Can You Rely on a Verbal Promise that Your Foreclosure Will be Delayed?
Last month, I met several times with a potential Chapter 13 client who was facing a mortgage foreclosure. Over the course of the past few months he has been juggling his creditors and bills trying to stay afloat and during that time he fell behind to his mortgage company by more than four months, and found himself in the foreclosure process.
More on Can You Rely on a Verbal Promise that Your Foreclosure Will be Delayed?
Ruling by Supreme Court Impacts Bankruptcy Exemptions in Georgia
The United States Supreme Court rarely accepts cases that affect consumer bankruptcy debtors. Recently, however, the Court considered an issue that potentially impacts all debtors – the treatment of exemptions.
The term "exemptions" refers to property you own that is protected from the reach of the trustee or creditors. For example, every state provides for exemptions that include your clothes, a certain amount of household goods, a certain amount of equity your car, and a certain amount of equity in your home. Georgia has fairly stingy exemptions – you can read the Georgia exemption law by clicking on the link.
More on Ruling by Supreme Court Impacts Bankruptcy Exemptions in Georgia
Examples of Bankruptcy Fraud
Last October, I wrote a post on this blog about bankruptcy fraud, and pointed out that everything included in a bankruptcy filing is subject to scrutiny by the office of the United States Trustee, which is an arm of the United States Department of Justice. In other words, false statements on a bankruptcy petition could land a debtor in hot water – dismissal of the bankruptcy case, fines and even prison.
Supreme Court Issues Important Ruling About Chapter 13
On June 7, 2010, the United States Supreme Court released its decision in the case of Hamilton, Chapter 13 Trustee v. Lanning. The Supreme Court rarely hears argument in consumer bankruptcy cases so the Lanning decision is big news to consumer bankruptcy lawyers.
More on Supreme Court Issues Important Ruling About Chapter 13
Does Your Landlord have any Obligations to Mitigate Damages if You Breach Your Lease?
Not surprisingly, I get calls from small business owners who are contemplating personal bankruptcy when their businesses fail. There are many issues that arise in these types of cases but I would like to focus on one problem that, more than any other, can force the business owner into bankruptcy.
More on Does Your Landlord have any Obligations to Mitigate Damages if You Breach Your Lease?
The Only Thing Certain is Change
No one starts his or her adult life expecting to file for bankruptcy. Yet every week, I meet with men and women in their 30's, 40's, 50's, 60's and older who have become insolvent and need relief under the United States Bankruptcy Code. I often hear the lament "I never in a million years thought I'd be sitting in a bankruptcy lawyer's office." I usually respond by reassuring my clients that bankruptcy is a legitimate and legal financial tool that can offer hardworking families a kind of "do over" when unexpected circumstances finances to go south.
Should You Save Your Home from Foreclosure, or Should You Let it Go
With the news full of foreclosure statistics showing huge increases along with stories of self-righteous Members of Congress asserting their heartfelt concern for "struggling homeowners" little attention is paid to the question of whether a homeowner ought to fight to save his home. My friend and colleague, Charleston bankruptcy lawyer Russ DeMott were recently discussing this issue and I invited him to prepare a guest post about this very topic:
More on Should You Save Your Home from Foreclosure, or Should You Let it Go
Failure to Disclose Assets Lands Chapter 7 Debtor in Prison
Because the bankruptcy system operates efficiently and quickly and it serves hundreds of people every day, I sense that many bankruptcy debtors forget that everything they submit to the bankruptcy court is done so under penalty of perjury. I recently ran across an article from a Texas newspaper about a Chapter 7 debtor who ended up in federal prison, convicted of bankruptcy fraud, because he failed to disclose an $84,000 insurance payment, proceeds from the sale of a vehicle and several bank accounts. This particular debtor used Chapter 7 to discharge over $1 million in liabilities.
More on Failure to Disclose Assets Lands Chapter 7 Debtor in Prison
Federal Mortgage Assistance Programs Modified to Include Bankruptcy Debtors
Every week I receive several phone calls from homeowners who want to take advantage of the federal HAMP (Home Affordable Mortgage Program) but do not know where to start. Often these callers are behind two or three months and are receiving foreclosure notices, but they really do not want to file Chapter 13 before exhausting all non-bankruptcy alternatives.
More on Federal Mortgage Assistance Programs Modified to Include Bankruptcy Debtors
Afraid that You Could Lose Your Job if You File Bankrutpcy? The Law Says “No,” but….
Last month, my friend and colleague, Charleston bankruptcy attorney Russ Demott published an interesting article on his web site entitled "Fired for Filing Bankrutcy? No way!" This article was written by Elyria, Ohio bankruptcy lawyer Bill Balena, who notes that the Bankruptcy Code specifically forbids "employee discrimination" based on a bankruptcy filing if:
More on Afraid that You Could Lose Your Job if You File Bankrutpcy? The Law Says "No," but….