Here comes the revised Means Test Figures

Revised Means Test Figures, effective May 1st, 2012 The Census Bureau figures, IRS Data and Administrative Expenses Multipliers for Form 22 are revised effective May 1st, 2012. After updating Best Case Bankruptcy, users can view the new figures in the program by changing the expected filing date to May 1st, 2012 or later on the [...]

Can you rescind a reaffirmation agreement?

The bankruptcy Code is liberal in this regard. You can rescind your reaffirmation agreement at any time before the bankruptcy court enters a discharge order, or before the expiration of the 60-day period that begins on the date your reaffirmation agreement is filled with the court, whichever occurs later. You must notify the creditor that [...]

Inside a Foreclosure Factory of a Bank

This is an interesting article which shows the inner, in-house of a bank where non stop documentation is prepared to increase more foreclosure, which of course is avoidable. All credit of this articles goes to the writer of this article and not to me. http://economywatch.msnbc.msn.com/_news/2012/04/19/11269115-inside-the-foreclosure-factory-theyre-working-overtime?lite

Ask your attorney what Plan is good for you? Don’t just sign the dotted lines

I have met many clients who filed bankruptcy with other more aggressive bankruptcy attorney (the one who tout low rates) but does shoddy jobs. In many cases, these debtors should not have filed bankruptcy in the first instance because they attorneys could not safeguard their non exempt assets. For starters, the exempt assets are those [...]

What is the new mortgage settlement? Are you included?

Law office of Malik Ahmad is helping filing bankruptcy for ordinary folks, small business who have been victims of this ongoing economic crisis which was not their choice, We like to educate clients, debtors, wives, husbands, families and small business before they make important financial decisions. They need some compassionate hearing which we provide in deciding both Chapter 7, Chapter 13, debt consolidation, short sale and other allied matters in turning points of their lives. Meet us and then decide, that is our motto. No pressure, and no strong tactics, we are a friendly small law office, and prefer to meet one on one basis.

Which Reaffirmation Are Binding?

We had discussed the definition of ‘surrender’ and ‘reaffirmation’. In this post, we would only discuss reaffirmation. Some time creditors lure the debtors to sign reaffirmation with various tactics like lowering the interest rate, shortening time period etc. The Code does not completely bar reaffirmation, it however, restricts them significantly. Section 524(c) and (k) sets [...]

What Exactly is a Creditors Committee in Ch. 11?

Creditors’ committees can play a major role in chapter 11 cases. The committee is appointed by the U.S. trustee and ordinarily consists of unsecured creditors who hold the seven largest unsecured claims against the debtor. 11 U.S.C. § 1102. Among other things, the committee: consults with the debtor in possession on administration of the case; [...]

What is Debtor-In-Possession?

Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. A corporation exists separate and apart from its owners, the stockholders. The chapter 11 bankruptcy case of a corporation (corporation as debtor) does not put the personal assets of the stockholders at risk other than the value [...]

How Chapter 11 Works?

- A chapter 11 case begins with the filing of a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain [...]

Does filing of chapter 7 stays collection activities?

Inherent in the filing of chapter 7 is an automatic stay which comes into life right after the filing of chapter 7 petition. Creditors are notified officially of the automatic stay in the notice of meeting of the creditors. However, this notice is not mailed sometime many days after and meanwhile the collection activities continues. [...]