Brett wrote a great post about not reaffirming a mortgage in a bankruptcy proceeding. He’s right – mostly. There are, generally, two types of mortgage loans: recourse and non-recourse. A recourse loan is one where the lender can come after the borrower if the loan is not paid and the security is insufficient to retire [...]
June 2011
If you’re a bankruptcy lawyer, would you like to master the essential skills every bankruptcy attorney must have … all by Labor Day? Most outsiders think the practice of consumer bankruptcy law is nothing more than filling in a bunch of forms and collecting a fee from a client. But now that you’ve been doing [...]
Leases are their own animal under the bankruptcy code. They are neither secured debt, nor unsecured debt. They get their very own schedule, schedule G. And the Bankruptcy Code provides that leases can be assumed or rejected. Rejection, as you might have guessed, means nope, not interested, take your leased property back, don’t [...]
To sign or not to sign a reaffirmation agreement is always a question in a Chapter 7 Bankruptcy when there are secured debts. Bankruptcy Law Network is presenting information regarding the reaffirmations and what you should consider before signing one. You can click here to review all articles regarding the subject of reaffirmations. If you [...]
My clients had owned a small company for 40 years. They had amassed a half-dozen properties, owned a very valuable home, an expensive recreational vehicle, and of course, a big party boat. But when their company began to falter due to the economy, the owners guaranteed a half-million dollar loan to try to get the [...]
Let’s say you file chapter 7 bankruptcy, and you want to keep paying your vehicle loan and thereby keep your vehicle. The bank sends your bankruptcy lawyer a “reaffirmation agreement,” which is a pre-printed official form issued by the bankruptcy courts. It states that you are continuing to pay the monthly payments on your car loan, and [...]
