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 [...]

Much has been written over the last year about the home loan industry. The newspapers are full of stories about lender bankruptcy and legislation to save homes from foreclosure.
However, a new problem is beginning to surface. Clever investment bankers, not limiting themselves to securitization of home loans, have managed to create huge investment [...]

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 [...]

Following the huge increase in foreclosures across the country, repossessions of vehicles are up 10% nationally over the year before. Most people finance a car based on the monthly payment and to accommodate those borrowers, lenders are now offering car loans as long as SEVEN years!
While the monthly payment might be low, overall [...]

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 [...]

Recently, a class action lawsuit was filed in a Texas Bankruptcy Court over the proper disclosure of fees. This may seem like a rather mundane issue to be discussing on this blog, but the truth about where these fees are going and who they are going to is going to be analyzed in the [...]

Let’s face it, times are tough and the future isn’t looking too bright. The U.S. economy is heading into a recession, and you’ve just received your discharge in bankruptcy.
Sure, things don’t look too promising right now, but, you are actually in the best position that you could be in. You may be saying [...]