Bankruptcy Blogs

I Heard Chapter 13 Payments Are Too High

06/25/11

Bankruptcy is about providing relief to folks who can’t really afford their debts anymore.  But we often hear from folks who have heard that Chapter 13 can’t help because they won’t have any money left over to live on.  Like many rumors, this one is usually not true. Bankruptcy is one of the most common [...]

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Kansas Supreme Court stops keep and pay the fourth option in Kansas, no more not reaffirming.

06/25/11

We used to tell clients that there was no need to reaffirm in Chapter 7, just keep making the payments and the lender will not repossess.  This way you do not have any personal liability and you can walk away if the car is destroyed in an accident or you can no longer afford it. [...]

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SEC Looks Toothless in Morgan Keegan Deal

06/24/11

Though its investigation into Morgan Keegan laid out extensive evidence that employees actively misled investors, the SEC's settlement signals the limits of current enforcement.

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Jilted Resort Members Sue Golf Great Nicklaus

06/24/11
Associated Press
Jack Nicklaus hits from the sand to the eighth green during a golf tournament at Muirfield Village Golf Club in Dublin, Ohio, on June 1.

A Colorado couple th

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Durbin Amendment Threatens to Undermine QE II

06/24/11

With the rollout of Quantitative Easing II, the Federal Reserve provided a considerable amount of effort and monetary largesse to stimulate the economy. Also known as "the last resort," this effort is wholly dependent on the action of U.S. banks: QE cannot succeed unless banks make business and consumer loans ... lots of them. ...

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Anna Nicole Smith will live forever in stunning new Supreme Court decision in Stern v. Marshall!

06/24/11

The Supreme Court issued a second opinion arising from the seemingly endless litigation over claims against the estate of the late Pierce Marshall (Anna Nicole’s elderly husband of one year before his death).  In this 5-4 split opinion released yesterday (June 23, 2011), the Supreme Court significantly limited the scope of Bankruptcy Courts’ jurisdiction to [...]

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When Can Chapter 7 Debtor Sell Or Rent Upside Down Property Listed On Bankruptcy Petition?

06/24/11

One of my bankruptcy clients owns an upside down investment property. The client listed the property as an asset with no equity and stated his intention to reaffirm the debt. If the trustee does not assert an interest in the property then the client will try to find a tenant and use the rent to pay the mortgage.

Forty five days after the trustee meeting the client wants to know when he can or should look for a tenant.

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Depression, Financial Ills and Bankruptcy

06/24/11

Recently in San Diego, two extreme examples of apparent financial woes have led to tragic ends. http://www.signonsandiego.com/news/2011/jun/07/services-held-two-familie... http://www.signonsandiego.com/news/2011/jun/22/court-documents-show/ I am not trained in the matters of the impact of financial burdens on one’s mental health. I am a counselor, however, a counselor at law. As such, one of my primary duties is to listen to [...]

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The Daily Docket: Life Sentence for Farkas?

06/24/11

Federal prosecutors say Lee Farkas should spend the rest of his life behind bars because the former chairman of mortgage lender Taylor, Bean & Whitaker Mortgage Corp. continues to deny responsibility for the devastation he wrought as the mastermind of a multibillion-dollar “fraud of staggering proportions.” Read the Daily Bankruptcy Review story here.

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