No.  The 6th Circuit has established an “omitted creditors rule” in the case In re Madaj, 149 F3d 467 (1998). Here is a summary of the Madaj opinion and holding: 1.       The confusion regarding the treatment of omitted creditors is due to a line of cases that perpetuates the erroneous view that once a case…

Here is a very insightful post by my good friend and “credit guru” Philip Tirone with www.720CreditScore.com: “Charge it” is a phrase children hear when shopping with parents. It seems so easy to give someone a piece of plastic and get whatever we want. But is that the lesson we really want to teach our…

As reported by Natalie Kitroeff from Bloomberg Businessweek, student debt is growing faster for seniors than for any other age group, according to the latest data gathered by the Federal Reserve Bank of New York. Lingering student loan debt is part of a broader and, many elder-care lawyers say, devastating accumulation of debt among older…

The New York Times DealBook Blog reported that the Consumer Financial Protection Bureau issued its first consumer advisory on virtual currencies, including Bitcoin, and said that it would begin accepting complaints about such issues or companies. The agency warns consumers to be aware of hackers and schemes, volatile exchange rates and a lack of government…

As reported by Robin Miller of CBAR: Although the debtor had failed to schedule her prepetition claims against her mortgage creditors in her prior Chapter 13 bankruptcy case, and her failure to list the causes of action among her assets was tantamount to a representation that she had no such claims, the debtor was not…

As reported by Robin Miller with CBAR: Distinguishing a bankruptcy case that is closed from one that is dismissed, and reaching a conclusion that is independent of the chapter under which the debtor’s bankruptcy case was filed, the Second Circuit Court of Appeals held that, under Code § 349(b)(3), even undisclosed assets revest in the…

If you negotiate the foregiveness of indebtedness from a bank on a home loan or credit card company, you will recieved a 1009C. Many bankruptcy practictioners, treat the “discharge in a case under Title 11” and “insolvency” as equally effective ways to avoid including cancelled debt in taxable income and filed a Form 982. Most…