Date archive for February, 2010
Is HARP The Solution To My Mortgage Modification Problems?
by John O'Connor on 2/28/10 | 0 Comment(s)
John C. Colwell has recently declared non-bankruptcy loan modifications a failure on this forum. Indeed, it is undeniable that federal programs such as The Home Affordable Modification Program (HAMP) have failed to relieve struggling homeowners of mortgage payments they simply cannot afford. The biggest company in the program, Bank of America, has completed modifications for [...]
Sixth Circuit Court of Appeals Looks At Student Loan Hardship Discharge in Chapter 13 Bankruptcy Cases
by Drew Broaddus on 2/26/10 | 0 Comment(s)
As various bankruptcy attorneys have discussed on this site, and as I recently discussed on our firm’s website, student loans are not usually discharged in bankruptcy. However, these debts can be discharged under limited circumstances through a hardship discharge. In the case of Jennifer Cassim v Educational Credit Management Corp., the U.S. Court of Appeals [...]
Study Finds More Consumers Making Payments on Their Credit Cards Before Their Mortgages
by John Rogers on 2/26/10 | 0 Comment(s)
TransUnion, one of the large credit reporting agencies, is out with a new study that is quite alarming, but not surprising. The study, which finds that, for the first time, consumers are more often defaulting on home mortgages rather than credit card payments, contains a lot of fancy data and conclusions. I don’t find this trend [...]
An all too common preliminary inquiry by a hypothetical debtor, and a reply.
by John C. Colwell on 2/25/10 | 0 Comment(s)
As of today one of my creditors have garnished my paycheck.
North Carolina Attorney and NBF Contributor John O’Connor Files Mortgage Fraud Suit On Behalf Of 300
by Moderator on 2/22/10 | 0 Comment(s)
As reported in the Raleigh News and Observer, NBF contributor John O’Connor in conjunction with Giarmarco Mullins and Horton in Detroit, filed suit on behalf of 300 plaintiffs February 12th alleging violations of North Carolina’s consumer protection laws. The lawsuit is part of a larger series of cases stemming from what has been called the [...]
A Bankruptcy Attorney’s Quest For Health, Wealth and Work Life Balance: Part Three (It’s all about me!)
by Jeff on 2/22/10 | 1 Comment(s)
Last week, I wrote about how I blew up my law firm to improve it, thanks to some lessons I learned reading “Rich Dad, Poor Dad” by Robert T. Kiyosaki. I discussed one simple lesson: Pay Yourself First. I then explained how I applied it to running my law practice and the changes I’m making [...]
Another San Diego bank takeover, failure due to ‘bad’ mortgage loans.
by John C. Colwell on 2/20/10 | 0 Comment(s)
The San Diego Union-Tribune reports, this morning: http://www.signonsandiego.com/news/2010/feb/19/la-jolla-bank-seized-by-federal-regulators/ Another San Diego bank failure due to the mortgage lending fiasco. This is the 4th area bank in recent times, to fail. Will the administration and Congress ever act to allow true mortgage modification in Ch. 13? There are folks who would like to stay in their [...]
Eastern District of Michigan’s Chief Bankruptcy Judge to Participate in Roundtable Discussion About Chapter 7 Bankruptcy Issues
by Drew Broaddus on 2/19/10 | 1 Comment(s)
On February 17, 2010, the U.S. Bankruptcy Court for the Eastern District of Michigan (which covers Detroit, Bay City, and Flint) posted a notice on its website regarding “A Late Afternoon Roundtable Discussion” to take place on Wednesday March 10, 2010 in Southfield, Michigan. The notice (available here) indicates that the discussion will be moderated [...]
Debt Settlement Companies… Beware !
by John Rogers on 2/16/10 | 1 Comment(s)
I have folks come in every week to my office that have paid literally hundreds and thousands of dollars to these outfits, and receive no help on their debt whatsoever. It is truly heartbreaking to see folks lured into the deceptive trap that these companies set. Their entire business model seems to be to deceive folks [...]
Jointly Owned Property May Be Subject To Forced Sale In Bankruptcy
by Richard Stokan on 2/15/10 | 1 Comment(s)
It is not unusual for debtors, specifically married debtors who file for bankruptcy protection separately, to co-own property. If you co-own property and intend to file for bankruptcy, you need to be aware that the trustee has the authority to force a sale of the entire asset including the co-owner(s) interest. See 11 USC 363(h). [...]
