Bankruptcy! I don’t want to file bankruptcy! Hey, if you do want to file, there is something wrong with you. But you want to keep your house? Avoid foreclosure? Which option hurts more: losing your home, or, filing bankruptcy? We humans make decisions based on our emotions: we shy away (or run, if you are [...]
Personal Finance
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 [...]
My client asked me this last week as we were going through her final papers for her Chapter 7 bankruptcy filing. I told her the easy way I think of them: property that is exempt from being liquidated by the case trustee. In my state of New Mexico, you generally can choose between using the [...]
We have bailed out the mortgage companies that brought us the foreclosure crisis, now the states and a federal government agencies are on the verge of a sellout buyout by the bad guys for fraudulent foreclosures. The Office of Comptroller of the Currency, or OCC, and the attorney generals for all 50 states are participating [...]
An illegal immigrant can file for bankruptcy in the United States. There is no reference to a citizenship requirement in the Bankruptcy Law. US Code §109 provides the requirements to be a “debtor.” The most common way to be eligible to be a debtor is to have a “domicile” in your state. A domicile “requires [...]
Yes, you read it right. This is about giving creditors advice about reaffirmation agreements. It just might be a first here at Bankruptcy Law Network. But it’s occurred to me that creditors deserve some help from time to time. So why not? The reaffirmation provisions are hopelessly flawed Before 2005 reaffirmation was simple. The debtor [...]
