The Supreme Court granted certiorari in two Chapter 7 lien strip cases today. Cases are Bank of America v Toledo-Cardona and Bank of America v Caulkett. In the 11th Judicial Circuit, court have permitted chapter 7 debtors to strip wholly unsecured junior mortgages....
When Legal Matters Become Personal
Chapter 7
Median Income Figures for Bankruptcy Means Test Increased
The United States Trustee just announced that effective November 1, the median income figures will increase. The median income is the figure that half of the people with that household size are above it, and half are below. Debtors who are below the median income...
How will bankruptcy affect my credit rating?
That’s a great question, but the better question is, how is your credit rating right now? As a general rule, if you currently have excellent credit but just too much debt, your credit score will probably drop to 600 or so after the bankruptcy. On the other hand, if...
Bankruptcy Filing Fees increasing June 1, 2014
The Judicial Conference approved $29 filing fee increases effective June 1, 2014. The total new filing fee for each chapter will be as follows: For filing a petition under Chapter 7: from $306 to $335 For filing a petition under Chapter 13: from $281 to $310 If you...
What should you do when your car gets repossessed?
Well, first of all, keep your stuff that you need, out of your car, particularly garage door openers etc. Presuming the car is not worth as much as you owe, you still might try to do a short sale, get your best offer on craigslist, take it to the lender, which they’ll...
Can an individual be held liable for post separation debts incurred by the other spouse?
Yes. Debts are the same as negative assets, and the presumptive date for dividing a marital estate is the date of your pretrial, which is often many months after separation. There are two exceptions, which is that the parties can agree on a different date (and most...
Creditors are trying to garnish my wages, how can I prevent this from happening?
Filing bankruptcy is the short (and best) answer. Of course, sometimes creditors will threaten to garnish, but they can only do so if they have gotten a judgment, and know where you work. So if that’s the case, you are running out of time. If you are on any public...
How long after a bankruptcy does it take to qualify for a mortgage?
The answer is “it depends”. It depends on what type of mortgage you are seeking, which chapter of bankruptcy, and perhaps most importantly, it depends on what the underwriting requirements are at the time you are actually seeking a mortgage. For instance, the...
How to Maximize Your Time in a House That is Going into Foreclosure by Filing Chapter 7 Bankruptcy
Part 4 in a series on how we help people in underwater homes When I talk to someone who is going into foreclosure, I ask them if they want to save their house, and 9 out of 10 people say “yes.” So usually the best way to do that is by way of a loan modification, which...
Extension of Sheriff’s Sale of Foreclosure Under State Law
The first thing I ask people when they are facing foreclosure, is whether they’ve tried to get a loan modification. A prior blog entry suggests how to go about that. Often, people have assumed that loan modifications are handed out on a silver platter, but it’s not...