Have A Judgment Against Me, Will Bankruptcy Help?

I Have A Judgment Against Me, Will Bankruptcy Help?

I have often been asked if bankruptcy is still an option if a judgment has been entered. Most times, a bankruptcy can still be very beneficial. But, we have to determine the effect of the judgment.

In most states, as soon as a judgment is entered, the judgment lien will attach to real property in the county in which the judgment was rendered. If the judgment was transcribed to other counties, then the judgment will be a lien against real estate in those counties, too. If the property is held as husband and wife or “tenants by the entirety,” the creditor must have sued both husband and wife and the same time in order for the judgment lien to attach to the real estate. But, for our purposes, let’s suppose that there is a valid lien against the real estate.

A big advantage of bankruptcy is that under section 522 of the Bankruptcy Code, a debtor can avoid a judgment lien if it impairs an exemption. Most states allow a debtor to exempt a certain amount of “value” in residential real estate. If the judgment lien has attached to that real estate and “impairs” the exemption, then the judgment lien can be avoided in its entirety and the creditors’ claim is treated as an unsecured claim.

So, how to determine if the judgment lien impairs an exemption.

The Bankruptcy Codes sets for a formula to determine if an exemption is impaired. Under the code, if the lien to be avoided and all other liens on the property and the debtors’ exemption exceed the value of the debtors’ interest in the property, the exemption is impaired and the judgment lien can be avoided in its entirety. So how does this work?

In North Carolina, debtors are allowed to exempt $35,000.00 in equity in real estate (each if jointly titled). So, if there is a judgment against the debtors for $20,000.00 and the property is worth $150,000 with a $100,000.00 mortgage, would the judgment lien be avoided?

Debtor’s interest in house: $150,000.0 Mortgage $100,000.00

Exemption $35,000.00

Judgment $20,000.00

Total: $155,000.00

Because the total of the liens and exemptions on the property exceed the debtor’s interest, the judgment lien can be avoided and the creditor treated as an unsecured debt. This is a unique aspect of bankruptcy.

While hopefully you should discuss your finances with a qualified bankruptcy attorney before judgments are entered, it is nice to know that, under certain circumstances, judgment liens can be avoided under the Bankruptcy Code.

Bankruptcy Law Network, LLC, 6502 S. 6th Street, Klamath Falls, OR 97603, USA

Divulgado por:

Rolando Emmanuelli Jiménez, J.D. LL.M.
rolando@bufete-emmanuelli.com

http://www.bufete-emmanuelli.com
http://www.bufeteamadopereira.com
http://www.remmanuelli.com

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La demanda de electricidad cayó 2.4% en agosto

La demanda de electricidad cayó 2.4% en agosto
De Sincomillas.com
http://sincomillas.com/la-demanda-de-electricidad-cayo-2-4-en-agosto/

El consumo de energía eléctrica disminuyó 2.4% en el mes de agosto, arrastrado por una caída en la demanda comercial y residencial. Es la segunda caída consecutiva. En el 2012 el consumo de electricidad se redujo 0.6%, después de una merma de 3.9% en el 2011.

El consumo de energía -un indicador representativo del comportamiento de la economía, y una variable que se mide con mucha precisión- había mostrado señales de recuperación en el 2010 y desde entonces hasta ahora se ha estado reduciendo, con altibajos.

Los datos muestran que el consumo de energía eléctrica se situó en 1,572 millones de kilovatios-hora (kv-h) en agosto del 2013, por encima del consumo del mes de agosto del 2012, que fue de 1,718 (kv-h).

El consumo en el sector residencial –que representan un 37% del consumo total– registró un descenso de 1.9%. El consumo comercial (47% el consumo total), se redujo 1.1%. Por su parte, el consumo energético en el sector industrial creció 5.2%.


