Chapter 7 debtors can keep personal property they have pledged as security for a loan by paying the present value of the item, rather than the balance of the debt. I did my first motion to redeem property this month and got an order allowing the client to get clear title to two vehicles he [...]
January 2009
You should soon be able to get rid of your mortgage altogether, based on a really sweet spot of the newly proposed Helping Families Save Their Homes in Bankruptcy Act of 2009 which is fast-tracked for a 01/21/09 enactment and retroactive applicability. A mortgage can be canceled if the closing documents are incomplete. See “Cancel [...]
Fannie Mae announced today that it is stopping foreclosure sales and evictions of single-family properties through January 31, 2009. The temporary suspension is to give Fannie Mae time to work with mortgage servicers to implement the Streamlined Modification Program (SMP). According to Fannie Mae, the “SMP is aimed at the borrower who has missed three [...]
As pushed for years by my fellow bloggers, such as Illinois and Wisconsin bankruptcy attorney David Leibowitz, Congress is considering chapter 13 bankruptcy law (as explained by New Orleans bankruptcy attorney Kevin Gipson) changes that would allow courts to modify mortgages to allow homeowners to pay what their home is worth, instead of the entire [...]
Do you get to keep your tax refund when you file for bankruptcy? Many people who are thinking about bankruptcy at this time of year forget that their income tax refunds are a valuable asset. If you file your bankruptcy case before you get your income tax refund, you may lose it. If your income [...]
The National Taxpayer Advocate is taking the position that IRS collection officers need to consider all alternatives in working with down on their luck taxpayers. Congress established the Taxpayer Advocate program as part of the Internal Revenue Service Restructuring and Reform Act of 1998, legislation often referred to as the “Taxpayer Bill of Rights III.” [...]
