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Bankruptcy

The Bankruptcy Lawyers Blog

From attorney Kevin Chern, covering the Bankruptcy Code.

Post Frequency: 5.1/day

Last Entry: March 30, 2011 at 10:07:51

House Votes End to HAMP

Posted on March 30, 2011
In a 252-170 vote, the U.S. House of Representatives approved elimination of the controversial Home Affordable Modification Program (HAMP). While the measure will likely fail in the Senate, this largely symbolic vote would be vetoed by the White House if...

Montana Businessman's Bankruptcy Fraud Scheme

Posted on March 25, 2011
The Billings Gazette reports that a Montana businessman is facing federal fraud charges for misappropriating money from creditors, filing for bankruptcy to delay paying creditors and lying about his debts. Mitchell John Romersa, 49, pleaded not guilty on March 23...

New Chapter 7 Trustee on Bankruptcy Reform

Posted on March 21, 2011
Central Florida consumer bankruptcy attorney Lori Patton became a Chapter 7 trustee for the Federal Bankruptcy Court in Orlando last year. While she still takes Chapter 13 cases in her practice, she has turned her Chapter 7 cases over to...

SJC: No Spousal Equity in Bankruptcy

Posted on March 09, 2011
The Massachusetts Supreme Judicial Court ruled Monday that spouses do not share the equality they would see in other proceedings, such as divorce, when one of them has a matter before a bankruptcy court. Justice Judith A. Cowin' s decision...

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New Foreclosure Mediator Contract for Miami-Dade

Posted on March 07, 2011
Last week, Florida's 11th Circuit Court awarded the state's largest foreclosure mediation program to a new manager, Tampa-based not-for-profit Oasis Alliance Corporation. For the past two years, The Collins Center for Public Policy, a Tallahassee-based not-for-profit has been handling the...

Same Sex Married Couple Files Chapter 13 in Los Angeles

Posted on February 28, 2011
In what would appear to be the first of its kind, a legally married gay couple has filed a joint Chapter 13 petition in the Los Angeles Division of the U.S. Bankruptcy Court for the Central District of California on...

Debtor Prosecutions Rise Amid Poorly Hidden Assets

Posted on February 17, 2011
The ABA Journal reports that bankruptcy trustees are cracking down on debtors who are not properly disclosing their assets – and in some cases flat out lying. The rules violations have certainly increased with the increase in personal bankruptcies being...

Bankrupt Politicians - In the Financial Sense

Posted on February 09, 2011
Last week, Rep. Ruben Hinojosa (D-TX) filed for personal bankruptcy with $2.9 million in liabilities. In a written statement, Hinojosa blamed his bankruptcy on a loan he personally guaranteed for his family's meat company. The 8-term congressman serves on the...

A Clamp Down on HAMP?

Posted on February 02, 2011
Yesterday, Senator Sheldon Whitehouse (D-RI) led the Senate Judiciary Committee in exploring whether bankruptcy courts should be allowed to assist struggling homeowners modify their mortgage terms. At issue is producing a viable way to stem the massive tide of foreclosures...

Can Bankruptcy Courts Limit Homeowner and Investor Losses?

Posted on February 01, 2011
bankruptcy foreclosure mortgages

Changes to ARM Disclosures Go Into Effect Sunday

Posted on January 27, 2011
As the mortgage crisis has had a definite impact on the amount of consumer bankruptcy filings, the Federal Reserve revised the Truth in Lending Act to make loan documents more understandable for borrowers. On Sunday, January 30, lenders will be...

Capital One Bank to Refund More Than $2 Million in Improperly Collected Consumer Bankruptcy Monies

Posted on January 20, 2011
The U.S. Trustee Program (USTP) announced that Capital One Bank (USA) N.A. is to refund about $2.35 million to consumers in bankruptcy, or their bankruptcy estates, for amounts received by Capital One as a result of erroneous claims it filed...

Coalition for Debtor Education Attempts to Raise Awareness on Bankruptcy and Debt-Related Issues

Posted on January 14, 2011
Managing your money is no longer a simple and straight-forward job. You need an in-depth exposure to financial education in order to survive in the current unstable economy. A decade ago, Karen Gross, an ex-professor of law at New York...

