The Obama transition has clarified its position on the modification of home loans in bankruptcy. Obama and Biden are calling for a change in the bankruptcy code to allow modification of the terms of loans on the debtor’s primary residence. With the recent introduction of legislation by Senator Dick Durbin to modify the bankruptcy code, [...]
January 2009
Today was the first day of the new Congress in Washington. And bankruptcy is on the front burner. A new law to amend the Bankruptcy Code, designed to fight foreclosures by allowing bankruptcy judges to erase some mortgage debt in chapter 13, was proposed today. Congressman Brad Miller, (D- N.C.) who introduced the bill says, “Economic conditions have [...]
The September 2008 bailout of American International Group (AIG) as “TBTF” (Too Big To Fail) has generated continuing headlines as the scope of its losses has become apparent. What initially was an $85 billion “cash infusion” has turned into a nearly $130 billion loan/purchase of equity by the US Government by the end of 2008, [...]
Grab as many staplers as you can carry. No, I am kidding. Staplers are not worth what they used to be, what with document scanning these days. Staple pullers? Maybe. Seriously, the headlines are full of stories about massive corporate layoffs and bankruptcies. A local steel mill shut down for an undetermined length of time, [...]
In this four-part series, I will discuss the four areas of the economy that are likely to contribute to an ever worsening economy over the next year. I’m starting with the area of the economy that has received the most attention recently, the auto industry. Everyone knows that GM, Ford and Chrysler are in serious [...]
Most U.S. Courts of Appeals and some Bankruptcy Appellate Panels where bankruptcy appeals are litigated have begun accepting the filing of documents electronically. Most bankruptcy attorneys are familiar with electronic case filing and will welcome the ability to file their documents online over the Internet instead of mailing documents to far away court clerks. Most [...]
