You want to save your home. Which is the best way to stop a foreclosure, get caught up on your monthly payments, and save your home? Is it loan modification? A workout? Or a bankruptcy? A recent article, “The Home Ownership Experience of Households in Bankruptcy” by Professor Sarah W. Carroll, of the University of [...]
November 2011
The words Mortgage Modification and/or Mediation and Bankruptcy were never used in the same sentence because we all know that a debtor in Chapter 13 bankruptcy cannot use the Bankruptcy Code to modify a primary mortgage on their residence. However, in the wake of this economic challenge, the winds of change are blowing, and we [...]
Bankruptcy trustees in California and elsewhere were notorious for holding a Chapter 7 case open while real estate prices rose (hah! remember those days?) above the protected values. The trustee would then sell the home, forcing a debtor to move – and spend the protected part of the sale proceeds to do so - while recovering money for [...]
Whether a tax refund will be taken by the Trustee in a Chapter 7 bankruptcy will depend on several factors. As a general rule, the amount of taxes withheld from your pay are prorated over the entire year. This means that the portion of the tax refund for the time before the bankruptcy filing is property of [...]
Getting compensated for injuries is personal. It’s meant to replace a loss to you as a person. Missouri exemption law recognizes that. Yet the recent evolution of those exemptions in bankruptcy (here, here, and here) has set up an unusual conflict between state and federal law. Until the Benn decision discussed previously, Missouri cases were [...]
Credit bidding is a right that secured creditors have in bankruptcy sales allowing them to control the sale of their collateral. When collateral that secures a lien is proposed to be sold at a bankruptcy auction, a secured creditor is allowed to bid the amount of its debt as a credit bid, i.e. not a [...]