Justice Kagan Rejects Consumer Bankruptcy Argument in Her First Decision

Posted on January 12, 2011
Consumer debtor Jason Ransom will not be able to shield $471 per month from creditors by seeking an automobile exemption for a Toyota Camry he owns outright. Justice Elena Kagan ruled against the 'applicable' expense provision in her first decision...

U.S. Personal Bankruptcies Rise 9% in 2010, Expect a Bigger 2011

Posted on January 04, 2011
Personal bankruptcies continued to climb in 2010 to reach a record high of 1,530,078 filings. This was the highest since the 2005 federal Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) went into effect. The Sun Sentinel is reporting that...

The Bankruptcy Means Test Is Complex - Do Not Go It Alone

Posted on January 03, 2011
Determining whether an individual consumer qualifies for chapter 7 bankruptcy has become more difficult since 2005. In 2005, the bankruptcy code was overhauled to include the infamous "means test." This same formula is also used to determine whether that same...

Consumer Bankruptcy Filings Finally Drop in the US, says ABI Report

Posted on December 29, 2010
A recent survey by American Bankruptcy Institute (ABI) discloses that filings for consumer bankruptcy in America have finally dropped. Bankruptcy rates have been shooting up for quite some time but the filings in November this year has been surprisingly the...

Ho, Ho, ...Hum? Make the Most of Your Holiday Downtime

Posted on December 22, 2010
You're stuck at the office but things have slowed to a crawl. The phone's not ringing and you've already updated your Facebook page. What to do? The Legal Intelligencer has a great post by Neen James with some great tips...

Bankruptcy Court More Effective Than Loan Modification Efforts

Posted on December 20, 2010
Homeowners are finding that obtaining a loan modification even with an attorney's assistance is costly, lengthy and only 50% successful. Filing for bankruptcy has become a viable option for consumers earning an income but facing foreclosure. Helping a client file...

Congress Finds BAPCPA Ineffective?

Posted on December 16, 2010
Late last week, the Congressional Research Service, the public policy arm and 'Congress' think tank,' released a report entitled 'Consumer Bankruptcy and Household Debt' which focused on the effect of its 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)...

First Mortgage Exempt From Deficiency Judgment After Short Sale - Starting Jan 1, 2011

Posted on December 13, 2010
A common question from homeowners exploring bankruptcy options is whether to attempt a short sale instead of filing for bankruptcy. This is a difficult question to answer in general as there are a number of factors to consider and weigh...

Bankruptcy Code Time Machine

Posted on December 03, 2010
If you need to know how the United States Bankruptcy Code was written before a certain date, a cool new online tool is now available that will let you set a date in the 'way-back machine' and let you see...

Smarter & Richer Bankruptcy Filers in 2010

Posted on November 29, 2010
With the largest number of Americans filing for personal bankruptcy – over 1.6 million – the highest number since the 2005 BAPCPA regulations, a number of interesting indicators have developed portraying a new face to persons now seeking protection in...

Reaffirmation Agreements and the Attorney's Role

Posted on November 18, 2010
Is the consumer bankruptcy attorney more effective as a counselor and advocate for their client than as a gatekeeper for the court? Should Congress shift the formal regulation of reaffirmations under section 524 from the lawyers to the courts? In...

A Homeowner's Chapter 11?

Posted on November 08, 2010
The mortgage crisis has brought about plenty of hand-wringing and finger-pointing as to how it happened and who is responsible. It has also produced numerous theories and ideas for a solution. One intriguing concept was recently proposed by renowned economics...

Bankruptcy Filing and Holiday Shopping

Posted on November 01, 2010
It's November 1st and the holiday season is revving up to full speed. Many consumers, who have been considering filing Chapter 7 or Chapter 13 bankruptcy, may now think it's better to wait until the New Year to file. But...

Senior Credit Card Debt Increasing Bankruptcy Filings

Posted on October 25, 2010
Americans 55 and older have traditionally fallen under financial hardships due to health problems and medical debts, but a substantial increase in consumer bankruptcy filings by the elderly are showing credit card interest and fees to be their primary reason...

Personal Bankruptcies Highest Since 2005

Posted on October 19, 2010
For the first time since the BAPCPA was passed five years ago, the number of consumer bankruptcy filings has reached those record-high levels. According to the National Bankruptcy Research Center, there have been 1.2 million personal filings for the first...

"Chapter 20" Bankruptcy

Posted on October 08, 2010
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Posted on October 04, 2010
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