Ill conceived and often illegal lending practices (i.e. mortgage fraud, , and predatory financing) have left millions of homeowners upside down in their mortgage, confused about their legal rights and most of all frustrated at the financial position they now find...
If you want to file bankruptcy and no longer be responsible for a mortgage, this is often possible. However, many mortgage companies have begun refusing to foreclose because they realize that they will likely end up owning the home and they do not want the risks and...
A couple of common misperceptions of the bankruptcy process are that: 1. a person filing bankruptcy has to give up their property or that 2. a person filing bankruptcy can keep an unlimited amount of property and not have to repay debt. The reality is that you...
Filing for bankruptcy gets rid of most, but not all types of debt. A Chapter 13 bankruptcy can get rid of more types of debt than a Chapter 7 bankruptcy but neither is guaranteed to clear all debt. Debt that cannot be gotten rid of is called "non-dischargeable" debt....
Filing bankruptcy eliminates unsecured debt and can even eliminate personal responsibility for secured debts (i.e car loans and mortgages) but it cannot eliminate liens. In other words, it generally doesn't stop a lender, who you have signed an agreement with pledging...
According to section 109 of the bankruptcy code, you (or you and your spouse jointly) are generally ineligible to file a Chapter 13 Bankruptcy if your unsecured debts (i.e. credit card debt, medical bills, taxes, student loans) are more than $383,175.00 or if your...
If you are considering filing bankruptcy, it is highly recommended that you speak to an experienced attorney to discuss your options. Before doing so, it is helpful to know what chapter of bankruptcy is right for you and whether you qualify for it. There are multiple...
In a decision by Judge Brian Kenney of the Eastern district of Virginia, Bankruptcy Court, an ophthalmologist was told she could not eliminate her student loans through bankruptcy. However, the evidence established that the ophthalmologist was living in her car; she...
In the case of Sieber v. Rose, the United States Court of Appeals, Fourth Circuit, upheld the Bankruptcy Court's determination that a Debtor's failure to list an exempt property barred that Debtor from claiming those exemptions later. This decision the Court reached...
Judge Rice of the Maryland Bankruptcy Court reinforced earlier precedent which held that retirement funds remain retirement funds and are exempt (i.e. people filing bankruptcy or "debtors" get to keep them) even if they are taken out of a 401k or an IRA or are Social...
