BankruptcyLawNetwork

Bankruptcy Judge Uses Creative Solution to Help Homeowner in Foreclosure Limbo

09/12/11

Nashville bankruptcy judge George C. Paine, II confronted one of the thorniest issues facing debtors in his district, and crafted a creative solution to deal with the problem.  The debtor in that bankruptcy case was caught in a situation more and more homeowners now face.  Having filed Chapter 7 bankruptcy and elected to give up [...]

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Judgments and Liens — Different, Depending on Where you Live

09/12/11

A client told me yesterday he had been researching on the internet over the weekend and had learned that “judgments cannot be discharged”, and so “why is it worth doing a bankruptcy?”  He was concerned because a big part of his problem is liens placed on his house and he wants to sell it and [...]

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No Five-Year Plan Limitation in Chapter 11

08/31/11

Chapter 13 bankruptcy is usually a good fix for someone behind on their mortgage if a loan modification outside of bankruptcy is not possible and foreclosure is looming. However, there are times when a Chapter 13 will not work. I will mention three of these and then say a few additional words about the last. [...]

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Keep Your Nest Egg

08/31/11

Don’t take money out of your retirement account to ease a temporary economic crunch. Difficult times come and go; and sometimes they seem insurmountable.  When that happens, it might appear wise to tap into the 401k or the IRA and borrow or take some of the funds.  Don’t do it! I see bankruptcy clients every [...]

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New Judge for Southern District of Texas – David R. Jones

08/31/11

A big welcome to the Southern District of Texas Bankruptcy Court’s newest Judge, David R. Jones!  David will take the bench officially October 1, 2011.  David is a partner in the creditors’ rights, bankruptcy and restructuring group of Porter Hedges, and has been practicing law since 1992.  He has been recognized as a “Leader in [...]

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Bankruptcy Attorneys Need To Unplug Every Once In A While

08/29/11

The Bankruptcy Law Network was created to furnish timely analysis of bankruptcy procedure, bankruptcy case law and bankruptcy tips of the trade for the seasoned and newbie bankruptcy practitioner. When we started the BLN, we were a bunch of hungry bankruptcy attorneys who were on a mission to spread great information to everyone and anyone [...]

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How To Beat A Debt Buyer’s Claim

08/28/11

Today, I’m going to stand on the shoulders of my colleague Kent Anderson and add to his post on Objecting to Credit Card Claims in Bankruptcy. You do this as a Chapter 13 debtor when you are above median or have unprotected assets.  In either situation, you want to kick out as many claims as possible so [...]

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Get Your Own Economic Stimulus – Through Bankruptcy

08/25/11

The U.S. economy needs a stimulus.  Many American households would be better served by filing bankruptcy to free-up some income to support their family, rather than waiting for Congress of the banks to help move us forward. It doesn’t sound right, does it?  You file bankruptcy to help the economy? But right now, President Obama [...]

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Foreclosed Homes Bulldozed by Bank Of America, Wells Fargo, and Chase

08/25/11

Stephen Gandel, senior writer over at Time Magazine,  discussed the recent news from Bank of America of BOA’s plans to donate lots after bulldozing 100 foreclosed Cleveland homes.   The lots will be donated to local government authorities.    That donation adds to earlier donations of lots where 100 bulldozed Detroit homes once sat along with [...]

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Ransom Footnote 8: Judge Laura Grandy Resolves the Unresolved Issue

08/20/11

     A Chapter 13 bankruptcy debtor may deduct the full IRS Standards vehicle allowance even though the actual payment may be less,  per a decision by Bankruptcy Judge Laura Grandy in the Southern District of Illinois case of In re Scott, 10-32582 (August 8, 2011).      When the Supreme Court ruled in Ransom v. FIA [...]

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