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Archive for December, 2007

Illegal Foreclosures »

Money moves faster than the paper.  Wall Street securitized trusts have “agreements” for the transfer of mortgages, but the mortgages have not been actually transferred to the trusts.  The trusts have no rights under the mortgages but, never you mind, they’ve gone ahead with foreclosures.  Rules?  Laws?  Who cares.  They got the money.
A judgment is [...]

Sub-Prime Crisis Leading to Recession »

     I hate to sound like a broken record, especially at holiday time, but, those with more expertise than I are voicing the same opinion, the sub-prime mortgage crisis has started the dominoes falling toward recession, which always brings more bankruptcies.
The sub-prime mortgage crisis has spread, throughout the world financial system.
The Federal Reserve Board, European [...]

The Right Time to Visit a Bankruptcy Lawyer is Now »

I took a holiday today, and stayed home to build and decorate a gingerbread house with my seven-year-old (which I highly recommend, by the way, but be warned–royal icing really is like cement). I got a phone call from my assistant, to update me on office matters, and she told me about a phone [...]

Will Bankruptcy Reform Increase Home Mortgage Interest Rates? »

Proposed new bankruptcy legislation designed to help troubled homeowners will benefit consumers without hurting the industry.  It would allow consumers with bad home loans to get help from the bankruptcy court.  Lobbyists for big banks argue that granting bankruptcy courts the ability to modify home mortgage terms will increase interest rates.  Adam Levitin, a Georgetown law professor, [...]

Who are the Trustees in your Neighborhood? Part III »

If you are in the Western District of Missouri, Kansas City Division, there are 10 Chapter 7 Trustees. You can never choose the trustee for your case, they are assigned by the Court at the time of filing. So far we have introduced you to Mr. David C. Stover.
Now, let [...]

Embedded Giving: Another Hook for the Compulsive Shopper »

A recent New York Times Article Charity’s share from shopping raises concerns calls it “a marketing gimmick run amok” and warns that the potential for scamming is huge. The practice of embedded giving , of building a donation to charity into the purchase price of a particular item or items from a certain retailer, has [...]

Can They Still Take My Furniture, Jewelry, and Electronics after Bankruptcy? »

Maybe.  It all depends on whether there is an enforceable security agreement between you and the lender concerning the collateral.  In most cases, either the security agreement is not enforceable, and even if enforceable, it is simply not economically viable to repossess the assets and make a profit. 

What Do I Do If I Am Sued On A Credit Card Account? »

Every person sued in a court of law is entitled to a trial on the merits of the case.  A credit card lawsuit is no different than any other legal dispute that ultimately reaches the court system.  Sometimes a person can avoid filing bankruptcy by successfully defending against a collection lawsuit.  If you are served [...]

Bankruptcy, The Automatic Stay, and Student Loan Debt Collector’s Telephone Calls–Which One Doesn’t Belong? »

When a person files for bankruptcy protection, whether the petition is filed under Chapter 7 or Chapter 13, the U.S. Bankruptcy Code imposes an automatic stay against the collection of all debts. That stay applies to all creditors and all debt collectors. There are small exceptions, for example–for ongoing domestic support [...]

Can You Keep your Car in Bankruptcy? »

Before the new Bankruptcy Laws changed, most people throughout the United States were able to keep their vehicles when they filed a bankruptcy as long as they continued making their monthly car payments.  A reaffirmation agreement was not necessary.   But when the new Bankruptcy Laws went into effect on October 17, 2005, many car [...]