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Rules of Thumb: Bankruptcy |
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Written by John Henry
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Tuesday, 08 July 2008 |
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Filing for bankruptcy under the new rules as embodied in BAPCA is beyond the scope of even a single course in law school, much less a blog entry, but we thought we would address a few issues that require consideration before filing under the new system: 1) Means testing - You cannot file for Chapter 7 relief unless you satisfy the new means test, which effectively prevents wage earners or individuals with income in excess of the "median" for your state, less the allowed deductions, from filing under Chapter 7. The median income is lower than you think it is. Consult an attorney to see if you can pass the test by using deductions perhaps not obvious to you. 2) Loans greater than $700 - Amounts taken from short-term loan companies in excess of $700 are technically not dischargeable under the new law if they were drawn recently. We have not seen loan companies filing claims or objecting to discharge, however. 3) Primarily non-consumer debts - One of the saving graces of the new law is that it does not apply means testing to a person or family if their debts are not primarily consumer debts, as defined in the code. This provides a significant advantage to self-employed individuals. Again, the new law is evolving. Please let us know if you need assistance filing for bankruptcy or seeking to recover from someone who has recently filed. |
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Back to Blogging... Finally... |
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Written by John Henry
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Tuesday, 08 July 2008 |
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Now that I have brought aboard extremely capable attorneys (welcome Jason Gallini, August 2007) and Jeremy Crew (April 2008) to assist with my side job (being an attorney), I can focus my attention on being the journalist I always knew I could be. As such, I'd like to review my previous blog posts, mostly because I was right: 1) Obama garnered the Democratic presidential nomination. Check. 2) Fuel prices rose. Check. 3) The economy went in the tank. Check. 4) Sub-prime mortgages and huge financial institutions imploded. Check. 5) Bottom of housing bubble. National, not so much. Locally, maybe. Further predictions to follow, but I suspect you'll see: 1) USA does well in the Olympics, followed by China. Yes, Olympic success closely parellels geopolitical power. 2) The economy improves mightily. Trust the experts to be wrong. 3) We elect another Republican president, and a Democratic house and senate majority. More to come. |
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More gambling coming to Texas? |
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Written by John Henry
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Wednesday, 09 May 2007 |
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Texas poker fans rejoice: the house is set to hear a bill that would legalize real-money poker in establishments in Texas. The bill, found here, would allow any bar in the state to have four tables, and licensed rooms to have more. Sounds interesting. Doubt it will pass. |
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Back to the Blog: You go Obama |
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Written by John Henry
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Tuesday, 08 May 2007 |
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Apologies to those who occassionally accidentally read my blog. Work has been a real bear lately, but I am back to pick up the task once more. I notice in this CNN article that Democratic presidential candidate Barack Obama is touting his plan to give incentives to the U.S. auto industry to make cleaner burning, more fuel efficient cars. I don't know much about the merits of the plan, but kudos for knocking out: the auto industry, retirees worrying about benefits, and average Americans worrying about the economy and gas prices all in one media snippet. I don't know -- if the guy is as smart at setting policy as he is press image, I think we may be on to something with this guy. |
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Cancer no longer a political... cancer? |
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Written by John Henry
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Saturday, 14 April 2007 |
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A strange thing has happened on the way to the White House. Serious contenders are announcing that they have or have had cancer, and the public is nodding its acceptance. Former Sen. Thompson announced he has cancer in remission. Sen. Edwards' wife announcing hers has returned. Sen. Kerry and Sen. McCain are both cancer "survivors." I'm not sure what it means, but I am sure that the country's outlook on the disease is changing. With survival rates and treatments improving every year, it is no longer political suicide to announce that cancer has struck the candidate or someone close to the candidate. In fact, given the prevalence of the disease, it may well be that the public not only accepts but appreciates that the candidate can understand it. |
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