In June, people’s thoughts turn to marriage. These days, people’s thoughts also turn to bankruptcy. Clients ask me, “Should I file my bankruptcy case before my wedding?” It’s a good question. The answer is not always simple. Why should it matter? The main reason is the “means test.” The Bankruptcy Code says that you are [...]
June 2009
I often find that when asked about their insurance, my bankruptcy clients tell me that they are “covered by insurance from the mortgage company.” Bankruptcy or not, be very clear about this: if your insurance lapsed and you were notified by your mortgage company that they have obtained insurance for you, this insurance covers their [...]
Good news for California Homeowners who are in default on their mortgages. On February 20, 2009, Governor Schwarzenegger signed ABX2 7 and SBX2 7. These new laws provide additional time for borrowers to work out loan modifications who are presently facing foreclosure. This law went into effect June 15, 2009.
Senior citizens with fixed incomes frequently think about filing for bankruptcy. Even though we have experienced a horrible mortgage meltdown, many retired people have actually paid off their houses and, at least in theory, still have equity. Yet their social security income is not enough to live. Even worse, many pensions have been cut back [...]
It often happens that a creditor gets a judgment against you before your bankruptcy case is filed. That judgment is erased by the filing, unless it’s a type of debt that isn’t discharged anyway (fraud, theft, intentional injury, and the like). This doesn’t automatically mean that you need to file a bankruptcy case. You may [...]
Ever wonder how a bankruptcy court would rule, if you actually had a hearing on the question of how much a car is worth in chapter 13? Did you doubt you could really get a court to reduce the amount of the secured claim to take into account the car’s need for expensive repairs? Maybe [...]
