Category Archives: Bankruptcy

Sader Law Firm can help financially troubled individuals and businesses file for Chapter 7, 11 and 13 bankruptcy to erase and restructure debts.

Five Bankruptcy Filing Trends in 2017

The Administrative Office of the United States Courts (AOUSC) released the Bankruptcy Abuse Prevention and Consumer Protection Act Report (BAPCPA Report) for 2017. The BAPCPA report provides detailed information on consumer bankruptcy filings during the previous year. There were multiple filing trends in 2017. Trend #1: A majority of cases involved “real property”, which includes a home or condo Unsurprisingly, 62 percent of reported assets in bankruptcy cases included real property, such as a home or condo. The remaining assets were personal properties, such as jewelry or furniture. Northern California and Southern Florida filers had the highest average assets per petition. Bankruptcy is an excellent way to protect your assets from creditors. When you file for bankruptcy, an automatic stay is issued. The stay prevents most creditors from seizing your assets. Remember, bankruptcy is for people who have assets they want to protect. Trend #2: Most cases were filed under…
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Why Do More Older Americans Need Bankruptcy?

Did you know the number of older Americans bringing mortgage debt into their golden years is on the rise? According to a group of Harvard researchers, the percentage of Americans with mortgage debt over the age of 65 has risen from 22 percent in 1995 to 38 percent in 2013. This statistic shows how financial pressures are changing for seniors in America, and it is part of why bankruptcy is so important for older Americans. According to researchers examining data from the Consumer Bankruptcy Project, more seniors are filing for bankruptcy now than ever before. In 1991, only 2.1 percent of consumer bankruptcy filers were between the ages of 65 and 74. In 2016, that percentage has risen to 12.2 percent. Why are so many more seniors filing for bankruptcy? While some analysts have pointed to the senior community expanding due to aging Baby Boomers, others aren’t buying that explanation….
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Creditor Rights and Protecting Judgment Debt in Bankruptcy

This is syndicated content that was originally published on AVVO.com by Attorney Michael J. Wambolt of Sader Law Firm. For creditors holding large judgments against individual debtors with substantial disposable income, there is always the risk that debtor will pursue a Chapter 7 Bankruptcy as a means to avoid payment. 1. Creditors May File a Motion to Convert a Debtor’s Case from a Chapter 7 to a Chapter 11 Bankruptcy If a creditor’s judgment is based on a simple breach of contract or guaranty claim, it is unlikely the judgment debt can be excepted from discharge under Section 523 of the Bankruptcy Code. In addition, dismissal or conversion of a debtor’s case may not be an option under Section 707 of the Code if the debtor’s debts are primarily business as opposed to consumer in nature. Fortunately, Section 706(b) of the Code allows creditors to file a motion to convert…
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