What do rising gas and food prices have in common? They both eat up a substantial part of your monthly budget. And if you filed chapter 13 within the past few years, you submitted a plan of monthly payments based on a budget before gas and some food prices doubled. It may [...]

Popularity: 1% [?]

You all know the words to Graham Nash’s 1970 hit and by now the tune is melancholically playing in your mind.  And like most music of the slash decade, 60/70’s, it provides a life message.  Teach Your Children involves communication between a parent and a child.  One teaching life lessons to the other and the [...]

Popularity: 10% [?]

The Southern District Bankruptcy Court of Illinois sits along the east bank of the Mighty Mississippi River from a spot just north of St. Louis, Missouri to the southern most point in Illinois. Across the river and far across the state of Missouri is the Western District Bankruptcy Court of Missouri. Geography aside, [...]

Popularity: 23% [?]

There was a Judge, a Federal Reserve Chairman and a lawyer, each pondering why the mortgage mess keeps dragging down the overall market economy. The Judge could not believe banks would not rewrite loans for a small loss to avoid taking a bigger loss in foreclosure. The Fed Chairman publicly encouraged banks to [...]

Popularity: 19% [?]

Chapter 13 bankruptcy permits a debtor to cure a delinquent mortgage payment over a period up to five years in length. Typically, a debtor proposes a plan to repay, or cure, the arrearage in equal monthly payments during the life of the plan. Some plans might involve staggered payments, eventually paying off the [...]

Popularity: 22% [?]

An interesting article written by Patrick Enright of Newsweek.com explores a correlation between evangelical Christians, in the Bible belt and Mormon mountain West, and states with a high concentration of payday lenders. The article examines the results of a state by state count of these two groups conducted by two law school professors for [...]

Popularity: 18% [?]

A debtor in a chapter 7 case can reaffirm the exempt portion of an interest in real property and retain the property after the bankruptcy case. Debtor keeps the house and the reaffirmed loan survives the bankruptcy discharge. A creditor is not required to consent to a reaffirmation agreement, but if one is [...]

Popularity: 26% [?]

There are two ways to walk away from a home mortgage loan while in chapter 13, voluntarily and involuntarily.  One voluntary method involves electing to surrender the real estate.  This election can be made at any time during the case, most commonly occurring at the beginning with the original Plan.  Such a plan generally provides [...]

Popularity: 25% [?]

When a debtor in a chapter 13 case passes this life, the court has discretion to proceed with the case, according to Bankruptcy Rule 1016 “if further administration is possible and in the best interest of the parties”.  Kansas Bankruptcy Attorney Jill Michaux wrote  how this issue touched the family of her client Sharon who [...]

Popularity: 23% [?]

What happens if a debtor in chapter 7 bankruptcy dies during the administration of the case? The simple answer is a deceased debtor can receive a discharge of debt, provided the debtor would qualify for a discharge during one’s lifetime. In other words, the case can proceed to completion and you can go to your [...]

Popularity: 19% [?]