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News Category

Read the latest news in bankruptcy – from the Connecticut State level – to the federal level. You’ll find the latest news about bankruptcy related to student loans, the chapters of bankruptcy, changes to the law, exemptions and much more.

Student Loans in Bankruptcy at Mount Suribachi, Iwo Jima

Students are desperate to find a remedy for their student loan problems. It’s near impossible to obtain a discharge of a student loan in Bankruptcy Court due to the ‘Brunner Test’. Passing the ‘Brunner Test’ in order to prove a hardship is more difficult than the Marines raising the flag at Mount Suribachi during the […]

The History of Bankruptcy

Historically bankruptcy is found in the bible, in chapter 15, in the book of Deuteronomy. Is says that at the end of every 7 year period, “you shall have relaxation of debts, which should be observed as follows:” every creditor shall relax his claim on what he has loaned his neighbor he must not press […]

Beware the IDES of Student Loans

Recently The Day ran a column on the front page about student loans. The journalist, Natalie Kitroeff, wrote for the New York Times, “Aggressive action of agency that monitors student loans faces scrutiny’. In the article Natalie introduced us to Stacy Jorgensen who had pancreatic cancer and couldn’t have her student loans discharged in bankruptcy […]

New Bankruptcy Reform Act: Bankruptcy Abuse Prevention and Consumer Protection Act

The New Year is fast approaching and It’s time for a review or retrospective of the new Bankruptcy Code which was enacted in 2005. The official title to the New Code is: “Bankruptcy Abuse Prevention and Consumer Protection Act” or ‘BAPCPA’ for those who are familiar with the term. Let’s start at the beginning. This […]

The Supreme Court’s Decision Guides Debtor Exemptions

Lost Appreciation in Chapter 7 bankruptcy In the United States Supreme Court case of Schwab v. Reilly, 130 S. Ct. 2652 (2010), the Court turned the bankruptcy world’s understanding of debtor exemptions on its head. The Court held that when a debtor ascribes a dollar value to property of the bankruptcy estate and claims an […]

Mortgage Foreclosure Scams

Foreclosure Notice? Mortgage “Experts” to the Rescue! –But Beware of Greeks Bearing Gifts! The day you’ve been dreading: a foreclosure notice from your bank arrives in the mailbox. Your mortgage payments have been late—or not paid at all. You’re about to lose your home. Then you get a call from a “mortgage specialist,” claiming years […]

Response to New London Day Bankruptcy Article

This is my letter in response to an article in The Day ‘Personal bankruptcies easing after dramatic increase in ’09’ by Lee Howard. Hi Lee Howard: I read your article regarding bankruptcy statistics. I respectfully disagree with the interpretation of the bankruptcy statistics presented. Let me first cite a little piece of bankruptcy history as […]