before you are about to lose your home, car or possessions on the morrow! And it is important to recognize that ironically you must have money to file bankruptcy. If you wait till the axe has fallen, you likely will not have the funds to file:  As Max Gardner, Esq., a keen observer of trends in bankruptcy recently noted regarding the recent fall off in bankruptcy filings: A substantial number of consumers who need to file are simply too broke to file. And, those consumers who have lost homes to foreclosure during the Great Recession simply no longer care.  Simply stated, as many consumers who have lost hope for finding new employment have also lost the need for bankruptcy relief. A skilled bankruptcy lawyer can help you plan for a future filing before you reach this point of despair.  He or she can help you prioritize to help you keep things that are important to you. If the house is most important, then in order to afford the house, perhaps a vehicle can be surrendered and a less expensive vehicle obtained.  Or, the bankruptcy lawyer may tell you to stop paying your credit card or pre-Obamacare medical bills and use the money to make sure that your house payment is made.  This can ensure that you are current on your house for a bankruptcy filing so that you do not have to pay more money for mortgage arrears or that you can file a chapter 7 with a “walk through”. Forewarned is forearmed, as they say!  Merely talking to a bankruptcy lawyer does not commit you to a bankruptcy filing and many will talk to you initially for free or at a reduced charge What do you have to lose other than your current lack of knowledge?  It is not infrequently the case that we will either decide the timing is not yet ripe for a bankruptcy or that some other tool at our disposal is a better option for your particular situation.  While every case is unique, the bankruptcy lawyer will have had experience with cases like yours in the past that will have shown him or her pitfalls of various approaches both within and outside bankruptcy. For example, certain types of debt and liens which cannot be wiped out in a Chapter 7 can be discharged or removed as the case may be in a Chapter 13. Or perhaps he will guide you in the direction of combining bankruptcy with a mortgage modification to drive down your monthly payment to the mortgage company outside the bankruptcy perhaps even to the point where you ultimately can leave bankruptcy early. The alternatives to bankruptcy could include debt settlement; debt consolidation or even debt litigation. The debt settlement company (DSC) may promise over the radio that they can knock 50% off your debt but they cannot litigate or file a bankruptcy case for you. And they will not defend you if one or more of your creditors brings suit while you are in the settlement process.  A debt consolidation company may say that their solution is the most efficient  but they cannot litigate or file a bankruptcy case for you nor generally speaking can they even reduce your debt as can the DSC.  An attorney who litigates but does not file bankruptcy cases and does not have a financial background as do I may be extraordinarily skilled in the courtroom but is ill equipped to see your bigger debt picture and likely will say litigating a single debt (a costly alternative) is best when the debt could have been wiped out with a lot of other debt in bankruptcy.  An unbiased bankruptcy attorney will be part financial analyst and advisor and can lay out all avenues and recommend a path according to your needs. So, when should you talk to a bankruptcy attorney?  Many will hide their head in the sand but the early bird gets the worm…The clear answer is sooner as opposed to later.  Bankruptcy is not for everyone nor is it intended to be.  But if you have debts, and they seem out of hand, a thorough analysis of your finances should include a visit with an experienced bankruptcy attorney.

Law Offices of Christopher C. Carr, MBA,  P.C., owned and managed by Attorney Carr since 1997, a quality Chester County Bankruptcy Atttorney, with his practice located in  Valley Township, west of Coatesville, Pennsylvania, where Carr, who has over 30 years of diversified legal experience, concentrates on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester,  Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!
Not Legal Advice.

©Christopher C. Carr, Attorney at Law 2013, All Rights Reserved.

 

Now that you Have Your Bankruptcy Discharge: 10 (actually 11) Things to Do to Make the most of it!

 

By Christopher C. Carr, Esq. Chester County bankruptcy attorney.

