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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One of our attorneys, Bradley D. McCormack, recently helped a client discharge thousands of dollars in debt during a complicated Chapter 7 bankruptcy case. After our client had filed his bankruptcy paperwork, his ex-girlfriend alleged that he owed her $19,000 in personal loans. She had objected to the discharge of this debt, claiming our client had made omissions and misrepresentations on his bankruptcy disclosure forms. After a multi-day trial in bankruptcy court, attorney Bradley D. McCormack was able to show that the alleged omission or misrepresentation was immaterial and without fraudulent intent. For example, during the trial, it was admitted our client mistakenly failed to include two contractor licenses. However, the court noted that these licenses had no value and their failure to be listed on the disclosure forms was a simple inaccuracy. As a result of Bradley D. McCormack’s skill, the Court denied the Objecting Creditor’s arguments and allowed…
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Rap artist 50 Cent’s Chapter 11 bankruptcy case continues to become more interesting. 50 Cent, also known as Curtis Jackson III, was most recently seen on Instagram posting photos of himself flashing stacks of $100 bills. In one of the photos, Jackson spelled out the word “BROKE” with giant stacks of money. It is speculated by the mainstream media that Jackson’s businesses filed for Chapter 11 bankruptcy to escape several lawsuits. Jackson is being sued by his ex-girlfriend Lastonia Leviston for $7 million after it was alleged he leaked a sex tape of her online. The rapper is also being sued for $18 million by a headphones company. One of the last things you want to do during bankruptcy is troll the judge, which is what appears to have happened here. In the Instagram photos, Jackson is seen lying on a bed with piles upon piles of $100 bills. In…
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