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10 Things Every Lawyer Should Know About Bankruptcy: #2 List It Or Lose It

Published on February 16, 2010 by Kathleen Munden

If the debtor in a bankruptcy case fails to list a lawsuit or possible claim in which they are the plaintiff, they may lose the ability to proceed on that claim. For example, if a debtor has a personal injury lawsuit pending and fails to list it as an asset in the bankruptcy case, they [...]

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10 Things Every Lawyer Should Know About Bankruptcy: #1 Stay Means “Stay”

Published on February 15, 2010 by Kathleen Munden

If you receive notice that an opposing party in your litigation has filed bankruptcy, you should immediately stop what you are doing in the case and contact the debtor’s bankruptcy attorney. The moment a bankruptcy case is filed, an “automatic stay” goes into effect, protecting the debtor from most forms of prosecution, including suits for [...]

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What Is the “Automatic Stay” In Bankruptcy?

Published on August 4, 2009 by Kathleen Munden

The fiing of a bankruptcy petition acts as an immediate stay of any act against the debtor to collect a debt. It is called an “automatic stay” because no action, other than the filing of the petition, is necessary in order for the stay to go into effect. Although there are many exceptions to the [...]

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Democrats Step Up Fight for Consumer Financial Protection Agency

Published on July 23, 2009 by Robert A. Kraft

The Wall Street Journal reports Democrats “are stepping up the fight” over the proposed Consumer Financial Protection Agency “amid evidence that business groups are making headway in their campaign against the proposal.” Top White House officials and congressional Democrats “pressed their case” for the new agency on Wednesday, “hoping to refocus the debate on the [...]

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Should You File For Bankruptcy?

Published on July 6, 2009 by Kathleen Munden

Making the decision to file a bankruptcy case is very difficult and confusing for most people. To make matters worse, there is so much misinformation about bankruptcy, both in the press and among the public, that most people have no idea where to find real answers to their bankruptcy questions.
Recently, I was watching the “Today” [...]

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Local Bankruptcy Attorneys Agree That Medical Bills Play a Role In a Majority of Bankruptcies

Published on June 30, 2009 by Kathleen Munden

In the wake of a Harvard study published in the American Journal of Medicine, which found that medical bills were a factor in 62% of bankruptcies nationwide, the Dallas Morning News interviewed local attorneys and consumer advocates concerning those findings.
Carolyn Chesnutt, a bankruptcy lawyer with Addison-based Charles R. Chesnutt, P.C., stated, “Often the most responsible, [...]

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Credit Card Charge-Offs Hit Record High

Published on May 1, 2009 by Robert A. Kraft

According to the debt research firm CreditSights, the number of credit card loans deemed uncollectible and delinquent has reached record levels. In March 2009, uncollectible and written-off accounts reached an 8.6% annual rate, compared to 5.3% a year earlier. Delinquent loans reached 6%.
The rise in uncollectible debt is tied to the unemployment rate, which reached [...]

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