How the Dodgers’ Bankruptcy Altered a Divorce Settlement

The Los Angeles Dodgers baseball team filed for bankruptcy under Chapter 11. The filing provides a good opportunity to take a look at the often complex intersection of bankruptcy law and divorce law.
The Dodgers’ owner, Frank McCourt, has been going through a divorce for the past couple of years. One of the issues […]

Student loans: What can be done

Many people have student loans that they have trouble paying. I am often asked what can be done about student loans.
It is extremely difficult to get student loans discharged in bankruptcy. Therefore, most people need to look at alternatives to bankruptcy to address their inability to afford their loan payments.
Following is a group […]

Debt collection: Can a creditor clean out your bank account?

Bankruptcy work is rife with questions about debt collection. The most common question for me is: Help, I owe [fill in the blank] a lot of money! Can a creditor just take money out of my bank account?
At least in New Jersey, the answer to this question is yes and no. […]

Do you have $50,000 to throw away?

Well, do you? You may have already thrown it away, without even thinking of it that way. The money I’m referring to here would be what you have (or had) socked away in your IRA or 401(k) account. You might be thinking about cashing out that account in order to pay your […]

Tip income can’t necessarily be garnished in New Jersey

I have to admit, I picked this case for this post mainly because of its cool name, Big M, Inc. t/a Annie Sez v. Texas Roadhouse Holding, LLC. But it also has something interesting to say about debt collection.
The New Jersey Supreme Court decided Big M on July 16, 2010. The issue in […]

Utility bills in bankruptcy

So you got behind on your utility bills and you are going to file for bankruptcy? The past-due debt to the utility company just gets discharged in your Chapter 7 and there’s nothing more to worry about, right?
Well…not necessarily. You might have to worry a bit more about your utilities, especially if you […]

Using credit reports in bankruptcy

If you are considering a bankruptcy filing but you are concerned because you don’t remember which credit card companies you owe and/or exactly how much you owe them all, what do you do?
First, don’t worry. Remember – most, if not all, of your debts are on file somewhere – in your consumer credit reports. […]

Variable income and the Chapter 7 means test

How those with variable income can pass the Chapter 7 means test.

Debt settlement isn’t usually the best option

Why you should educate yourself about bankruptcy as an option before going the debt settlement route.

Could you sue? List it in your bankruptcy papers.

You should always list potential claims, or potential lawsuits, that you have against someone else along with all of your other assets, because the law considers them to be assets and if you don’t list them, you could lose them forever.