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Parents On Title To Child's Homestead: What Happens When Either Child Or Parents File Chapter 7 Bankruptcy

by admin | Wed, 08/25/2010 - 11:46

Homestead protection in bankruptcy gets complicated when there are non-resident co-owners of the debtor’s homestead. An example is when parents help an adult child buy a home and insist on placing their names as co-owners of their child’s house. A...

Question: Can Chapter 13 Debtor Strip Second Mortgage And Then Covert To Chapter 7 To Wipe Out Unsecured Debt?

by admin | Wed, 08/18/2010 - 18:22

Chapter 13 bankruptcy is being used increasingly to modify first and second mortgages on primary residences. Chapter 13 permits debtors to strip off a second mortgage on an upside down property, and a new mortgage mediation program in the Orlando...

To The Carpenter, Everything Looks Like A Nail. To Some Bankruptcy Attorneys, Filing Bankruptcy Is The Best Solution For All Debtors.

by admin | Thu, 08/12/2010 - 19:55

There is the well-known proverb that, to a carpenter everything in the world looks like a nail. Or, surgeons want to operate to cure any and all ailments. The same is applicable to some bankruptcy attorneys. I assisted a couple...

Reaffirmation Of Mortgage Note In Chapter 7: Interesting Post By Atlanta Attorney

by admin | Mon, 08/09/2010 - 20:21

Many mortgage companies ask Chapter 7 bankruptcy debtors to sign reaffirmation agreements if they intend to stay in their house through their bankruptcy. Reaffirmation means that the debtors will remain personally liable on their mortgage note after the bankruptcy discharge,...

When You End Up Marrying Your Spouse's Debt

by admin | Thu, 08/05/2010 - 20:13

If you plan on marrying someone facing bankruptcy do you also marry their debt? Generally, the answer is "no", but in some cases, your fiance’s debt walks down the aisle. You are not liable for your spouse’s debt- that’s the...

Mortgage Modification And Bankruptcy: HAMP Directive Protects Bankruptcy Debtors

by admin | Mon, 08/02/2010 - 09:30

Many people forced to file bankruptcy against unsecured debts are also trying to save their primary residence from foreclosure by negotiating mortgage modification. Many of my clients and callers are very worried that a bankruptcy could mess up their mortgage...

Wells Fargo/Wachovia Bank Is Freezing Bank Accounts Of Bankruptcy Debtors: Get Your Money Out While You Can

by admin | Thu, 07/29/2010 - 08:35

If you file bankruptcy with a checking account at Wells Fargo/Wachovia bank you have a problem. This bank has decided to freeze checking accounts of any customer who files bankruptcy. No, the debtor does not owe the bank or its...

My First Chapter 13 Mortgage Mediation: A Waste Of Time Because Bank Unprepared

by admin | Wed, 07/28/2010 - 21:34

I was involved in my first mortgage modification today under the Orlando bankruptcy court’s mortgage mediation program for Chapter 13 debtors. The scheduled mediation was a complete waste of time. The bankruptcy court issued its newly adopted standard mediation order...

Hooray For Another Honest Bankruptcy Debtor!

by admin | Mon, 07/26/2010 - 08:17

I enjoy writing about honest bankruptcy debtors because their true stories belie the perception that all people filing bankruptcy conceal or undervalue their assets. (not denying that some bankruptcy debtors lie on their petitions) A guy calls me from Tampa...

U.S. Supreme Court Ruling Addresses Appreciation Of Debtor's Assets During Bankruptcy Case

by admin | Thu, 07/22/2010 - 07:55

Debtor owns an appreciating asset- land, a business etc.- and files a Chapter 7 bankruptcy petition which assigns a low value to the asset which value is below the debtor’s exemption limits. The trustee does not challenge the value or...