Posted on March 9th, 2011
For the fifth year in a row, chapter 13 bankruptcy filings increased in 2010. There were a total of 438,913 chapter 13 filings last year, up by 8 percent from filings in 2009. In 2006, only 617,660 bankruptcy petitions were filed for all types of bankruptcy protection.
Chapter 13 bankruptcy allows an individual to reorganize their finances under the supervision of a court. In addition, chapter 13 bankruptcy can protect people from having their homes foreclosed while they are working on restructuring and paying off debts.
Only chapter 7 bankruptcy filings beat out chapter 13 filings in number. 1.1 million chapter 7 bankruptcies were filed in 2010.
If you or someone you know is considering filing for bankruptcy and has questions about the chapter 13 filing process, contact the Milwaukee Chapter 13 bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more.
Posted on January 12th, 2011
The Supreme Court ruled against allowing individuals filing for Chapter 13 bankruptcy to receive a deduction on their cars if they already own the vehicle outright. The court made their decision yesterday in a case involving a man named James Ransom.
Ransom argued that he should receive a $471 monthly exemption in his bankruptcy filing despite the fact that he was not making any lease or loan payments on his vehicle. Justices involved in the case made their decision following the provision on disposable income that “the debtor’s monthly expenses shall be the debtor’s applicable monthly expense amounts”. Although car ownership can be a deductible expense, because the monthly expense was no longer applicable to Ransom because he owned the vehicle outright, he is not eligible for the deduction.
If you or someone you know is considering filing for bankruptcy protection and has questions about eligibility for Chapter 13 bankruptcy, contact the Milwaukee bankruptcy attorneys of DeLadurantey Law Office, LLC at 414-377-0518 today.
Posted on December 8th, 2010
The U.S. Department of Justice’s Trustee Program recently announced that they will be intensifying their efforts in reviewing Chapter 13 bankruptcies and foreclosure documents. Chapter 13 bankruptcy is different from other types of bankruptcy in that it allows individuals to keep their house and extend the time limit for making mortgage payments.
While a chapter 13 bankruptcy filing is being reviewed, individuals are still responsible for making their mortgage payments. In addition, mortgage servicers are required to file a claim that shows how much they are owed by borrowers. These two requirements have resulted in several documentation errors by banks. Trustee officials will be looking to make sure lenders aren’t inflating fees and are continuing to take action on foreclosures.
To discuss filing for Chapter 13 bankruptcy with an experienced bankruptcy attorney, contact the Milwaukee Chapter 13 bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 today.
Posted on April 12th, 2010
General contractor Brian M. Marshall has asked the courts to dismiss his bankruptcies or convert them to liquidation cases under Chapter 7, following a $691,000 loss in equity by Initech, one of his many companies. Marshall filed for Chapter 11 bankruptcy for his now defunct Fireline Restoration Inc., Initech Restoration, Marshall Investments LLC, Marshall Aviation LLC, and numerous others.
The North Carolina-based Branch Banking & Trust Co. has filed lawsuits to foreclose on much of Marshall’s real estate. BB&T is also attempting to repossess a Ferrari, Porsche, Bentley, and Land Rover, according to court records. This follows the repossession of Marshall’s 45-foot SeaRay by BB&T, as well as his Gulfstream jet last year by another lender. BB&T is seeking to collect $21 million in loans.
Marshall’s actions follow the discovery that his companies had executed a “fantasy land of fraud” to increase stock prices for his various company’s shares, according to the Securities and Exchange Commission.
If you are suffering financial difficulties and want to discuss your options when it comes to repossession, or in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.
Posted on April 8th, 2010
Consumer bankruptcy filings have not been curbed despite the recent economic upturn. Chapter 7 bankruptcy filings were up 14% in February of 2010 compared to February of 2009. This number was also an increase of 9% from the number of filings in January, indicating an uncomfortable trend.
According to Samuel Gerdano, American Bankruptcy Institute executive director, this is the result of years of overspending and increased debt-stress catching up with individual customers.
Stricter bankruptcy laws implemented in 2005 were meant to decrease the number of Chapter 7 bankruptcy filings by requiring those with a regular income to repay their debt in full or in part over a period of several years under Chapter 13 bankruptcy. Instead, Chapter 13 bankruptcy filings have decreased by 3% from the number of filings this time last year.
If you are suffering financial difficulties and need consultation in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.
Posted on April 1st, 2010
Individuals who file for Chapter 13 usually are able to switch to a Chapter 7 bankruptcy filing. In order to make the switch, individuals should consult their attorney and notify the court.
However, some individuals are not qualified to make the switch if they have filed for Chapter 7 in the last 8 years. If they are not qualified, they still have the option of canceling their Chapter 13 by notifying the court.
If you or anyone you know is considering switching from Chapter 7 to Chapter 13, contact the Milwaukee Chapter 13 bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on February 23rd, 2010
When individuals file for bankruptcy, they often must submit documents verifying their personal information. After the filing, this personal information, such as a filer’s job or address, may change.
If this information changes, then bankruptcy filers should let their attorneys know immediately. Their attorneys will be able to file the appropriate documentation to inform the court of any bankruptcy changes.
If you have questions about your bankruptcy filing, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office at 414-377-0518.
Posted on February 23rd, 2010
Many individuals file for bankruptcy because they are unable to repay debts owed to creditors. When they file for Chapter 7 or Chapter 13 bankruptcy, they are required to list all of their creditors.
Creditors not only include banks and other loan organizations but also any friends or family members who lent the filer money. Potential bankruptcy filers, however, could avoid listing certain creditors by repaying the debt before the filing.
If you or anyone you know has considered filing for Chapter 13 bankruptcy, contact the Milwaukee Chapter 13 bankruptcy attorneys of the DeLadurantey Law Office at 414-377-0518.
Posted on February 4th, 2010
Milwaukee officials say that recent job losses have contributed to a recent rise in foreclosures in the city. The increase in unemployed citizens, coupled with the loss of unemployment benefits for many out-of-work individuals can be linked to the rising foreclosure rates. City officials say that the foreclosure crisis affecting the city can have a serious effect on it’s financial outlook. Milwaukee has received federal money to help with homebuyer assistance and other programs to help boost the economy and slow down the increasing foreclosure rate.
If you are struggling to make regular payments on your important debts, you may wish to consider filing for bankruptcy. For assistance with your claim, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office at 414-377-0518.
Posted on January 22nd, 2010
When individuals file for bankruptcy, they are often worried about the long-term consequences. One consequence is that a notification of a bankruptcy filing will stay on their credit report.
This length of this notification depends on the type of bankruptcy. The notification will stay on a credit report for 10 years under Chapter 7 and 7 years under Chapter 13.
If you or anyone you know has considered filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.