Donald Trump Loves Bankruptcy

Donald Trump has written many books about business but they all seem to end at Chapter 11! The following summary of the six (6) Trump bankruptcies was complied from the Associated Press; Washington Post; and Politifact news organizations. Bankruptcy # 1: The Trump Taj Mahal, 1991 Trump’s first bankruptcy involved the construction of the $1,000,000,000.00 billion Trump Taj Mahal casino in Atlantic City, N.J., which opened in 1990.  A year later, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities. Bankruptcy # 2: Trump Castle, 1992 Within a year of 

Read More

Is a lump sum workers’ compensation settlement protected in bankruptcy?

Workers’ compensation awards may be exempted under 11 U.S.C. § 522(d)(11)(E) Section 522(d)(11)(E) provides as follows: (d) The following property may be exempted under subsection (b)(2) of this section: (11) The debtor’s right to receive, or property that is traceable to (E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. 11 U.S.C. § 522(d)(11)(E). Workers’ compensation awards are given to offset a worker’s loss of future earnings as a result of 

Read More

Buying a Home After Bankruptcy

Buying a Home After Bankruptcy It’s getting easier to get approved for a mortgage. The wait time has been reduced to 2 Years for Fannie Mae mortgage loans and 1 Year for FHA mortgage loans.  The FHA Back to Work allows certain mortgage borrowers to apply for a mortgage within 12 months after a significant derogatory event on their credit report.                                                      “Significant derogatory event” is defined as any one of the following which may 

Read More

What happens if I hide a lawsuit during my bankruptcy?

The Bankruptcy Code, 11 U.S.C. § 521, requires debtors to disclose any potential claims during the bankruptcy proceedings.  Section 521 lists various duties of a debtor.  All debtors must file a schedule of assets and liabilities and a statement of financial affairs. The filing of a bankruptcy petition creates a bankruptcy estate, which consists of “all legal or equitable interests of the debtor in property” as of the commencement of the case. In re Allen, 768 F.3d 274, 281 (3d Cir. 2014) (quoting 11 U.S.C. § 541(a)(1)). The scope of 11 U.S.C. § 541(a)(1) is broad, and it includes all 

Read More

STEPHEN M. DUNNE, ESQ. RECOGNIZED AS A 2015 BANKRUPTCY SUPER LAWYER

Stephen M. Dunne, Esq. was selected to be a 2015 Super Lawyer: an honor bestowed on only 2.5 percent of attorneys in Pennsylvania each year. AWARDS: LEGAL RATINGS COMMUNITY SuperLawyers is a service that uses a very thorough process (it’s been patented!) to rate lawyers. The 12 important factors on their list include their legal track record, and also things like community service, honors and awards, special licenses and education, and much more. Only 2.5 percent of nominated lawyers obtain SuperLawyer status. Super Lawyers Profile: Stephen M. Dunne, Esq. AVVO rates lawyers based on a number of factors and gives Dunne Law Offices, P.C., 

Read More

Hope Matters Radio Show for April 12, 2014

  If you or someone you know is faced with Bankruptcy or Divorce, then we are here to help! This Saturday at 10am we will be joined by Bankruptcy Attorney Stephen Dunne and Divorce Attorney Betty Lupo as they share their knowledge and expertise. Also this week Diane Hemmerle of Harvard Abstract makes her co-host debut, Joe Cunningham shares this week’s Real Time Real Estate and Ian Meierdiercks shares the Word On Wealth. Tune in this and every Saturday at 10am on News Talk 990 AM or LISTEN LIVE at www.hopemattersradio.com/listen-live    

Judicial Estoppel and Bankruptcy

All Lawsuits Become Property of the Bankruptcy Estate Potential claims for violations of the Fair Debt Collection Practices Act (“FDCPA”) become property of the bankruptcy estate upon the filing of the petition for relief. This is true regardless of the chapter under which the debtor files. Any potential claims must be listed as an asset on the debtor’s schedule of personal property – Schedule B. Line 21 on Schedule B is used to list “Other contingent and unliquidated claims of every nature.” Here, the debtor should describe the claim. For example, the debtor might list “Unliquidated FDCPA claim against ABC Collection 

Read More

Mortgage Foreclosure After Bankruptcy Discharge

The bankruptcy case terminates your legal liability on the secured debt as in a car loan or house loan but it does not remove the lien that was posted against the property when the loan was given. This is a difficult legal concept for many people to understand. A bankruptcy wipes out unsecured debt, any debt that is not a loan against a tangible asset, as in a car or house.   A bankruptcy discharge bars future enforcement of the debtor’s pre-petition, personal obligations on the debtor’s property; liens however generally survive bankruptcy and can be enforced after the bankruptcy ends. 

Read More

Your Legal Rights After a Pennsylvania Sheriff Sale

Shenanigans sometimes occur during a sheriff sale. Homeowners are occasionally shocked to find out that their family home was sold at a sheriff sale. The reasons for these Shenanigans varies from incompetent lawyering to outright criminality. Sometimes homeowners never receive any notice of the underlying foreclosure complaint but they always seem to receive notice of the action in ejectment, which is the legal method to obtain possession of the property after a sheriff’s sale. What Happens After a Sheriff Sale First the sheriff must file a schedule of distribution within 30 days after the sale. If no objections are filed 

Read More

IRS Form 1099-C After Bankruptcy

IRS Form 1099-C After Bankruptcy A 1099 is a tax reporting form that you may receive if you earn certain types of income. Typically, you will receive a 1099 if you are an independent contractor rather than an employee. A less common use of a 1099 is to report the amount of a forgiven or canceled debt, which the IRS treats as income. Why Was the 1099-C Sent A 1099-C is generated by a financial institution, such as a lender, after a qualifying event. A qualifying event occurs when the entity has written-off or cancelled a debt in excess of 

Read More