According to the 2010 Fiscal Year statistics from the Administrative Office of the U.S. Courts, the number of bankruptcies filed between October 1, 2009 and September 30, 2010 increased from 1,402,816 to 1,596,355, an increase of 13.8%. Chapter 11 (business and large individual) filings decreased, from 14,745 to 14,191, a 3.8% drop. Business filings overall [...]
November 2010
The means test is one of the first things that your attorney needs to prepare in order to file a consumer bankruptcy. The results of this process will tell you whether you qualify to file a Chapter 7. And it will tell you what your monthly payments would be if you were to file a [...]
I recently received the following question from a reader of my Atlanta bankruptcy law web site: I live in Georgia. If my 1st mortgage goes to foreclosure, what happens to my second mortgage? Here are my thoughts: if the holder of a first (or senior) mortgage forecloses, all junior mortgage liens are wiped out. However, [...]
Proprietary mortgage modifications, not HAMP mortgage modifications, lead the way according to HOPE NOW Loan Mod statistics. 120,000 modifications have been done by the mortgage companies themselves, compared to only 27,840 HAMP mortgage modifications, compared to HAMP has been, and remains, a gigantic government failure. It was supposed to lower the foreclosure rate. There are [...]
A minimum payment in a Chapter 13 Bankruptcy will vary from district to district depending on the local rules. However, the minimum payment must cover what you must pay within the applicable commitment period. Like many things in the law that answer to that question is ” it depends.” »crosslinked«
Below poverty level income for five of the past six years was no basis for discharging a chapter 7 debtor’s student loans, where she was voluntarily underemployed, had no dependents, and lived with her boyfriend, relying on his income as if they were married, according to the Bankruptcy Appellate Panel for the Eighth Circuit. The debtor in [...]
