New Study Suggests Credit Counseling is Beneficial for Bankruptcy Filers
We’ve all heard clients complain about the pre-filing credit counseling requirement and ask why they have to jump through this hoop when they know they’re going to end up filing for bankruptcy anyway. In many cases, we may be inclined…
Waiting for the Dust to Settle on Lanning
In theory, when the U.S. Supreme Court rules on an issue, conflict and confusion among lower courts is laid to rest. Back in March, when the Supreme Court ruled in United Student Aid Funds, Inc. v. Espinosa, the case caused…
New HAMP Guidelines Include Borrowers in Bankruptcy
A new opportunity to assist consumer bankruptcy clients facing foreclosure opened up yesterday, when Treasury Department Supplemental Directive 10-02 took effect. Among other things, the directive requires servicers to consider borrowers in bankruptcy for modification upon request of the borrower,…
Question Admissibility of Creditor / Mortgage Servicer Records
While the popular press has made much of the way sliced, diced and flipped mortgages and other securitized debts have resulted in messy (or non-existent) paper trails that may provide opportunities for debtors, many courts and even debtor’s attorneys aren’t…
Are the Wrong People Filing for Bankruptcy?
Ronald J. Mann and Katherine Porter’s recent study reveals some interesting patterns in consumer bankruptcy. For instance, only a small fraction of those families in the greatest financial distress seek bankruptcy protection. In fact, few of those facing foreclosure attempt…
NACBA Members, Don’t Forget to Vote
April 15 isn’t the only important deadline coming up! Don’t forget that ballots for the NACBA Board of Directors must be received by April 20, 2010. If you haven’t seen the candidate statements, they are available in the Members Only…
U.S. Supreme Court Says Attorneys are Debt Relief Agencies under BAPCPA, Upholds Ban on Advising Clients to Incur Additional Debt
For nearly five years, courts across the country have been asked to determine whether or not BAPCPA’s Debt Relief Agency designation applies to bankruptcy lawyers and whether the disclosure requirements and limitations on advice set forth in BAPCPA were Constitutional…
Bankruptcy Stats Take Center Stage in Health Care Reform Debate
Statistics have long told us that a significant percentage of personal bankruptcy filings in the United States stemmed from medical problems. A 2001 study indicated that medical problems were a contributing factor in at least 46.2% of personal bankruptcies. By…
Mortgage Documentation Issues Remain Unclear in Foreclosure / Bankruptcy Cases
Back in the summer of 2007, we reported on the upside to sliced, diced and flipped consumer mortgages: the paper trail was hazy at best and in some cases non-existent, and attorneys like April Charney were seeing some success in…
Life Without Credit – How Are You Advising Your Clients?
Recently, I wrote about the significant reduction in consumer credit in the United States. A large part of that reduction comes from tightening credit standards; credit card issuers are offering less credit and even cutting back on existing credit lines….