Win Now, Wreck Later: A Tale of Bankruptcy and Mortgage Servicing

My Google Alert popped up a lovely win for a Chapter 13 homeowner , but all I could see was the train wreck that lies ahead. The bankruptcy court ruled that the confirmed (and completed) plan trumped a late-filed mortgage proof of claim. Payment of the amount provided in the plan cured the prepetition arrearage. […]

Secrets To Home Loans For Chapter 13 Debtors

  Every bankruptcy debtor yearns to rebuild their credit.  Whatever drove them to bankruptcy did no favors to their creditworthiness. The need for a new loan can be imperative to a homeowner in Chapter 13 who needs a better interest rate, a recomputed loan term, or just needs out of Chapter 13 with a discharge. […]

Cars & Bankruptcy: What You Must Know To Get It Right

It’s time for a summary and refresher on dealing with car loans in bankruptcy. Somehow, my staff hit a wall this week on what information we needed about cars and car loans. Then, we stumbled on what to do with that information. So, here’s my roadmap to cars in bankruptcy. Fasten your seat belt: here we […]

Crushing Tax Change For Injured Consumers

    Under the new tax law,  most damage awards a consumer recovers stand to go, in large part, to the IRS. So even if you are successful in vindicating your legal rights, the expenses of getting the award aren’t deductible from the gross award. The taxing authorities end up getting a large hunk of […]

Rescuing A Troubled Chapter 13: The Unseen Threat

We all get sucked in, at some time, to trying to rescue a Chapter 13 bankruptcy case gone bad. Make sure that you don’t let a bad situation get worse. Get your arms around §109(g). When only a do-over will do, don’t wait around. No payments for months The debtor came to me for help […]

Ensure You Understand Insurance In Bankruptcy

  Sometimes, issues that you’ve just skimmed over burst forth in bunches, demanding attention. Lately, that issue in my bankruptcy cases has been insurance. Because its treatment varies so, we need to be asking more pointed questions of clients about both insurance policies and the debtor as beneficiary. Unmatured life insurance Starting with exemptions, §522(d)(7) […]

Find Solution That Works, Bankruptcy or No

Good income, substantial priority tax debt, other debt within the limits:  sounds like a Chapter 13 bankruptcy, doesn’t it? Yet the clients were in my office for a second opinion, convinced they couldn’t sustain over five years the payments their attorney provided in their Chapter 13 plan. Their attorney’s approach reminded me of the Greek […]