Reaffirmation agreements have been the source of significant debate since the bankruptcy amendments of 2005. One issue that strikes fear in the hearts of debtor’s counsel is whether to allow a client to reaffirm a mortgage obligation. This is a huge issue because of the real estate market and the uncertainty of the economy. If [...]
September 2010
If you filed for bankruptcy, you can get a copy of all your documents for a few dollars, or even free. I saw an online ad today that said something like this: Get the official bankruptcy documents you need instantly ……….for the low low price of $14.99 for your bankruptcy discharge, $29.99 for a few [...]
Are you responsible for a credit card supplied and reimbursed by an employer? The answer is often “yes”, which leads to painful complications. You are very likely responsible if you signed the credit card agreement. Another warning sign is if you must pay the bill and then get reimbursed. If it shows up on your credit report, [...]
You can modify (or cramdown) a mortgage on your residence in a Chapter 13 under current bankruptcy law if certain conditions are met. While the general rule is that you cannot modify mortgages on your home in a Chapter 13, you can if either of two separate instances exist. *1. If there is more than one mortgage on your home and the [...]
The income figures used for determining bankruptcy eligibility are changing again November 1, 2010. The numbers come from the Census Bureau, which reports median family income by state. The U.S. Trustee takes that data and updates the bankruptcy means test. The U.S. Trustee expects to post modified revised means test charts to its website on [...]
Social Security Income is heavily protected from your creditors outside bankruptcy. And Congress has repeatedly emphasized that it should remain protected from creditors inside bankruptcy as well. An open question has remained, though. When a person files Chapter 13, one of the requirements is, generally, that their income — after their reasonable and necessary living [...]
