Pledge your car for a small loan and save big when you file bankruptcy. Such idiocy follows from the 9th Circuit Court of Appeals decision in Ransom. At issue was whether a debtor got a deduction on the means test for the costs of acquiring a car if the car was fully paid for. If [...]
September 2009
It is difficult to discharge student loans in bankruptcy. The House of Representatives passed a bill changing student loan laws, but not their treatment in bankruptcy. Not yet, anyway. As it stands, the government subsidizes student loans made by private banks. That is, private banks would not make student loans, the government, ever looking out [...]
The Kansas Supreme Court ruled in Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, that MERS, a company designated as nominee on millions of real estate security instruments, has no standing and can not initiate or maintain an action to foreclose a defaulted loan. A private company, MERS was created by a combination of [...]
The College Cost Reduction & Access Act went into effect July 1, 2009. This legislation provides for forgiveness of federally-guaranteed student loans for individuals in certain public service occupations provided they meet certain conditions. Eligible borrowers must consolidate the loans into an Income Contingent Repayment Plan (ICRP) or Income Based Repayment Plan (IBRP), make scheduled [...]
A tire company sent a reaffirmation agreement to me for one of my clients to sign. A reaffirmation agreement is a new contract to pay an old debt that is included in your bankruptcy filing. I laughed when I saw who it was from but I laughed even harder when I discovered it was for [...]
