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Archive for November 1st, 2007

What Does the Audit Firm Do If My Bankruptcy Case is Chosen For Audit? »

If your bankruptcy case is selected for an audit, the audit firm first sends your attorney a list of documents that need to be sent to them within 21 days. If neither you nor your lawyer respond to the auditor’s requests for documents, or if an insufficient response is received, they will file a [...]

Pennsylvania Department of Banking Foreclosure Report Spurs New Legislation »

In 2003, the Pennsylvania House of Representatives directed the Pennsylvania Department of Banking to commission a study on the residential mortgage industry.  The study was released in 2005 and was entitled “Losing the American Dream: A Report on Residential Mortgage Foreclosures and Abusive Lending Practices.”  The report rattled lawmakers by revealing that Pennsylvania is home [...]

Congress Urged to Adopt Bankruptcy Change to Save Homes »

“H.R. 3609 would allow a debtor to modify a home mortgage by reducing the amount of the debt to the fair market value of the property, if the property is worth less than the amount of the debt, and to pay that debt at reasonable rates in accordance with existing Supreme Court precedent,” according to [...]

Why is There Bankruptcy? »

If you are thinking about filing a bankruptcy case, you might have also been pondering about just why there even is a bankruptcy process.  Shouldn’t people just pay their debts?  Why should Congress enact a law that allows you to avoid paying a debt?  This just seems too easy.  After all, you may have a [...]