Itt Tech: an Epic Failure on Many Levels

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Many people in the United States would be surprised to learn that the profit motive in “higher education” is not something that just magically appeared during the second half of the 20th century. A large number of for-profit colleges, institutes, and “universities” were founded in the decades after the end of the Second World War. Having “profit” as a motive for setting up and operating for-profit schools, however, had its genesis in the United States long before the 20th century; the roots of for-profit education Read More +

Valuation of Assets in Bankruptcy

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Valuation of property or assets in bankruptcy is an important element of any bankruptcy, including Chapter 7 and Chapter 13 bankruptcy. The proper standard of valuation has been the subject of considerable debate and litigation. Some of the controversy surrounding valuation of assets in bankruptcy has been ameliorated by the passage of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The standard usually applied in determining the value of an asset for purposes of bankruptcy is the price a retail merchant would charge Read More +

Bankruptcy Waiting Periods

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CHAPTERS WAITING PERIOD 7 TO 7 8 YEARS FROM PREVIOUS FILING 13 TO 13 2 YEARS FROM PREVIOUS FILING (CASE MUST BE CLOSED) 7 TO 13 4 YEARS FROM PREVIOUS FILING 13 TO 7 6 YEARS FROM PREVIOUS FILING UNLESS 100% OF THE UNSECURED WERE PAID IN THE PRIOR CHAPTER 13 OR AT LEAST 70% OF THE UNSECURED DEBTS WERE PAID IN THE PRIOR CHAPTER 13 AND THE PLAN WAS PROPOSED IN GOOD FAITH The above chart represents the period of time a debtor must Read More +

Chapter 7 Bankruptcy Treatment of Secured Property

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STATEMENT OF INTENTIONS IN BANKRUPTCY In a Chapter 7 bankruptcy, the debtor must complete and sign a form called the Statement of Intentions. The Statement of Intentions indicates which of the available options the debtor chooses towards his or her secured property. The primary examples of secured property are an automobile loan or a mortgage loan. In a Chapter 13 bankruptcy one manifests his or her intent regarding such secured property through the Chapter 13 plan. In a Chapter 7 bankruptcy, the Statement of Intentions Read More +

Hurricane Irma and Bankruptcy

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By Jay Weller Natural disasters and hurricanes and bankruptcy filings within affected areas are intuitively correlative.  One would expect that the economic and property damage incurred by a hurricane, such as Hurricane Irma, that beset portions of Florida would have an impact on the number of subsequent bankruptcies filed within the affected regions. This article will discuss the validity of this purported relation between hurricanes, natural disasters and bankruptcy filings.  The article will also discuss possible remedies for those seeking to avoid the filing of Read More +

Tax Refunds in Bankruptcy

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TAX REFUNDS IN BANKRUPTCY

The treatment of tax refunds is a popular issue in bankruptcy.  Income tax refunds are commonly considered to be part of the bankruptcy estate.  Therefore, if a debtor files Chapter 7 bankruptcy, the trustee may attempt to seize all or a portion of the debtor’s tax refund.  In a Chapter 13 bankruptcy, the trustee may seek to have the debtor turn over all or a portion of the debtor’s tax refund, to be applied towards the funding of the Chapter 13 plan. However, a tax Read More +

Exception to Discharge in Bankruptcy for Intentional Torts

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EXCEPTION TO DISCHARGE IN BANKRUPTCY FOR INTENTIONAL TORTS

Bankruptcy Code Section 523(a)(6) prevents a debtor from obtaining the discharge of any debt for “willful and malicious injury by the debtor to another entity or to the property of another entity”.  There are two prominent interpretations as to how this provision is to be construed.  The Ninth Circuit interpretation is that the debtor’s actions “must be accompanied by some form of tortious conduct which gives rise to the willful and malicious injury.”  The Fifth Circuit maintains that tortious conduct is not required and that Read More +

Copyrights in Bankruptcy

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COPYRIGHTS IN BANKRUPTCY

Under bankruptcy law, copyrights and patents are considered assets.  An author of a book who has copyrighted such book or a songwriter who has copyrighted his or her song or songs are considered under bankruptcy law, to possess an asset.  Depending upon the value of such an asset, a debtor may find such asset sold by the bankruptcy trustee in a Chapter 7 bankruptcy.  In a Chapter 13 bankruptcy, the bankruptcy trustee will want a determination of the value of the asset.  If such asset’s Read More +

How Do I File for Bankruptcy?

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HOW DO I FILE FOR BANKRUPTCY?

How do I file for bankruptcy is a common search term on Google and other search engines.  If one files either a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, one may either represent oneself, pro se or enlist the services of a bankruptcy attorney or bankruptcy lawyer. Chapter 7 and Chapter 13 bankruptcy are the two most commonly filed forms of bankruptcy.  Currently, the filing fee for a Chapter 7 bankruptcy is $335.00 and the filing fee for a Chapter 13 bankruptcy is $310.00.  Read More +

Bankruptcy Chapter 11

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From Clearwater, Florida comes a question from John J.  What is Chapter 11 Bankruptcy?  I have a small business, wish to retain my business, and either discharge or reorganize my personal and business debts.  Should I file a Chapter 11 Bankruptcy in order to accomplish these goals? There are numerous Chapters available under the Bankruptcy Code.  Chapter 7 Bankruptcy is a form of Bankruptcy wherein the Debtor usually seeks to Discharge unsecured debts, such as credit cards, medical bills, signature loans, and various other forms Read More +