So You Finally Got that Bankruptcy Discharge
Congratulations!
You’re on your way to a fresh start.
Now you’ve got more to do? See why below:
1. Check debts that didn’t get discharged: Child or spousal support, student loans, or taxes for years for which you did not file a return (unless the IRS exceptions are met) are not dischargeable in bankruptcy. The discharge order will not tell you which debts survive and which do not, nor will the Court provide this information so you may continue to require the services of a knowledgeable bankruptcy lawyer to help you to assess this.
2. Verify lien balances: The discharge eliminates your personal liability for dischargeable debts; liens survive. If you plan to keep a house or car encumbered with liens, find out what you owe and resume payments. Otherwise, the creditor can enforce its lien by foreclosure or repossession.
3. Reset Banking Priveleges: Online banking and automatic bill pay may have been disabled while you were in bankruptcy but can be restarted at your request now..
4. Do Some Record Keeping: Save your bankruptcy papers and keep a copy of your discharge paper handy: You’re likely to encounter efforts by buyers of to collect debts that have been discharged in your case, or so called “zombie debt”. You need to be able to show that the debt was discharged in your case. Creditors with notice of the bankruptcy, and likewise those who buy up their worthless accounts and try to collect on them, were discharged (unless they fall within Rule #1 above). The services of a knowledgeable bankruptcy lawyer may be necessary to stop these collectors, or even under some circumstances to sue them for unfair practices and potentially turn the tables by collecting from them, including your legal fees.
6. Join a credit union: Credit unions are owned by their members. They are in the business of extending credit to members (hence the name, “Credit Union’: “Credit” stands for what they do and “Union” for the members they lend to) and the profits from such loans flow to members. Rates are almost always lower and terms better than the commercial banks, savings and loans and private lenders. Start out with a savings or checking account. Sooner or later you will probably need a car loan or even a home loan. Joining now will give you the longevity that adds credibility to a credit union.
7. Maintain insurance coverage: Even though you may have elected to surrender property through the bankruptcy that still stands in your name, make sure that you are insured for liability. Liability insurance covers you for claims of anyone injured on your property. Electing to surrender property doesn’t take you off title until someone else goes on title. Post bankruptcy claims arising from property you’re trying to offload can potentially ruin the fresh start.
8. Get a credit report: Several months after your discharge, check your credit report to make sure all discharged debts reflect a zero balance. The bankruptcy history can properly remain on your credit for up to 10 years, but you are entitled to a showing that you now owe nothing on all discharged accounts (but see Factor #1 above) This is crucial because your debt to income ratio (“DTI”),one of the primary if not THE primary factor lenders look to in extending credit. Getting erroneous entries corrected may be facilitated using the services of a knowledgeable bankruptcy lawyer. You are entitled to a truly free credit report annually from each of the 3 major credit bureaus which you can get by clicking here and credit experts recommend that you check it at least once a year.
9. Budget and Learn to Spend Within Your Means: Studies have shown that people who go bankrupt only do so ONCE in their lives. WHY? Well debt relief is only one side of the coin. On the flip side are the lessons people take from bankruptcy. So, like these now money wise people, take advantage of the fresh start that bankruptcy has provided, and make lifestyle changes so that it does not happen again. Follow Rule # 10 below and stop using trade credit (AKA: Credit Cards). Get a debit card instead and be you own bank, there is no interest that way!
10. Use credit Wisely. Once Lenders see that you have received a discharge, they may well start sending you “preauthorized” credit card applications. However, if you start to load up on credit again, you will soon be right back where you started. So the rule of thumb is to have just one credit card that you keep in a drawer somewhere for emergencies; If you do use it, make it “free credit”, that is: plan to pay it all back in the same month as incurred so that you are not left carrying a balance ant interest. That way you are living within your means. See Rule # 9 above. The only other credit to use generally speaking is for major purchases such as car or home loans.
11. Build up a reserve for emergencies and start saving again. Set up automatic savings Bankruptcy probably brought home to you how little net worth you have and how thin the safety net is. Arrange for automatic savings for both an emergency fund and for retirement.
Since you no longer have trade credit, it will be easier to devote some of your income to savings…follow the rule “Pay yourself first”. Experts recommend a reserve of 6 months salary and at least a 10% savings rate. Contributions toward your IRA or 401K at work count as you can withdraw these funds (with penalty if applicable) in an emergency.
If you follow these rules, you are more likely to take full advantage of your fresh start and not ever be back to see your friendly local bankruptcy lawyer!

