The debtor education course. It’s the second course required by the Bankruptcy Code–the ticket out of bankruptcy, at least if the debtor wants his discharge. I confess I’ve always wondered what my clients thought of the course. Calling it a “course” is a bit much. It only takes an hour or two, and there’s not [...]
Congress
Congress is working on legislation to allow homeowners to get loan modifications in bankruptcy court. Many banks oppose this legislation but Citibank has signed on.
See David Leibowitz’ interview on Fox Business Network about Helping Homeowners Save Their Homes Act of 2009
The U.S. government will not have the right to modify distressed home mortgage loans if the government acquires mortgage-backed securities as part of a $700 billion Wall Street bailout, the Center for Responsible Lending (CRL) said today. Only court-ordered loan modification in chapter 13 bankruptcy will prevent home foreclosures in CRL’s view. Why? The holders [...]
