Washington DC and Maryland Bankruptcy eNewsletters

Working With a Trustee During Bankruptcy

The trustee in charge of liquidating convicted investment con Bernard Madoff’s company also went after his wife, Ruth Madoff. The trustee explained that while he is not accusing Mrs. Madoff of having any part of the fraud perpetrated by her husband, he is seeking some of her property. The trustee’s complaint states that Mrs. Madoff transferred $11 million from one of Bernard Madoff’s Investment Security bank accounts to a real estate business in which she is part owner. Thus, while many of those affected by Mr. Madoff’s crime have been left with no means of supporting themselves, Mrs. Madoff is left living a life of luxury allegedly on their account. Mrs. Madoff still stands by her claim that she is just as confused by Mr. Madoff’s actions as anyone else. Since Mr. Madoff admitted to the fraud, the couple has given up more than $80 million of their assets to…
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What is Lien Stripping in Bankruptcy?

Bankruptcy Attorney Explains Chapter 13 for Maryland and Washington DC The United States Supreme Court is reviewing two Bank of America appeals. The bank is hoping that they can convince the court to overturn two rulings, Bank of America v. Caulkett and Bank of America v. Toledo-Cardona, which allow stripping of a lien. In both cases, Bank of America is not the primary lender. Chapter 13 bankruptcy lien stripping helps heavily indebted people find some semblance of relief. In addition, they can keep their house and possibly discharge part of their debt after they fulfill their Chapter 13 payment plan. What Are the Requirements for Lien Stripping? Lien stripping is applicable in Chapter 13 bankruptcy throughout the United States. Additionally, the value of your house must be less than your mortgage and you must have multiple mortgages or lines of credit on the house. Suppose you have a house with…
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What Happens When a Creditor Violates Automatic Stay?

Our Washington DC and Maryland Bankruptcy Lawyer Upholds Your Legal Rights in a Bankruptcy One of the strongest benefits given to individuals filing for bankruptcy is the automatic stay. Whether they are using Chapter 7 or Chapter 13, an automatic stay immediately offers relief from the harassment of creditors and the possibility of foreclosure. However, some creditors may not heed this order to desist and can continue to harass you about repaying debts. If this occurs after an automatic stay, you may have the right to pursue legal action against creditors for damages. Automatic Stays Are Protected by Law Automatic stays go into effect the moment the bankruptcy court receives your application to begin your Chapter 7 or Chapter 13 case. The law specifically prohibits certain collection activities, but violations of an automatic stay can come in several different forms. A creditor violates the automatic stay if they: Garnish or…
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How Often Can I File for Bankruptcy?

Our Washington DC and Maryland Bankruptcy Lawyer Can Guide You Through the Bankruptcy Process Debt crises can strike at any time. Even if you already worked through your debt by filing a Chapter 7 or Chapter 13 bankruptcy, emergencies and other difficult financial situations may require you to file for bankruptcy again. Although those with overwhelming debt may not want to file a second bankruptcy, sometimes this may be the best solution. Federal and state laws limit the ability of individuals with debt to file for bankruptcy multiple times. If you are considering filing for bankruptcy again, it is important that you are aware of the regulations and restrictions concerning multiple bankruptcies. How Long Do I Need to Wait to File for Bankruptcy Again? Bankruptcy law does not require any minimum time limit before you can file for another bankruptcy. Unless the bankruptcy court rules otherwise, you can file for…
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