Law Offices of Christopher C. Carr, MBA,  P.C., is a quality bankruptcy and debt relief practice, located in  Valley Township, west of Coatesville, Pennsylvania, where Attorney Christopher Carr, a Chester County bankruptcy attorney, who has over 30 years if diversified ;egal experience, concentrates on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester,  Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!  

M is for Matrimonial Property Obligations and the Discharge in Bankruptcy

By Christopher C. Carr, Esq. Chester County bankruptcy attorney.

Tel: 610-380-7969 Email: cccarresq@aol.com Web: westchesterbankruptcyattorney.org

    M by BigBlue Meanie                    There are two main types of domestic support obligations (‘DSO”) defined in the bankruptcy code. The first kind of DSO encompasses things such as child support payments and alimony. (To simplify, let’s just call this type: “support“). The second type of DSO comes from the distribution of property in divorce; in Pennsylvania the statutes refer to this as “equitable distribution“, which is the terminology I will use here. The latter usually consists of the spouse’s equitable share of the equity — as adjudicated by the courts or agreed to in a property settlement agreement, which also must be court approved in Pennsylvania — in the marital residence but can also include joint bank accounts and other valuable items.

In the general definitions within the Bankruptcy code 11 USC Sect.. 101(14 a-c), both support and equitable distribution appear as DSO’s, misleading one to think that perhaps the two will be treated identically in bankruptcy. However, while this is true of a Chapter 7, it is otherwise for a Chapter 13. The difference in treatment as between the two different kinds of domestic support obligations only become apparent when one looks at how they are treated those portions of the Bankruptcy Code dealing specifically with the discharge of these specific categories of debt.

At first glance in 11 USC Sect. 523(a)(5) and 11 USC Sect. 523(a)(15), the sections of the Code dealing with equitable distribution, it appears that these two subsets of domestic support obligations are treated the same. That is to say, neither support nor equitable distribution obligations appear to be discharged in bankruptcy, meaning specifically that in both a Chapter 7 bankruptcy these debts survive the bankruptcy and remain obligations of the debtor and alternately in a Chapter 13, they both must be paid in the plan and/or any amount left over so survives.

However, 11 USC Sect. 1328(a)(2) changes the picture radically, at least insofar as discharge after completion of a Chapter 13 Plan is concerned. (Note that virtually anyone who has a regular income can elect a Chapter 13 filing as versus a Chapter 7.) This provision essentially states that once all the plan payments are made and the debtor complies with its other requirements, the DSO types not listed in the statute will be discharged: one of the provisions so listed is 11 USC Sect. 523(a)(5), which again deals with with support debts. However, whether by design or inadvertence, Congress conspicuously excluded from that list 11 USC Sect. 523(a)(15), which again pertains to equitable distribution obligations.

Thus, unlike support, which cannot be discharged either in a Chapter 7 or a Chapter 13, the proceeds of an equitable distribution can be discharged to the extent that the ex-spouse still owes same once the Chapter 13 plan payments have been otherwise completed. A clever bankruptcy lawyer, knowing this, will to the extent possible, draft a plan which, perhaps by favoring secured and other priority unsecured debt in order and amount of payment, provides for less than all of the equitable debt to be discharged, which has the effect of excusing the debtor spouse from his or her remaining equitable obligations, even though ironically these were awarded to the creditor spouse by a court of law. The (alas little appreciated) lesson for the family lawyer representing the creditor spouse is to require all equitable debt to be paid up before the property settlement agreement is authorized, so as to avoid eventual loss of some or all of their equity in a potential Chapter 13 bankruptcy.

©Christopher C. Carr, Attorney at Law 2009, All Rights Reserved

Law Offices of Christopher C. Carr, MBA,  P.C., is a quality bankruptcy and debt relief practice, located in  Valley Township, west of Coatesville, Pennsylvania, where Attorney Christopher Carr, a Chester County bankruptcy attorney, who has over 30 years if diversified ;egal experience, concentrates on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester,  Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!  

I also provide Mortgage Modification Services.

