Here is a list of some supporters of the concept for changing the existing law to remove the ban on judicial modification of primary home mortgages in chapter 13 bankruptcy to stem the tide of mortgage foreclosures: President-elect Barack Obama Vice President-elect Joe Biden Lawrence Summers, Chief Economic Advisor to President-elect Obama and former Secretary [...]
January 2009
Judge Federman issued his opinion in Marie v. Citibank, Case No. 07-6032 on November 20, 2008. The Debtor incurred over $210,000 in student loans seeking a doctoral degree in psychology. When she failed to obtain her degree, she filed for Chapter 11 and sought to have her loans discharged under §523(a)(8). At the time of [...]
Polonius in Shakesphere’s Hamlet said “Neither a borrower nor a lender be, For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.” At the time of Hamlet, debtors were selling off pieces of their estate to maintain the lavish lifestyle to the detriment of their financial well being. Shakespdere certainly [...]
Want to save a little money? Stop going to the health club! Americans need more exercise but paying to go to an exercise gym is a huge waste. Some 41 million Americans apparently have accounts with health clubs and gyms of various sorts, according to the Wall Street Journal. Many of those accounts are opened [...]
As reported in various media outlets, Senators Schumer and Durbin reached an agreement with Citigroup, Inc. on changes to the proposed bankruptcy mortgage modification bill, over exaggeratedly named Helping Families Save Their Homes in Bankruptcy Act of 2009 . The changes limit relief to existing mortgages and require debtors to jump through hoops by first [...]
One of the world’s biggest banks has agreed to support changes in the bankruptcy code to give judges the power to modify mortgages on the debtors home. Citigroup, Inc., has signed on with Senator Dick Durbin to S 61, a bill titled the “Helping Families Save Their Homes in Bankruptcy Act of 2009.” Senator Durbin’s [...]
