Philadelphia Bankruptcy Attorney Discusses Exemptions
February 16, 2012
One of the most common questions asked of Philadelphia Bankruptcy Attorneys is, "how much do I get to keep if I file for bankruptcy?" The answer, surprisingly, is very often "everything." While bankruptcy is a federal matter (like immigration cases or FCC violations) as opposed to a state issue (like a simple lawsuit before local Magisterial court), there is still a state element which creeps into a federal bankruptcy filing: exemptions. These are the items that are excluded from liquidation in a Chapter 7 bankruptcy (meaning you get to keep them).
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In 1999, Congress took steps to make it significantly more difficult to discharge student loans in bankruptcy. The Bankruptcy Reform Act of 1999 did not actually become law, nor did the 2001 iteration (the Bankruptcy Reform Act of 2001), but the law was included, in nearly identical language to that from the attempts in 1999 and 2001, in the 2005 overhaul known as the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA).
The Means Test is a way of making sure that a debtor who seeks a discharge through 
In what might be deemed an ominous trend, Americans seem to be taking on additional debt (most likely as credit card debt) to pay for the expenses of daily living. This approach to money management, while not ideal, can be appropriate in the short term or in individualized situations of growing income, but when the trend is nationwide and a booming economy is nowhere near the horizon, this 
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Most people are surprised to learn that incomes taxes may be discharged -- just like credit card debt or medical bills -- in a Chapter 7 bankruptcy. There are some hurdles in place, however, as the IRS is a powerful entity and the obligation to pay taxes is as old as the nation itself. Nonetheless, if these hurdles are overcome, tax levies can be removed, tax garnishments will cease, and the entirety of the tax obligation is extinguished.
As an attorney practicing bankruptcy in Norristown, most cases are Chapter 7. The Chapter 7 is the quickest and easiest way to discharge debts. This ease is more than a mere filing of a bankruptcy petition, however. The law requires that the debtor (the filing party) attend a hearing. This legal mandate is located in Title 11 of the United States Code, Section 341, subsection (a). It is often written as "11 USC 341(a)" but the hearing itself is just called a "341(a)" or, sometimes, just a "341." 
Bankruptcy fraud is a serious issue. Just ask Kenneth G. Reidenbach of nearby Lancaster, Pennsylvania. He is (or was) a bankruptcy lawyer who concealed the truth from the court and the bankruptcy trustee. Apparently, in two cases, he did not reveal real estate proceeds; and in the third case he reported his fee as $1500, when, in fact, it was $4800. He faces up to forty-five years in prison and over two million dollars in fines. His sentencing is scheduled for May 2, 2012.
The idea of Caller ID is a great one: let the answering party determine, based upon who is calling, whether they want to speak to the calling party. If it is a creditor intent on harassment or a telemarketer or just someone you do not want to talk to, the phone need not be answered and the caller can leave a message, generally, if they elect to. In a deceitful act commonly called "spoofing" or "call laundering," some have taken to hiding or mis-displaying that which appears on the Caller ID.
As a bankruptcy attorney, 
The county with the highest population in Alabama 
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President Obama on Monday announced a major overhaul to the Home Affordable Refinancing Program (HARP) in an effort to 
The state of Pennsylvania sold $815 million worth of municipal bonds today, the first such activity since the state capital of Harrisburg filed for Chapter 9 bankruptcy last week. The city's bankruptcy, which has been 
Currently on exhibit (from August 3rd to October 30) at the Philadelphia Museum of Art is an exhibit called Rembrandt and the Face of Jesus. Rembrandt is well known, of course, as a master of portraits -- very often his own -- but what is less well known is that, despite considerable commissions and success as an instructor, Rembrandt was forced to declare bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, under which the King Law Center, a 