Divulgado por:

Rolando Emmanuelli Jiménez, J.D. LL.M.
rolando@bufete-emmanuelli.com

http://www.bufete-emmanuelli.com
http://www.bufeteamadopereira.com
http://www.remmanuelli.com

-- Desde Mi iPad

Why You Should FIle Bankruptcy Now…and Why Delaying Makes You Feel Better

Courtesy Creative Commons

It’s an old saying among bankruptcy attorneys that their clients should have seen them at least a year ago.

If they did, they wouldn’t have done all of the things that cost them lots and lots and lots of money:

Taking money out of retirement programs to pay unsecured debt;

Borrowing money from banks, taking out cash advances from credit cards, dealing with payday lenders;

Selling real estate or other assets;

Borrowing money from friends and family;

Drawing down their bank accounts to pay dischargeable debt;
Getting sued, or garnished or attached;

Dealing with a year of unpleasant phone calls, nasty letters and stress.

So, given all of these problems, why don’t people speak with a bankruptcy attorney sooner? The answer lies in the legitimate and very real desire to avoid bankruptcy. By the time many of my clients first call me, they have already taken money out of their retirement, sold what they could, borrowed money from whomever would lend it to them, run through their savings, gotten sued, and been driven frantic by bill collector calls and letters. Most people going through financial difficulties believe that better times are just around the corner, and “If I can just get through things until…” it will be all better.

Unfortunately, it often does not get better.

Nevertheless, people who have done these things know, deep down, they they really did everything possible to avoid bankruptcy. Did it cost them a lot of money? Yes. Did knowing that they did everything they could to not have to call me give them some degree of comfort? Probably. But I think that most of my clients would rather have the money back!


Bankruptcy Law Network, LLC, 6502 S. 6th Street, Klamath Falls, OR 97603, USA

Divulgado por:

Rolando Emmanuelli Jiménez, J.D. LL.M.
rolando@bufete-emmanuelli.com

http://www.bufete-emmanuelli.com
http://www.bufeteamadopereira.com
http://www.remmanuelli.com

-- Desde Mi iPad

La economía caerá 0.6% en el 2014

Por Luisa García Pelatti de Sin Comillas

Las proyecciones de la firma Estudios Técnicos, Inc. apuntan a una nueva caída de la actividad económica en el actual año fiscal. La economía podría contraerse 0.6% en el año fiscal 2014, tras una reducción de 1.3% en el año fiscal 2013. José J. Villamil, presidente de la Junta de Directores de la firma de consultoría, que presentó estas proyecciones durante su participación en el Congreso de Vivienda, dijo que “todas las medidas que se han tenido que tomar abonan a esa proyección en el año fiscal 2014″, pero asegura que el futuro es positivo. Prevé un crecimiento escaso pero positivo en el año fiscal 2015 y en el 2016 el alza podría ser de 1.5%.

Presentó algunos indicadores económicos, entre ellos los datos de empleo privado, que sigue cayendo.

“Puerto Rico tiene todas las condiciones para ser exitoso en el tema de desarrollo económico. Reconocer el problema es el primer paso”, puntualizó Villamil. “Tenemos que entender que no es una situación recesionaria típica”. Advirtió que podría tomarnos una década, hasta el 2021, regresar a los niveles de actividad económica del 2006. Pero cree que podremos lograrlo. Para ello se necesita que todos los sectores de la sociedad se enfoquen en buscar soluciones ”y no estar cada cual halando para su lado”. Hay que remar en la misma dirección, pero también sacrificar algunas cosas.

Las propuestas de desarrollo económico presentadas durante los últimos 10 años indican que hay uniformidad en todas las iniciativas. “Estamos todos los sectores apuntando en la misma dirección. Sabemos lo que hay que hacer”. Y lo que hay que hacer a corto plazo es:

Re-estructurar el sistema contributivo para simplificarlo e incluir estímulos a la inversión.
Redirigir recursos públicos hacia la inversión en Presupuestos 2015 y 2016. Entre otros, eliminando incentivos y subsidios innecesarios o poco efectivos
Atender el déficit estructural previsto para el 2014 y 2015, algo que se está haciendo.
Re-estructurar la organización del sistema de formulación e implantación de política económica.
Atender el problema de las altas tasas de delincuencia en préstamos hipotecarios como parte de un esfuerzo de racionalizar el mercado de vivienda.

