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Archive for July, 2008

Cancel That Mortgage: The Grounds »

Mortgages can be cancelled in a process called rescission. Here’s an overview. Grounds for exercising this right given borrowers by Congress are found in problems with the mortgage closing documents for a residential second mortgage or refinanced mortgage.
Problems include the absence of Truth In Lending Disclosures, such as the Annual Percentage Rate (APR) for [...]

Cancel That Mortgage! »

Borrowers have three days to cancel a mortgage after signing the papers.  That three days is extended to three years (four years in Massachusetts), if the papers have certain problems.  The extension can even be forever, meaning that it can be used as a defense called recoupment, to oppose a foreclosure.
Cancellation is also called rescission.  [...]

Bankruptcy reform costly but pointless »

The government’s accountability office reports a 50% increase in the cost of bankruptcy. A large part of the increased expense can be traced to the means test, that supposedly objective measure of whether an individual has the ability to repay his creditors some of the debt he owes.
On this site, Kurt O’Keefe looked at [...]

New Massachusetts Homestead Decision »

Massachusetts Bankruptcy Judge Rosenthal in the recent case in re Zmijewski, 2008 WL 2705508 (Bankr.D.Mass.2008), added a decision to the many dealing with trusts and homesteads in Massachusetts. The Chapter 7 debtors, before their case was filed, conveyed real estate to a self-settled trust. The debtors were sole trustees and beneficiaries. However, they [...]

Bankruptcy Reform, Looking Back »

Bankruptcy laws were massively changed effective October 17, 2005.
One of the selling points, was that too many people were filing, and this cost the rest of us $400 per year, because our cost of borrowing was higher to cover the losses from all those deadbeats filing Chapter 7.
Well, the credit card company losses were [...]

Do Objections To Claims Need To Be Served Like Adversary Proceedings? »

No!  Objections to claims do not need to be served in the same manner under Bankruptcy Rule 7004 as Adversary Proceedings.  This is because even though an Objection to Claim is a Contested Matter generally covered by Bankruptcy Rule 9014, the claims objection process is further governed by Bankruptcy Rule 3007.

Bankruptcy lawyers everywhere grateful for attorney Robert Wilbert »

 
Jacksonville bankruptcy attorney Robert Wilbert is accustomed to giving away his legal expertise as a staff attorney for Jacksonville Area Legal Aid, but the free service he provides thousands of his colleagues is just as priceless.
Since the enactment of The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in late 2005, practicing consumer bankruptcy law has become [...]

Can A Disallowed Claim In Chapter 13 Resurface? »

So your attorney objected to a claim and got it disallowed in your Chapter 13 case.  A year later, the creditor decides to move the court to reconsider the claim.  Can they do this?

Debt Scavenger Wants Attorney To Break Law In Bankruptcy Proceeding. »

It seems to be happening more often these days.  A bankruptcy case is filed, the law firm for the debtor pursues a debt scavenger for illegal behavior, and the debt scavenger then agrees to certain terms to resolve the illegal behavior, but conditions the same on a provision that the attorney or their law firm [...]

Delay Your Bankruptcy Discharge By Making False Tax Return Statements »

Kansas City, Missouri Bankruptcy Law Attorney Rachel Lynn Foley her article on this site, Do Not Lie To The Bankruptcy Court speaks about the potential criminal results of lying in a bankruptcy.
Delay of the discharge of your debts is a less, but also important, potential result.
One way to delay your discharge (and to cost you money) is falsify the information [...]