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New median income figures go into effect November 1, 2019

The Department of Justice recently did its semiannual adjustments of the median income figures, which are effective in bankruptcy cases filed after November 1, 2019. The median income is an important figure, as debtors below that figure are…
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Second Mortgages Cannot be Stripped in Chapter 7 Cases

The United States Supreme Court held this week in Bank of America v. Caulkett that wholly unsecured second mortgages cannot be stripped in Chapter 7. “Wholly unsecured” means that the house is worth less than the first mortgage balance.…
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My former spouse filed bankruptcy on our joint debts. What should I do?

First, you need to read your divorce decree. Does it contain the “magic” language, indicating that your spouse will indemnify you and hold you harmless? Regardless, one of the biggest misconceptions people have, is that divorce decrees are…
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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…
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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…
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How to get a loan modification

It seems that every time I read the paper, there’s a new program to help homeowners, or a new lawsuit against mortgage companies that was settled, and they talk about how it helps, but there are never details on how to go about it. And few…