One of the fundamental requirements to confirm a plan in a Chapter 13 bankruptcy is that (unless creditors are paid in full) the Debtor must pay for the benefit of unsecured creditors his or her “projected disposable income” to be received in an “applicable commitment period” (36 or 60 months). Since the enactment of 2005 [...]
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Foreclosure or not? I’ve been using the f-word a lot here in my Summerville, South Carolina law office. (That’s “foreclosure,” not the other f-word, by the way.) And I’ve noticed a transition in attitudes among clients. It’s gone from, “I don’t want foreclosure no matter what” to “let’s discuss what happens if my lender forecloses.” [...]
The other day I spoke with a young couple with a history. The wife and her best friend had been friends since they were five years old. They had grown up next to each other and were otherwise always together. When the house next door came available for purchase (at the top of the market) [...]
Owning your own business is part economics and part love affair. Doing what you love for money is nearly every American’s dream. But when love affairs go bad, we react emotionally. That can be bad for business, particularly if you are on the verge of bankruptcy. In a recent example, we learn that it’s dangerous [...]
When a confirmed Chapter 13 bankruptcy plan threatens to fail, the debtor needs to consider whether the plan can be modified to survive. The debtor can seek a change in the amount of the monthly payment or the length of the plan. Debtors who experience a change in financial circumstances often seem to freeze, to [...]
A California bankruptcy court recently cited a catalog of misconduct in suspending a lawyer from practice and imposing a steep fine as a sanction for violating Rule 9011. In re Tran, 2010 WL 1255617 (Bky.N.D.Cal. April 2, 2010), resulted in a thirty day suspension from practice before the bankruptcy court; a $7,500 fine, with $5,000 stayed [...]
