Since the mortgage market collapsed, loan modifications to avoid foreclosure have become industry and government policy. Many people hope to modify their mortgages to avoid having to give up their homes and file bankruptcy. The process is deceptively simple to get involved in – and easy to get burned by, even if you are working [...]
Wendell Sherk, Missouri Bankruptcy Attorney
The “family-friendly” Congress elected in 2004 did an odd thing in 2005 when they passed BAPCPA, the bankruptcy “reform” law. In the process of ignoring how the American family has evolved since “Father Knows Best” was a television mainstay, they encouraged the break-up of the indebted family. The Eighth Circuit Bankruptcy Appellate Panel, in effect, [...]
Social Security Income is heavily protected from your creditors outside bankruptcy. And Congress has repeatedly emphasized that it should remain protected from creditors inside bankruptcy as well. An open question has remained, though. When a person files Chapter 13, one of the requirements is, generally, that their income — after their reasonable and necessary living [...]
Modern bankruptcy is largely a voluntary idea, a relief for those in need. The matching right to drop out of a case is less well recognized. This is true even in Chapter 13 where the right to dismiss your own case seems absolute. On the other hand, many courts have concluded the right to dismiss [...]
Bankruptcy is a tough pill to swallow for anyone. The word bankruptcy means “failure” to people more often than it means “fresh start.” That’s good marketing by the credit industry, but it isn’t the truth. If you’re in trouble, you need to know when and how it started. It was much further in the past [...]
If you work at a large retailer, the store probably offers a “store brand” credit card. If you’re getting stretched and bankruptcy is an option, you should not take advantage of this “benefit.” Bankruptcy lawyers frequently see clients who have charged a large balance on the store’s branded card and are now worried they could [...]