Others blogging on M include:

  • Bill Balena,      CLevand Bankruptcy lawyer tells us that M      is for Mistakes .
  • Omaha and Lincoln,      Nebraska Bankruptcy Attorney, Ryan D. Caldwell says M is for Means Test.
  • Marin County      Bankruptcy Lawyer, Cate Eranthe blogs M is for Means Test, a popular topic.
  • New York Bankruptcy      Lawyer, Jay S. Fleischman agrees M is for Means Test too.
  • Colorado Springs bankruptcy      Attorney Bob Doig says M is for Meeting of Creditors.
  • Northern California      Bankruptcy Lawyer, Cathy Moran believes M is for Modify & also for Monthly Income.
  • Hawaii Bankruptcy      Lawyer, Stuart T. Ing says M is for Mortgage Arrears.

Picture credit: Bigbluemeanie

WHAT YOU NEED TO KNOW ABOUT CHAPTER 7 BANKRUPTCY

By Christopher C. Carr, Esq. Chester County bankruptcy attorney.

WHAT IS CHAPTER 7 BANKRUPTCY?

Lucky Number 7 by ganesha.isisThe avowed goal of bankruptcy is to give debtors a “fresh start.” What is a Chapter 7 bankruptcy and how does it go about accomplishing this? The “automatic stay” in bankruptcy applies immediately once a Chapter 7 case is filed and generally halts all collection activities, foreclosures, repossessions, sheriffs’ sales, and etc. while in effect. Let’s first look at the different types of bankruptcy proceedings.

The United States Bankruptcy Code offers two primary paths for consumers:

  • A Chapter 7 Bankruptcy: In a so called “straight” bankruptcy, the Trustee in bankruptcy seeks to liquidate the debtor’s non exempt property and distribute the proceeds to the creditors in order of priority, in exchange for discharge of all eligible debt. (Exemptions for various property classifications are set out in federal and state law.) However, certain debts such as guaranteed student loans and domestic support obligations are non-dischargeable in bankruptcy. Most 7’s are “no asset” bankruptcies.

Certain higher income debtors who do not meet the new Means Test must instead file a Chapter 13 Bankruptcy. If you think you might be a candidate for a 13, you might wish to visit my article on the topic.

  • A Chapter 13 “debtor in possession” Bankruptcy: Here, unlike in Chapter 7 proceedings, the debtor retains possession of the assets (hence its nickname). In order to be confirmed by the court, the debtor must prove sufficient income to support a 3-5 year plan wherein payments on secured debt such as mortgages and auto loans (including arrears) and non-dischargeable items continue and unsecured creditors typically get paid a small portion of their debts. For debtors facing mortgage foreclosure, Chapter 13 may be the only choice to halt the process while seeking other remedies within or outside of bankruptcy. However, recent statistics indicate that only about 35% of all 13 plans are ever completed.

There are overall limits as to how much unsecured and/or secured debt a debtor may have and still utilize Chapter 7 or 13.  For those who do not qualify, there is only one option:

  • Chapter 11, a third type of Bankruptcy, is primarily used to help in debt businesses restructure. An example is the bankruptcy from which GM has successfully emerged with the help of a massive US bailout. It is much more complex, time consuming and expensive than Chapter 7 or 13, but is the sole resort for individual debtors with debt which exceeds the limits mentioned above.

Other than consumer perceptions that bankruptcy is somehow unethical or “wrong”, the primary issue with filing bankruptcy is that it remains on the debtor’s credit for up to 7 (Chapter 17) or 10 years (Chapter 13) from filing and may interfere with efforts to obtain credit, purchase or refinance a home or even obtain employment. However, it should be noted that most who seek this relief already have impaired credit and, more importantly, in reality new credit is generally extended to debtors who keep their payments current for a year or two following discharge. So, in effect bankruptcy can work to “repair” credit.

In summary, the automatic stay provides an effective if temporary refuge from foreclosure and other debt collection activities and many debtors ultimately do obtain the permanent solution to their debt problems, the “fresh start” which is the ultimate objective of the US bankruptcy laws.

©Christopher C. Carr, Attorney at Law 2009, All Rights Reserved

Law Offices of Christopher C. Carr, MBA,  P.C., is a quality bankruptcy and debt relief practice, located in  Valley Township, west of Coatesville, Pennsylvania, where Attorney Christopher Carr, a Chester County bankruptcy attorney, who has over 30 years if diversified ;egal experience, concentrates on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester,  Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!  

