The House Judiciary Committee holds hearing today on HR 200, a bill to allow modification of home mortgages in Chapter 13. The hearing should be streamed on the Committee web site: http://judiciary.house.gov/hearings/calendar.html The witness list includes: Hon. Brad Miller U.S. House of Representatives 13th District, NC Hon. Jim Marshall U.S. House of Representatives 8th District, [...]
January 2009
On my way to bankruptcy court, I saw a Wachovia billboard touting savings , and I thought, “Hurrah!, Someone in addition to ING promoting saving, rather than spending”. Therein lies a blog, I was sure. On the train, before I could get to keyboard, I read a decision by Judge Deasy, ostensibly about the means [...]
When there isn’t enough money to make current mortgage payments on a first and second deed of trust, you are generally better off paying the first mortgage rather than the junior one. Homeowners find it tempting to pay the junior lien since the monthly payment is often smaller than the payment on the first. No [...]
The White House website has been updated to announce the Obama administration position on changes needed in the bankruptcy law. The administration promises to reform corporate bankruptcy laws to protect workers and retirees. Bankruptcy and credit card laws were included on the list of promised reforms. The information posted by the incoming administration complains that [...]
On January 5, 2009, Florida-based Mortgage Foreclosure Solutions, Inc., agreed to a $1.2 million settlement with the Federal Trade Commission. The FTC had sued the foreclosure “rescue” service in February 2008, alleging unfair and deceptive practices in violation of federal law. The defendant claimed, in numerous websites and blogs, that it could stop mortgage foreclosures regardless [...]
“I need to file bankruptcy, but I feel so guilty about not paying my bills.” I hear this a lot during initial conferences with clients asking about debt relief. My answer is usually the same: look at the amount of money you have paid to the credit card companies over the past several years, and [...]
