2008 January 12 : Bankruptcy Law Network

Archive for January 12th, 2008

Will My Ex-Spouse Have to Pay the Debts Discharged in My Bankruptcy? »

By Craig Andresen, Attorney at Law on Jan 12, 2008 in Bankruptcy Myths, Bankruptcy Practice and Procedure, Discharge, What Can and Cannot Be Forgiven, General Bankruptcy Information, Marriage and Debt | 0 Comments

If you file bankruptcy, you might be concerned about listing debts included in your divorce decree. Perhaps the divorce decree assigned certain debts to you, and you are worried that the creditors might ask your ex-spouse to pay the debts if you do not.
While this is a valid concern, remember that you do not [...]

State must regulate brokers of sub prime mortgages »

By Cathy Moran, California bankruptcy lawyer on Jan 12, 2008 in Foreclosure Issues, General Bankruptcy Information, Mortgages | 0 Comments

For every subprime loan, made to a borrower who could never realistically hope to repay the debt, there is a mortgage broker with a license from the state. The states must investigate how supposed professionals urged on their clients ruinous loans that have lead to the foreclosure explosion.
As we watch waves of foreclosures, investigation [...]

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Illinois Rings In 2008 With New Gift Card Law

Beginning January 2008 retailers selling gift cards and gift certificates in the state of Illinois are required to honor those cards for a minimum of 5 years and businesses are not allowed to assess fees or charges against the card balance. In a typical gift card transaction, a business receives payment upfront in return for a promise to supply a good or service to the card holder at some time in the future. This new law, <a rel="nofollow" target="_blank" href="http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=095-0525"> HB 369, Public Act 095-0525</a>, requires businesses to honor that promise and to provide full value for a period not less than 5 years. In the past, some merchants charged a fee or forfeited the remaining amount on the card if the entire balance was not used at the time of the purchase. Other merchants charged a monthly fee on the unused balance of the card. In those examples, merchants received full payment in exchange for the card, but did not provide full value to the consumer. Under the new law it is a consumer fraud and deceptive business practice act violation to sell a gift card in violation of the above terms. The law does make an exception for cards issued for food products, telecommunication cards and cards issued for redemption by multiple sellers. Violations of the law should be brought to the attention of the Illinois Attorney General or your <a rel="nofollow" target="_blank" href="http://www.ABankruptcyLawyer.net"> Illinois consumer law attorney</a>.<br><br><br><br>

Bankruptcy Law, Obama and McCain

Over on the Bankruptcy Law Network, I have been writing a series of blogs on Senators Obama and McCain’s positions on bankruptcy. The results may surprise you. The articles may be found by clicking on the links: Obama vs. McCain on Bankruptcy Obama and McCain’s Votes on Bankruptcy Amendments Barack Obama on BAPCPA Barack Obama on Bankruptcy/Credit Reform addthis_url [...]

Maryland Foreclosure “Moratorium” to Expire Soon

When Governor O’Malley signed into law changes to Maryland’s foreclosure laws effective on April 4, 2008, new foreclosure filings stopped. Although the new law’s changes were, in most instances, more cosmetic than substance (see my article on the Mortgage Law Network, “Changes to Maryland Foreclosure Law: Steak or Sizzle?“) they contained provisions that resulted in [...]

Whatever Happened to Usury Laws?

Usury is defined in Webster’s as, “the lending or practice of lending money at an exorbitant interest.” All states, including Maryland, have laws prohibiting usury—in Maryland, the default rate of interest is 6%, and most loans cannot exceed 24%. So how is it that many credit cards have annual rates of 30% or more? How [...]

US Trustee Audits to Resume May 12, 2008

According to an article on the US Trustee website, random debtor audits, which were halted in January 2008 due to budgetary problems, will resume on May 12, 2008. The only change appears to be that instead of randomly auditing one out of each 250 cases filed, the UST will audit one out of each 1,000 [...]

Archive for January 12th, 2008

Will My Ex-Spouse Have to Pay the Debts Discharged in My Bankruptcy? »

State must regulate brokers of sub prime mortgages »

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