I also provide Mortgage Mod Services.

Photo by ganesha.isis

N is for Negative Impact of Bankruptcy on Credit and How to Overcome it.

N by procsilas in Bankruptcy is for the Negative Impact of Bankruptcy on Credit and How to Overcome it.

By Christopher C. Carr, Esq. Chester County bankruptcy attorney.

Most people are aware that filing bankruptcy can hurt their credit and it is well known that this can take its toll for up to ten years. But then why is it that the credit card apps start arriving again just a few weeks after a discharge in bankruptcy? Is it really true that a bankrupt is doomed to being deemed uncreditworthy for ten years? We will explore these questions below but first a bit of background.

The information contained within your credit report is generally governed by the Fair Credit Reporting Act. This federal law specifies how long a bankruptcy can appear on your credit report. This in turn varies based on type of bankruptcy as well as disposition of the case. Chapter 7 and 11 bankruptcies will appear on the report for up to 10 years from the filing date. Non-discharged or dismissed Chapter 13 and 12 bankruptcies also appear on a credit report for up to 10 years. Discharged Chapter 12 and 13 bankruptcies can remain on the report for up to seven years.

Does this mean that your credit will be impaired for 7 or 10 years? Does it mean you will not be able to purchase critical items on credit?    Certainly not, at least for the debtor who learns from past errors.

Note that the period starts running from the date of filing not discharge so, for example, if you filed a a Chapter 13 bankruptcy petition 4 years ago and completed a 3 year plan 6 months ago, you only have three years to go. And during this time, you will, with persistence, be able to get credit for the things you really need (see below.)

You can begin to rebuild your credit rating immediately upon the date of your discharge order.  In a Chapter 7 this will be granted 3-4 months after your petition is filed, typically.   If you are in a Chapter 13 your plan payments will be reported even while still in bankruptcy.

Don’t even think about hiring a “Credit repair” agency. The money you might pay them can actually be used directly to repair your credit in the one way the experts agree really works.  The crucial thing you can do to rebuild your credit quickly and at no added cost is to pay all your bills on time. No exceptions.  It is not uncommon to see former clients who have rebuilt their ratings within 2 to 3 years after a bankruptcy. Their secret?  They paid their mortgage and car loans ON TIME and didn’t miss a payment. Some ideas: Send the checks EARLY in case the mail is delayed. Set up an emergency fund, perhaps in a short term CD, say with your tax refund to give yourself the “float” needed to make the payments in case you are short one month and then replenish it in flush months. Have the mental discipline to reserve it just for this purpose! If worse comes to worse, borrow against your IRA, 401K at work, life insurance policy  or pension.

As an example, a recent Chapter 7 client finished his case; obtained his discharge order and exactly 30 months later (2 years and 6 months), purchased a new home and obtained a competitive mortgage rate for a 30 year fixed mortgage.

You will be able to get a new credit card after your bankruptcy case has been completed.   It is true that you are likely to be rejected once or twice, but you should be able to obtain approval for a small credit card as long as you are persistent. Your best bet may be to talk to that friendly bank manager you have known for years. And you may need to ask more than once.

There are also ways to surrender that car you are driving now and its high rate loan and purchase a new car even while in bankruptcy, believe it or not.  You will pay a somewhat higher interest rate but rates are at historically low levels now anyway.

You will also be able to obtain student loans, for yourself or for a child, the Bankruptcy Code (11 U.S.C. Section 525) specifically prevents the government from discriminating against individuals on the grounds that they have filed for bankruptcy relief.  I have yet to hear of anyone being denied a student loan on bankruptcy grounds.

There are in addition certain “tricks of the trade” that a competent and compassionate bankruptcy attorney can impart to you once you have retained him or her which will speed up the process of restoring your credit even further.   Be sure to ask!

In conclusion, your payment history will be crucial after (and in a Chapter 13 even during) a bankruptcy discharge, because prospective lenders really will  be looking  to see that you have paid attention to the mandatory debtor counseling sessions and have well and truly learned the lesson of how to use credit responsibly. It often will be easier to rebuild credit after a bankruptcy discharge because you will no longer have debts that hopelessly exceed your credit limits.  In this way and in general (certainly, not in every individual case) over the long haul, the consumer bankruptcy laws prove their worth. This writ large then is why the “fresh start” offered to debtors by our system of bankruptcy is a necessity to a healthy capitalistic system.

