After waiting more than two years for a decision, U.S. District Judge Droney of Connecticut ruled on September 9, 2008 that attorneys must be free to advise clients regarding their finances free from governmental interference. Â In a further move, the judge also agreed that certain of the Bankruptcy Code provisions enacted in 2005 are overly [...]
September 2008
The Means Test is not a pretty part of the new bankruptcy filing requirements. Above Median Income filers need to compare their income and expenses against allowances based on the Internal Revenue guidelines for delinquent taxpayers. The new statute is not particularly clear on a number of issues, including two which concern the form’s three [...]
The Dow Jones Industrial Average fell over 777 points today. This is the largest one day point drop in history. However, the percentage drop is not the worst in history although it is significant. I must admit that it was very difficult to work while history was being made. While I was glued to the television [...]
Two months ago I listed six attacks on mortgages. The first was to rescind the mortgage under the Truth In Lending Act in a Chapter 13 bankruptcy, and pay a dividend on the remaining obligation, which amount is based on the debtor’s disposable income. I advised that this argument won at the Massachusetts bankruptcy court level [...]
The client came in to address just his overwhelming credit card debt and left prepared to restructure his business and relocate to his retirement home. Bankruptcy became an opportunity to address all of the client’s financial commitments and square them with his mid range plans for his life. Pretty neat! Because a debtor must list [...]
Confirming the worst fears of middle class homeowners, the $700B Wall Street Bailout will do virtually nothing to help homeowners. Democrats, as usual, fail to seize upon their power as majority and give in to Republican demands that bankruptcy reform be stricken from the deal. In the end, the failure to include language allowing bankruptcy [...]
