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In a unanimous decision, the United States Supreme Court recently determined that the fraud exception from getting a discharge in bankruptcy, applies equally when the fraud was incurred by a debtor's former partner, and not the debtor itself. Debts that are...
Filing for bankruptcy is often someone's last resort when they are in a bad financial situation. It can be hard to know when you need the protection of bankruptcy or when you might be able to correct your financial situation without taking any drastic steps....
Department of Education to relax standard for Student Loan discharge in Bankruptcy. A recent press release indicates that the Department of Education is going to make it a lot easier for people who have, or will, file bankruptcy, in order to get rid of their student...
The Department of Justice recently adjusted the median income figures, which are effective in bankruptcy cases filed after April 1, 2022. The median income is an important figure, as debtors below that figure are almost always assured a chapter 7 discharge. For...
One of the things that comes up in protecting money in a bank account from creditors, is the concept of first in first out. It's a concept that is seemingly difficult, yet also quite simple. The first money that goes in, is the first money that goes out. But you don't...
Hennepin County and the City of Minneapolis just announced that they will set aside $4.3 million, up to $35,000 per homeowner, to help make mortgage payments that were missed due to pandemic. Applicants will first need to apply for other loss mitigation options, for...
Yesterday Senator Richard Durbin (D-IL) and Senator John Cornyn (R-IL) introduced “Fresh Start Through Bankruptcy Act”, bipartisan legislation, that will restore the ability to discharge student loans in bankruptcy. This is the first bipartisan effort in the U.S....
In bankruptcy, student loans are not dischargeable unless the borrower initiates and can prevail on a separate lawsuit to determine that it would be an undue hardship to pay it back. Courts have interpreted this to be a relatively high standard, virtually impossible...
Foreclosure rates have continued to dwindle since they peaked in 2010. A recent article talked about reasons why there is not likely to be anywhere near the surge that we had experienced during the last recession. There are a few additional reasons that I have...
On Saturday, March 27, 2021 President Biden signed the COVID-19 Bankruptcy Relief Extension Act of 2021 into law. This bill extends for one year all of the bankruptcy-related provisions that were included in the CARES Act passed on March 27, 2020. These provisions...