The Federal government is attempting to force mortgage companies to change the terms of  Adjustable Rate Mortgages.
With the 2.3 million sub-prime ARMs coming off the teaser rate by the end of 2008, increasing many mortgage payments by hundreds of dollars per month, the crisis grows and grows.
This will lead to an estimated million plus [...]

The Bankruptcy Court in the Eastern District of Texas, Sherman Division, recently found that a Debtor who sold his home through a wrap around note and who did not pay the mortgage company the money the debtor was receiving from the buyer could not discharge the debt owed to the buyer.

Traditionally bankruptcy has been known as a last resort, but that is no longer good advice. For many people, bankruptcy is a better choice than sinking further and further into debt, exhausting their savings and retirement plans, putting their homes at risk, or dragging their families into their financial mess.
While bankruptcy protection is [...]

The Internal Revenue Service announced today that interest rates for the calendar quarter beginning January 1, 2008, will drop by one percentage point. The rate of interest is determined on a quarterly basis.
For individuals, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. The new rate for [...]

Yes, the bankruptcy will not stop you from buying a car.  In fact, most people in chapter 13 find a need to replace a car at some point during their case.  Face it, cars break down, are damaged in accidents, or become stolen.  Many of my clients purchase vehicles while in bankruptcy.

Every debtor is required to attend the §341 Meeting Of Creditors, but for most consumer debtors this meeting is just a formality that isn’t anything to be afraid of. The meeting occurs in every bankruptcy case, whether it is a Chapter 7, Chapter 11, Chapter 12, or Chapter 13.
For larger cases, especially corporate [...]

The Bankruptcy Court in the Eastern District of Texas, Tyler Division, recently revoked a debtor’s discharge for (1) failing to schedule certain assets entirely and (2) substantially undervaluing other assets.
The Court found the debtor acted with fraudulent intent in intentionally not listing the assets and/or undervaluing the assets and concluded the discharge previously granted the [...]

A major irritation for debtor attorneys in Chapter 13 cases is the filing of a motion to lift the automatic stay by a home loan creditor when debtor has made all payments required under the plan. I have had Chapter 13 cases where as many as three unwarranted motions were filed by the loan servicer [...]

Another newspaper endorses the proposed changes to Chapter 13 bankruptcy law.
The sub-prime crisis continues to build, as anticipated by many posts on this blog. As hundreds of thousands of adjustable rate mortgages adjust up to monthly payments the homeowner cannot afford, declining values having foreclosed the option of re-financing [...]

This is the fourth article in a series covering “means test” issues. By now, you’re probably aware that consumers are required to file Form B22 (the means test form) with their bankruptcy papers.
Form B22 establishes whether you are eligible to file chapter 7, and sometimes dictates the level of repayment in a chapter 13 plan. [...]