Law Offices of Christopher C. Carr, MBA,  P.C., is a quality Chester County Bankruptcy Practice, located in  Valley Township, west of Coatesville, Pennsylvania, where Attorney Carr, who has over 30 years if diversified experience as an attorney, concentrates his practice on serving the residents of and businesses located within Western Chester County and Eastern Lancaster County, Pennsylvania, including the communities in and around Atglen, Bird in Hand, Caln, Christiana, Coatesville, Downingtown, Eagle, Exton, Fallowfield Gap, Honeybrook, Lancaster, Lincoln University, Modena, New Holland, Parkesburg, Paradise, Ronks, Sadsbury, Thorndale, Valley Township, Wagontown & West Chester,  Pennsylvania. If you reside or do business in the area and need assistance with a legal issue, please call Mr. Carr at (610)380-7969 or write him at cccarresq@aol.com today!


I also provide Mortgage Modification Services.

©Christopher C. Carr, Attorney at Law, 2011, 2012, All Rights Reserved.

Other Bankruptcy Lawyers writing on the letter N include:

California Northern Bankruptcy Court  Marin County Bankrupttcy Lawyer, Cate Eranthe http://marin-bankruptcy-law.com/803/bankruptcy-a-to-z-n-is-for-california-northern-bankruptcy-court/ NACBA Wisconsin Bankruptcy Lawyer, Bret Nason http://nasonlawfirm.com/archives/813 Naked New York Bankruptcy Lawyer, Jay S. Fleischman http://www.consumerhelpcentral.com/bankruptcy-alphabet-naked/ Negative Notice Jacksonville Bankruptcy Attorney J. Dinkins G. Grange http://jacksonville-bankruptcy-grange.blogspot.com/2012/02/n-is-for-negative-notice-local-rule.html Never Cleveland Bankruptcy Attorney William Balena http://ohiobankruptcysource.com/?p=2418 No Asset Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein http://www.morethanbankruptcy.com/bankruptcy-a-z-n-is-for-no-asset-case.html No Asset Report Honolulu Bankruptcy Lawyer, Stuart T. Ing http://www.bankruptcyhi.com/2012/01/n-is-for-no-asset-report/ Non-exempt Property Miami Bankruptcy Attorney, Dorota Trzeciecka http://dorotatrzeciecka.com/2012/02/05/bankruptcy-a-z-n-is-for-non-exempt-property/ Nondischargeable Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein http://www.morethanbankruptcy.com/bankruptcy-a-z-n-is-for-nondischargeable.html Nondischargeable Northern California Bankruptcy Lawyer, Cathy Moran http://www.bankruptcysoapbox.com/bankruptcy-alphabet-n-for-nondischargeable/ Nondischargeable Debt Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell http://bankruptcyblog.caldwell-lawfirm.com/2011/11/16/bankruptcy-alphabet-n-is-for-nondischargeable-debt.aspx Notice Colorado Springs Bankruptcy Attorney Bob Doig http://springsbankruptcylaw.com/?p=1227 Notice San Francisco Bankruptcy Attorney, Jeff Curl http://www.jclawgroup.com/blog/bankruptcy-alphabet-n-is-for-notice/ Notice Taylor, Michigan Bankruptcy Attorney, Chris McAvoy http://downriverbankruptcy.com/n-for-notice-creditors/#axzz1mtGwtQjh Notice of Rights to Claim Exemptions Charlotte Bankruptcy Attorneys, Collum & Perry http://www.collumperry.com/firm-news/notice-of-rights-to-claim-exemptions Numbers and New Bankruptcy Laws Los Angeles Bankruptcy Attorney, Mark J. Markus http://www.bklaw.com/bankruptcy-blog/2012/03/numbers-and-new-bankruptcy-laws/ Non-Attorney Bankruptcy Livonia Michigan Bankruptcy Attorney, Peter Behrmann http://www.livoniamichiganbankruptcy.com/n-is-for-non-attorney-bankruptcy-livonia-michigan/