“Consumer debts” incurred after you file a chapter 13 case that are “necessary for the debtor’s performance under the plan” can be included in your bankruptcy case. With chapter 13 plans requring payments for up to five years, it is likely that, while your case is pending, you may incur additional debts. What happens with these [...]
February 2009
A new bill, H.R. 1106 to Prevent Mortgage Foreclosures and Enhance Mortgage Credit Availability, has been introduced in the U.S. House of Representatives and is scheduled for a vote on the floor Thursday. The sections for mortgage modification in chapter 13 bankruptcy are in the first part of the bill. H.R. 1106 incorporates H.R. 200 [...]
This past December, Bankruptcy Judge Deasy of the District of New Hampshire decided In re Porter, 399 B.R. 113 (Bkrtcy.D.N.H. 2008). The debtor and home mortgage servicer in the case had submitted a reaffirmation agreement which added only one new provision to those of the original loan: that the debtor be liable for $350 in [...]
American Express wants you to go away. And it’s willing to put its money where its mouth is. American Express is cutting customers off all over the place lately. Either closing their accounts or cutting available credit lines. In the current environment with financial services companies (lenders) trying to hang onto cash and build up [...]
The credit crunch and recession are biting everywhere. Even in mega-rich Beverly Hills. Sometimes you just see news stories that make you want to pull out your violin to play a sad song. And then there are stories that encourage you to learn the world’s smallest violin. In this case, CNN reported over the weekend [...]
A terrible recession ought to be a great time for bankruptcy lawyers. With so many people and businesses in financial trouble, bankruptcy lawyers certainly have a lot of demand for their services. Bankruptcy lawyers are told their business is “counter-cyclical” — meaning that we are at our busiest when the economy is down. But interestingly, [...]
