In Chapter 13, a consumer can reduce how much is repaid on an automobile under certain circumstances. But the law limits that reduction, called a “cramdown” where the car was purchased with the loan money within the last 2 1/2 years if the car was bought “for the personal use of the Debtor.” Note, you [...]
September 2009
Have you ever quit Bally’s Total Fitness? If so, you might be getting an invitation to re-join. The “invitation” comes in the form of a bill that looks a lot like a demand for payment of a past due bill. In fact, it is a bill. For “past due” amounts. On the back of the [...]
During this recession, depression, fledgling economy it takes courage to get out of debt as it says in Ecclesiastes 11: 1-6. Many will turn to the good book for counseling and comfort during these tough times. But the good book may offer sound advice in good times as well as bad. It never ceases to [...]
Most of the time, there is no reason to file a Chapter 7 bankruptcy for a corporation or limited liability company. (We’ll call them both “companies” in this post). However, there are some instances where filing Chapter 7 for the company makes good sense. Normally, bankruptcy is about one thing: the bankruptcy discharge order. The [...]
Chapter 7 Bankruptcy, also called “Straight Bankruptcy” allows a debtor to discharge, or wipe-out, dischargeable unsecured debts. Unsecured means that there are no liens against property you own, given in exchange for the debt. Examples of unsecured debts are credit cards, medical bills, professional’s fees, or personal loans. However, most student loans, and many taxes [...]
More and more often these days, we are hearing about “Strategic Foreclosure Defaults” in the housing market. Such defaults occur typically when a borrower with perfect credit and ability to afford the mortgage, makes the intentional financial decision to let a home foreclose back to the lender. Such defaults are generally triggered by massive amounts [...]