A mediano plazo se necesita:

Desarrollar una política pública sobre la empresa local y su futuro que permita integrar esfuerzos ahora dispersos.
Poner en marcha un programa para eliminar proyectos y agencias de gobierno que no son costo-efectivos o necesarios.
Reformar el mercado laboral para que sea eficiente, equitativo y que estimule la productividad.
Aprobar una política educativa que integre el sistema, ahora muy fragmentado, y lo haga funcional con el entorno económico y social.
Re-estructurar el sistema energético hacia fuentes no fósiles de energía y a gas natural como medida transitoria. Villamil aclaró que Puerto Rico va a ser un lugar con altos costos de energía por mucho tiempo. Los cambios podrían tardar años en reflejar una baja en los precios.
Los servicios avanzados podrían convertirse en la punta de lanza del desarrollo, pero se requieren modificaciones en las estrategias de desarrollo económico. Y hay potencial de crecimiento en sectores locales muy exitosos como:
Exportaciones por empresas locales de tecnología en áreas como validación, cumplimiento (compliance), informática, servicios ambientales y otros servicios avanzados.
La inserción de empresas locales en las cadenas de abasto de empresas multinacionales es otra área de oportunidad.
La agro-industria es un sector en donde empresas locales han estado muy activas y en que el mercado local y exterior ofrece oportunidades.

Existe el potencial de aumentar ventas al gobierno local como al federal.

Hay oportunidades de sustitución de importaciones en algunos productos de consumo, pero es en bienes intermedios en donde son mayores las oportunidades de crecimiento.


Divulgado por:

Rolando Emmanuelli Jiménez, J.D. LL.M.
rolando@bufete-emmanuelli.com

http://www.bufete-emmanuelli.com
http://www.bufeteamadopereira.com
http://www.remmanuelli.com

-- Desde Mi iPad

Attorney-Client Privilege Doesn’t Apply in Chapter 7, Florida Bankruptcy Court Rules

A Florida bankruptcy court ruling just made it harder for a debtor to claim that the things she tells her bankruptcy lawyer are protected by the attorney-client privilege. In re Smith Cutuli, No. 11-35256-BKC-AJC (Bky.S.D.Fla. Sept. 13, 2013), held that upon the filing of a chapter 7 case, ownership of the debtor’s attorney-client privilege passes to the chapter 7 trustee.

Without this privilege, any papers, notes, worksheets, or other information given by the debtor to her bankruptcy lawyer, along with the content of any conversations she may have had with her lawyer, are fair game for the chapter 7 trustee, and could become public knowledge.

Of course, everyone relies on the expectation that when seeking a lawyer’s advice about any legal matter, including bankruptcy, the attorney-client privilege protects against disclosure by the lawyer, or the client, of the discussions had with the lawyer. With some exceptions, this also protects any of the papers or other information gathered by the lawyer in connection with the case.

While the attorney-client privilege applies in all types of legal matters, it has had a checkered history in bankruptcy cases. Most practitioners agree that bankruptcy courts will uphold the privilege on behalf bankruptcy debtors, but add that there are a some reported court decisions to the contrary.

In fact, a careful reading of cases denying the attorney-client privilege in bankruptcy reveals that most involve claims that the privilege was somehow waived by the debtor, or that the debtor engaged in fraudulent or even criminal activity. Under longstanding federal court precedent, such actions negate the attorney-client privilege.

In re Smith Cutuli is just such a case. The debtor filed chapter 7 in Florida on September 12, 2011. Among other things, the bankruptcy court found that she transferred over $2,000,000 to her husband’s bank accounts three weeks later. The debtor had also been involved in complex litigation prior to her bankruptcy filing in Napa County, California. The California court had also found that there was a civil conspiracy between the debtor and others to commit fraud and hide assets.

