BankruptcyLawNetwork

How to Afford Bankruptcy, Followup

08/27/12

The Fifth Circuit, covering Texas, Louisiana, and Mississippi, has joined the First Circuit in ruling that there is no per se prohibition against fee-only Chapter 13 filings.

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Judgment Liens: No Longer Avoidable in Southern Illinois Bankruptcy Court?

08/26/12

An old adage says that liens “pass through bankruptcy” unaffected.  As old adages go, it’s right as much as it’s wrong.  Particularly when referring to judgment liens against someones home which are normally subject to “avoidance.”  But a July, 2012 court decision puts that in doubt for Southern Illinois residents.

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The Risks of Co-Signing a Loan

08/25/12

Co-signing a loan is a dangerous thing. Too many people end up in bankruptcy due to debts they just co-signed for, so here are a few points worth considering before co-signing for a friend or family member.

1. There is a reason they need a co-signor. A professional lender does not think they will pay the money back. An objective professional (or underwriting standards) arrived at this judgment. Why do you think you know differently?

2. If they do not pay or miss payments, it will affect your credit.

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Electronic Payment Options Come to Southern Illinois Bankruptcy Court

08/20/12

Chapter 13 bankruptcy debtors can send monthly plan payments electronically to the chapter 13 trustee under a new program available in the Southern District of Illinois Bankruptcy Court – East St. Louis division.

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Mortgage Liens Declared Invalid in Central Illinois Bankruptcy Court

08/17/12

A Central Illinois Bankruptcy Court Judge ruled the trustee who oversees administration of a bankruptcy case can avoid mortgage liens that do not comply with an Illinois law that requires the mortgage contain notice of the interest rate, loan amount and maturity due date.  See In re Crane [Crane vs. Richardson, CDIL 11-09067], on appeal to US District Court.

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Top 15 Lies About Bankruptcy. Lie #10: Chapter 11 is “Business Only”

08/16/12

Lie #10: Only Big Businesses Can File for Chapter 11, Not People.

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Bankruptcy, Modification, and Foreclosure

08/11/12

In my Bankruptcy practice, I see people every day in the midst of a homeowner’s dilemma.  Try to save the house, walk away, file bankruptcy, do a modification, or what?  Most often, I spend time with them simply dispelling myths!

Here are seven of my favorites:

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