Tag Archives: bankruptcy

The post where Joe makes up some excuse for forgetting about the blog post.

29 Jun

So let’s be honest here, none of our imaginary readers thought that we would be able to keep up with a frequent blog. I mean, intern Derrick is an international man of mystery intrigue sophistication internationalism. And, frankly, this is the first time I’ve even tried to use a keyboard. Expectations should be low people.

While intern Derrick has been going through his own life crisis related to the horrors of dial-up internet, I have experienced a series of experiences that has kept me from being in touch with my own abnormal reality (in other words, my google reader has more than 100 unread posts). I have recently relocated to Macon, Georgia, where I will start law school in August at Mercer University. In the mean time, I am working for my uncle’s bankruptcy law firm doing little menial work and learning as much as I can about the law. Since my work is so menial, I should be able to post on this blog from time to time. Don’t act so excited!

As it turns out, bankruptcy law is pretty interesting. Bankruptcy is under federal jurisdiction, and each Federal District Court lays out several regional (smaller) bankruptcy courts. There are two major types of bankrputcy, Chapter 7 and Chapter 13 (there is also Chapter 12, but that is for farmers, and honestly, who farms anymore?). Chapter 7 bankruptcy is also known as liquidation; it is where the debtor sells all their assets and the cash proceeds go to pay off as much of the debt as possible. The remaining debt is then “discharged” (insert immature bankruptcy lawyer joke here). In a Chapter 13 bankruptcy, you get to keep some of your assets (house, car, etc.), but you have to continue making payments on the debt under a five-year plan.

All that is kind of boring, I know, but there is some interesting things too. For example, did you know that you don’t have to be a lawyer to practice bankruptcy law? You can actually be a laymen who represents people in bankruptcies. Can you say, no bar exam? (The downside is that you cannot be covered under malpractice insurance, and therefore, if you mess up, you stand to lose everything, unlimited liability style.) Also, bankruptcy law is not on the bar exam (apparently neither is worker’s compensation nor social security law). So that means I’m learning all this stuff for nothing.

Wait… what?