http://claytonlawoffices.com/blog Bankruptcy blog Mon, 02 Jan 2012 20:17:48 +0000 hourly 1 http://wordpress.org/?v=3.3 http://claytonlawoffices.com/blog/?p=194#comment-1082 Birmingham Attorney S. Scott Allums Celebrates 10th Anniversary Mon, 02 Jan 2012 20:17:48 +0000 http://claytonlawoffices.com/blog/?p=194#comment-1082 [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...] [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=194#comment-1081 Young, In the matter of Macryannis [2011] FCA 1272 (8 November 2011) Mon, 02 Jan 2012 18:26:57 +0000 http://claytonlawoffices.com/blog/?p=194#comment-1081 [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...] [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=194#comment-1080 Bankruptcy and Community Property in Arizona Mon, 02 Jan 2012 12:46:15 +0000 http://claytonlawoffices.com/blog/?p=194#comment-1080 [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...] [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=194#comment-1079 The Very Rocky History of U.S. Bankruptcy Law Sun, 01 Jan 2012 20:07:34 +0000 http://claytonlawoffices.com/blog/?p=194#comment-1079 [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...] [...] But just because Congress was empowered by the Constitution to pass bankruptcy legislation, for nearly half our history it did so in an extraordinary irregular and knee-jerk fashion. Three different times during the 19th century a federal bankruptcy law was passed, each time immediately after a devastating financial “Panic,” only to be repealed after just a few years. During the majority of the time that no federal law was in effect, the states developed a patchwork of bankruptcy and debtor-creditor laws, which became less and less effective as commerce became ever more interstate.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=203#comment-1078 Choosing the right bankruptcy type when foreclosure looms Sun, 01 Jan 2012 19:57:23 +0000 http://claytonlawoffices.com/blog/?p=203#comment-1078 [...] Chapter 7:  May buy you enough time to get current on your mortgage, if you’ve slipped only two or three payments behind. Most mortgage companies will agree to give you several months—sometimes up to a year—to catch up on your mortgage arrears. That’s a “forbearance agreement”—they agree to “forbear” from foreclosing as long as you make the agreed payments. Tends to work only if you have an unusual source of money (a generous relative or a pending legal settlement that’s exempt from the other creditors), or if the Chapter 7 filing will allow you to stop paying enough to other creditors so you will be able to pay off the mortgage arrearage quickly.Source: claytonlawoffices.com [...] [...] Chapter 7:  May buy you enough time to get current on your mortgage, if you’ve slipped only two or three payments behind. Most mortgage companies will agree to give you several months—sometimes up to a year—to catch up on your mortgage arrears. That’s a “forbearance agreement”—they agree to “forbear” from foreclosing as long as you make the agreed payments. Tends to work only if you have an unusual source of money (a generous relative or a pending legal settlement that’s exempt from the other creditors), or if the Chapter 7 filing will allow you to stop paying enough to other creditors so you will be able to pay off the mortgage arrearage quickly.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=198#comment-1077 Jefferson County debt holders file questions in challenge to largest U.S. government bankruptcy Sun, 01 Jan 2012 18:24:01 +0000 http://claytonlawoffices.com/blog/?p=198#comment-1077 [...] Third, once you know which set of exemptions apply to you, whether any of your particular assets is covered by an exemption, and thus protected from your creditors, is often not clear. The exemption statues were often written many decades ago, use archaic language, and have a whole history of court ruling to interpret what they include. Plus the local trustees often have unwritten rules about how they interpret the exemption categories in practice. So, determining whether an asset is exempt or not is often much, much more than checking down a list of exemptions. By way of example, if you and your spouse each have one vehicle that you use for getting to work, and a third one used by your 18-year-old to get back and forth to school, will your vehicle exemption cover all three vehicles? Under what circumstances?Source: claytonlawoffices.com [...] [...] Third, once you know which set of exemptions apply to you, whether any of your particular assets is covered by an exemption, and thus protected from your creditors, is often not clear. The exemption statues were often written many decades ago, use archaic language, and have a whole history of court ruling to interpret what they include. Plus the local trustees often have unwritten rules about how they interpret the exemption categories in practice. So, determining whether an asset is exempt or not is often much, much more than checking down a list of exemptions. By way of example, if you and your spouse each have one vehicle that you use for getting to work, and a third one used by your 18-year-old to get back and forth to school, will your vehicle exemption cover all three vehicles? Under what circumstances?Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=202#comment-1076 Mad Moose Mama: 4 Different Types of Bankruptcy You Need to Know About Sun, 01 Jan 2012 00:05:53 +0000 http://claytonlawoffices.com/blog/?p=202#comment-1076 [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...] [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=202#comment-1075 American Airlines Chapter 11 Filing Won’t Jeopardize Service Sat, 31 Dec 2011 23:29:17 +0000 http://claytonlawoffices.com/blog/?p=202#comment-1075 [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...] [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=202#comment-1074 Putting your Business into Bankruptcy can Eliminate your Customers Sat, 31 Dec 2011 22:42:07 +0000 http://claytonlawoffices.com/blog/?p=202#comment-1074 [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...] [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...]

]]> http://claytonlawoffices.com/blog/?p=202#comment-1073 AES Power Plants in New York State File for Bankruptcy Sat, 31 Dec 2011 15:05:01 +0000 http://claytonlawoffices.com/blog/?p=202#comment-1073 [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...] [...] In contrast, most consumers filing bankruptcy wait until the bitter end, when they have exhausted all their other alternatives, often when putting off filing is not in their best interest. Classic examples: using otherwise protected retirement money or borrowing from relatives. Most people delay at least in part out of a sense of moral obligation—they want to pay their creditors, don’t want to see themselves as irresponsible. So what’s more honorable, learning about your options early and then prudently filing bankruptcy when it can best serve you (and your family and your future), or instead doing everything possible to avoid filing no matter the long-term costs? Maybe consumers can learn something from business bankruptcies here, but if anything consumers seem to weigh bankruptcy decisions much more morally than businesses do.Source: claytonlawoffices.com [...]

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