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 [...]

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 [...]

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 [...]

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 [...]

Every person sued in a court of law is entitled to a trial on the merits of the case.  A credit card lawsuit is no different than any other legal dispute that ultimately reaches the court system.  Sometimes a person can avoid filing bankruptcy by successfully defending against a collection lawsuit.  If you are served [...]

Yes, the bankruptcy will not stop you from buying a car.  In fact, most people in chapter 13 find a need to replace a car at some point during their case.  Face it, cars break down, are damaged in accidents, or become stolen.  Many of my clients purchase vehicles while in bankruptcy.
If you liked that [...]

Chapter 13 families sometimes need three cars. Having a newer car with debt can be a necessity, not a luxury. And trustees have to be reminded the world is not as simple as we would like, at times.
These are the lessons I draw in a recent case won by our friend Andy Miofsky [...]

Kevin Byers is a CPA and operates his own forensic accounting consulting practice.  He spent many years investigating mortgage lending and digging into the hidden world of securitized transactions.  Kevin sheds light on the process in a new outline that provides easy to understand definitions and provides resources for further study into the financial practice [...]

Bankruptcy trustees universally seek to maximize the recovery of estate assets for distribution to unsecured claims. Plain and simple, trustees want to pay as much money as possible to creditors. Trustees examine bankruptcy schedules, elicit debtor testimony and comb through financial records in an effort to discover non-exempt assets. The trustees act [...]

In a letter opinion dated October 5, 2007, the Federal Trade Commission decided that a debt collector could communicate the cessation of collection activity so long as it was not attempting to collect a debt in doing so, and so long as it did not violate any other Fair Debt Collection Practices Act provision.
ACA International [...]