I started this blog because I keep up on the latest developments in bankruptcy law and related news, and enjoy discussing these subjects with others. In addition to the constantly evolving bankruptcy case law, there are many umbilical cords that connect the daily news to bankruptcy. This blog keeps my readers apprised of the latest developments in bankruptcy law and discusses the news in a bankruptcy context.
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I. What Is Mortgage Rescission? Rescission is a way for a borrower to get out of a mortgage that was fraudulently or deceptively originated. For example, if the lender misrepresented the terms of the mortgage by failing to disclose a balloon payment, or the nature of the adjustable rate,...
In my last post I discussed the three basic requirements a Chapter 13 plan must meet to get confirmed. In this post I will discuss a powerful Chapter 13 tool that has no Chapter 7 analogue: lien stripping. (No, it’s not X-rated.) I. Lien Stripping On The Debtor’s Primary Residence...
The goal in Chapter 13 is to use future income to pay all or a portion of one’s debts through a court approved and administered Chapter 13 repayment plan. The judge assigned to the case must confirm the plan. During the confirmation process the creditors are permitted to have some input. ...
Can you really get that bankruptcy legally removed from your credit report? If only it were so easy. After bankruptcy you’re looking to rebuild your credit. That’s understandable because you want to be able to get financing for a car or a new home at some point. You do some searching...
I will be covering the topics of “Chapter 13: Vehicle and Mortgage Complications” and “Formulating a Confirmable Chapter 13 Plan” at the “Complex Bankruptcy Issues” seminar for the National Business Institute on May 2, 2012 in Orange, California. This...
This post gathers my thoughts on three eye openers. Some were in the news, and some I experienced first-hand in my bankruptcy practice. The common thread among these eye openers is a profound threat to the freedom and wellbeing of the citizenry. I. Debt Collector Abuses A. Whole...
In my last post – the one about the taxation of cancellation of debt income - I promised I’d write about discharging income taxes in bankruptcy. In fact, I recently published an article on the subject, but the flavor was a bit dry and technical. I’ll try to make today’s...
Although I posted an article on this topic of tax debts after foreclosure on July 12, 2011, this question still comes up fairly frequently. Therefore, another blog post on it is in order. However, this one will not be a carbon copy of the July 12 post. I. The Five Exceptions To...
I. Loan Modifications: The New Scam On America In the January 20, 2012 issue of the Wall Street Journal’s Market Watch, Lew Sichelman shared a few of the many letters he received from homeowners detailing their nightmarish experiences in trying – unsuccessfully – to...
A fellow attorney recently asked me this question because the Trustee kept continuing his Chapter 7 client’s meeting of creditors under 11 U.S.C. § 341(a). What’s a work here? By the way, you may wonder if fellow attorneys really are asking me these questions that I answer in the...