chapter 13

Debtors Strip Their Second Mortgage Without Having To File Chapter 13 Bankruptcy

04/21/11

Some people with minimal credit card debt file Chapter 13 bankruptcy primarily to strip a second mortgage. You may be able to accomplish the same result without filing bankruptcy now that banks are becoming somewhat more flexible to work out mortgage solutions on upside down property. I’ve heard of cases where a second mortgage company will substantially reduce a second mortgage balance and permit the debtor to pay off the settlement amount in installments. Here is one real example.

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Joint Debtors Can Stack Their Chapter 13 Debt Ceilings In Some Cases

04/15/11

Many people who wanted to file Chapter 13 found that they were ineligible because their debts exceeded the Chapter 13 debt limits of approximately $1 million of secured debt or approximately $360,000 of unsecured debt. The debt limits have affected more people in the past few years because inflated real estate values during the boom resulted in many debtors having large mortgages which exceeded the secured debt ceiling.

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Chapter 13 Debtor Opposition To Late Filed Unsecured Claim

04/04/11

Chapter 13 bankruptcy cases have claim deadlines by which date the debtor’s creditors are supposed to file claims in order to be included in the roster of creditors entitled to distributions of money out of the Chapter 13 plan. I represent a debtor who prior to filing owed money to a law firm which represented him in a pre-bankruptcy legal matter. Three months after the Chapter 13 claim deadline the law firm filed an unsecured claim.

The first question is whether or not the debtor cares if an unsecured creditor files a late claim.

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Chapter 13 Bankruptcy Mortgage Mediation Seems To Be Working Well

03/18/11

Mortgage mediation in Chapter 13 bankruptcy is turning out to be more effective than mediation ordered in state court foreclosure cases. This, according to a report presented at a local attorneys’ meeting. Mortgage lenders express greater willingness to modify first  mortgages of debtors in Chapter 13 bankruptcy compared to other debtors already facing foreclosure in state court.

The explanations given are common sense.

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Ransom v FIA Card Services Case Not Good News for Some Debtors

01/11/11

The U.S. Supreme Court ruled today that a debtor in bankruptcy is not allowed to take a deduction on the so-called means test for ownership costs for a vehicle, unless they are actually buying or leasing a vehicle. What does this mean?

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Ransom v FIA Card Services Case Not Good News for Some Debtors

01/11/11

The U.S. Supreme Court ruled today that a debtor in bankruptcy is not allowed to take a deduction on the so-called means test for ownership costs for a vehicle, unless they are actually buying or leasing a vehicle. What does this mean?

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Means Test Does Not Require Dismissal if Chapter 13 Is Zero

12/28/10

By: Bryan Kotliar
St. John's Law Student
American Bankruptcy Institute Law Review Staff 

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What is "Lien Stripping" and Can I Use it to Reduce my Mortgage Payments

12/20/10

mortgage lien stripWith the decline in Atlanta area housing values, a seldom used bankruptcy technique has taken on new life.  The technique is called "lien stripping" and it arises from Bankruptcy Code Section 50

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Debtor Wins Big Damages in Fraudulent Conveyance Case

11/17/10
When fraudulent transfer claims arise in bankruptcy, the debtor is usually accused of being the dishonest transferor. However, in a recent case from Chief U.S. Bankruptcy Judge Ronald King, the Debtor successfully pursued a claim against her disbarred ex-husband. Galaz v. Galaz, Adv. No. 08-5043 (Bankr. W.D. Tex. 11/12/10). The opinion can be found here.
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