A bipartisan compromise bill in the U.S. Senate (S.2636), which closely aligns with a similar House bill, would allow bankruptcy courts to modify existing subprime mortgages to help families save their homes from foreclosure.
Under the terms of the Foreclosure Prevention Act, a borrower can qualify only if it can be proven that he or she [...]

Yesterday, I served as a judge in a contest organized by a local paralegal school. The class of prospective paralegals had just completed their 4 week bankruptcy unit and the teacher divided the students into three groups. One group presented a paper and oral explanation about Chapter 7, another about Chapter 13 and [...]

The Wall Street Journal editorial page weighed in Tuesday against S. 2636, the Foreclosure Prevention Act of 2008. The credit industry lining up against the bill is expected. And, probably to no one’s surprise, the Journal once again opposes a pro-consumer proposal.
You can tell a vote is coming soon — The anti-consumer arguments [...]

I had an interesting question today from a client who is preparing to file bankruptcy. When he and his wife married, they each owned a home. They moved into one, and rented out the other.
They have been talking with their tenant for some time about buying the home, but she has so far [...]

As consumer bankruptcy attorneys, the members of this network are on the cutting edge of bankruptcy issues, and more importantly, we see the latest trends and issues that consumers see in debt collection, mortgage fraud, credit card abuses, etc.  Well the two most common used words in my offices in 2008 are CASH ADVANCES.  It seems [...]

Chapter 13 bankruptcy permits a debtor to cure a delinquent mortgage payment over a period up to five years in length. Typically, a debtor proposes a plan to repay, or cure, the arrearage in equal monthly payments during the life of the plan. Some plans might involve staggered payments, eventually paying off the [...]

What happens to your tax refunds during the life of your Chapter 13 in the Western District of Missouri? Good question. As of two weeks ago the rules have changed. Previously you could keep the first $1,000 without scrutiny or question. Any amount between $1,001 and $2,500 you would send a [...]

I recently received the following question from a reader of my Atlanta Bankruptcy blog:
In my research, I have found out that I should and have the right to file “Notice of Conversion” along with a maximum $25 court filing fee in order to have this done. I would like some direction or guidance to [...]

Some of the categories of expense on the bankruptcy means test form (Form B22A for chapter 7, Form B22C for chapter 13) are “special.” This is because unlike the categories which use an IRS standard allowance to determine one of your household living expenses, the “special” categories use the actual expenses you incur for [...]

Student loans are hard to get rid of; even in bankruptcy. Congress only allows a bankruptcy court to discharge student loan debt when not doing so causes undue hardship for the debtor or the dependents of the debtor. The discharge rule for student loans is short and is set out in 11 USC §523(a)(8). Undue [...]