While the bankruptcy court in Smith Cutuli did hold that the debtor’s attorney-client privilege passed to the chapter 7 trustee upon the filing bankruptcy, as is the rule in cases with this unfortunate holding, the debtor had committed multiple “bad acts” and there was a history of contentious litigation involving the debtor in other courts.

The Smith Cutuli case should be viewed as a warning that while the attorney-client privilege is alive and well in bankruptcy, and has plenty of well reasoned case law to support its vitality, canny bankruptcy trustees may be willing to ask courts to strip the privilege from debtors in some cases.


Bankruptcy Law Network, LLC, 6502 S. 6th Street, Klamath Falls, OR 97603, USA


Divulgado por:

Rolando Emmanuelli Jiménez, J.D. LL.M.
rolando@bufete-emmanuelli.com

http://www.bufete-emmanuelli.com
http://www.bufeteamadopereira.com
http://www.remmanuelli.com

-- Desde Mi iPad

The 874 bankruptcy cases filed in Puerto Rico in September were 4 percent higher than those on record for the same month last year

U.S. Bankruptcy Court in Old San Juan (Credit: © Mauricio Pascual)

The 874 bankruptcy cases filed in Puerto Rico in September were 4 percent higher than those on record for the same month last year, while the 8,144 petitions submitted to the U.S. Bankruptcy Court during the first nine months of this year were up by the same percent vs. the same year-ago period, a local research firm revealed Wednesday.

Data compiled by Boletín de Puerto Rico shows that the total petitions filed through September, represent 331 more cases versus those on record for January-September 2012.

When broken down, the majority of the cases filed in September, 534, were submitted under the Chapter 13 category, which gives individuals the chance to reorganize their finances. So far this year, 5,118 people have sought protection from the U.S Bankruptcy Court in Puerto Rico.

Coming in second are the 318 Chapter 7 cases, seeking total liquidation, submitted in September. For the first nine months of the year, 2,853 such filings have been submitted.

There are 20 Chapter 11 filings on record for September, and a total 158 so far this year, from businesses that are seeking to reorganize their finances through this type of protection.

Meanwhile, two farming operations filed for Chapter 12 protection last month, a category that is reserved exclusively for troubled agriculture businesses. A total of 15 such cases are on record for the first nine months of this year.


http://newsismybusiness.com/puerto-rico-bankruptcy-filings-up-4-in-september/

Rolando Emmanuelli Jiménez, J.D. LL.M.
rolando@bufete-emmanuelli.com

http://www.bufete-emmanuelli.com
http://www.bufeteamadopereira.com
http://www.remmanuelli.com

-- Desde Mi iPad

Aumento en las quiebras de agosto de 2011

Por Luisa García Pelatti de Sin Comillas
http://sincomillas.com/las-quiebras-aumentan-11-en-agosto/

En el mes de agosto se radicaron 997 quiebras, 103 más que hace un año. La cifra supone un alza de 11%, el mayor aumento en los últimos cuatro meses, según cifras revisadas del Boletín de Puerto Rico.

Las quiebras habían estado reduciéndose durante 7 de los últimos 12 meses, tras aumentar durante cuatro años consecutivos.

Un 61% de las quiebras corresponde al Capítulo 13.
Las quiebras comerciales ascendieron a 474. Las principales quiebras comerciales se produjeron entre contratistas (37), restaurantes (25), cafeterías (25), mecánicos (18) y desarrolladores de proyectos de construcción (14).

En 2012 se radicaron 10,357 quiebras. La cifra, representa una reducción de 8%. Se trata de la segunda caída consecutiva tras cuatro años de fuertes subidas.

Las quiebras alcanzaron su nivel más alto en el 2010, con 12,376, 9.6% más que en el 2009, la cifra más alta desde el 2005, cuando el presidente George W. Bush, firmó la nueva Ley de Quiebra.


Rolando Emmanuelli Jiménez, J.D. LL.M.
rolando@bufete-emmanuelli.com

http://www.bufete-emmanuelli.com
http://www.bufeteamadopereira.com
http://www.remmanuelli.com

-- Desde Mi iPad