In a March 30th article by reporter Kevin G. Hall of McClatchy Newspapers, he recounts the struggle of distressed homeowners seeking the relief promised by the Bush Administration and mortgage lenders.
The lesson learned from Hall’s subjects – Chris Jennings and Julie Mickley – is that homeowners must be bold and relentless in dealing with their [...]

Popularity: 32% [?]

Bankruptcy attorneys practicing in the Middle District of Florida, Jacksonville Division received the following email from Chapter 13 Trustee Doug Neway:
“Effective with all cases filed on May 1, 2008 or later: . . . All plans should be calculated using a 10% fee. This change is necessary to insure sufficient fund are collected during the [...]

Popularity: 27% [?]

According to a recently released report from the Clerk of the Middle District of Florida, the MDFL is the sixth busiest bankruptcy court (out of 90 courts) in the nation. The five courts busier than the MDFL are Eastern District of Michigan, Northern District of Georgia, Central District of California, Northern District of Ohio and [...]

Popularity: 16% [?]

A bipartisan compromise bill in the U.S. Senate (S.2636), which closely aligns with a similar House bill, would allow bankruptcy courts to modify existing subprime mortgages to help families save their homes from foreclosure.
Under the terms of the Foreclosure Prevention Act, a borrower can qualify only if it can be proven that he or she [...]

Popularity: 29% [?]

January 18, 2008, Jacksonville, Florida - A recent case out of the Jacksonville Division of the Middle District of Florida has held that neither 401k contributions nor 401k loan repayments are included in a Chapter 13 debtor’s disposable income, without regard to whether the debtor is above or below median income.
Despite a whole line [...]

Popularity: 35% [?]

Many of the ideas for posts on Bankruptcy Law Network come from actual client’s situations. One BLN attorney will post a question to the group, and the others will chime in with their own experiences and opinions regarding the issue. This post is an example of that process in action.
If you liked that post, then [...]

Popularity: 8% [?]

Why does everyone talk about the foreclosure crisis in this country, but nobody is doing anything about it? Presidential candidates pay lip service to this tremendous problem, but can the average American wait until 2009 for relief? By then, close to two million more subprime loans will reset from their initial teaser rate to a [...]

Popularity: 34% [?]

These days it’s just too easy to find new subprime mortgage items to discuss, but today is especially effortless. Eeny, meeny, miny, moe. There are no less than three stories in my newspaper today lamenting this global crisis. To wit:
Retailers are expected to have a dismal Christmas, and one of the biggest factors is the [...]

Popularity: 18% [?]

In a previous BLN post, I explored the topic of household size, which is important for anyone contemplating the filing of a Chapter 7 bankruptcy. You see, if a debtor’s income is below his state’s median income for his household size, he automatically qualifies to file a Chapter 7 bankruptcy. If a non-filing housemate makes [...]

Popularity: 15% [?]

Since the amendments to the bankruptcy laws went into effect on October 17, 2005, the greatest change for the average person has been “qualifying” to file a Chapter 7 bankruptcy. Basically, there are two ways to qualify: one is the Median Income Test and the other is the Means Test. Both tests refer to “household [...]

Popularity: 19% [?]