As a Bankruptcy lawyer I can't count how many times people have asked why Courts won't reduce their mortgage debt to match the deflated value of their home, or why they should pay anything on that second mortgage, line of credit, or HELOC, when they're underwater. I even discussed these questions and the state of...Read More
Many small business owners find comfort and success capitalizing on a franchise. Franchisors use Non-Compete (“NCA”) and Non-Disclosure (“NDA”) clauses as well as mandatory arbitration provisions to protect themselves. But should such a provision be effective against a non-signing spouse? That was the question before a Wisconsin District Court in the recent 7th Circuit case...Read More
In the recent case of Beeman et. al. v. Borders Liquidating Trust et al. from the Circuit Court for the Southern District of New York decided on October 29, that Court examined what ought to happen when relief that could be granted, for practical reasons is not. This controversial policy, referred to as "Equitable Mootness"...Read More
Recently I got an e-mail from the newly-formed Consumer Financial Protection Bureau (CFPB). You remember the CFPB, right? No? That's alright. But you probably remember the agency's public face, now-Senator Elizabeth Warren of Massachusetts. So, after coming out of the shoot a few years with the President's blessing and much fanfare, the CFPB has released...Read More
When you file for bankruptcy you sign sworn schedules that itemize your assets. If you fail to disclose in full or fail to update your asset summary, you risk a creditor objecting to discharge on the basis of fraud. Claims that arise after the bankruptcy filing like future lawsuits are also assets of the Estate....Read More
Freddie Mac and Freddie Mae made guideline changes to the prevailing short-sale guidelines that unified and clarified them. Those changes featured examples of eligible hardships that would permit homeowners to sell their homes even if they were then current on their mortgage. Ultimately that new guidelines enabled lenders and servicers to quickly and easily qualify...Read More
In response to questions we get over and over, here is our unofficial Guide to Discharging Taxes in Bankruptcy. We've gathered many of the tried-and-true rules on the topic but they are constantly evolving, so take this guide with a grain of salt and always consult a competent Bankruptcy Attorney before making any decisions.Read More
When it comes to Bankruptcy, many Debtors don't know what they don’t know about real estate taxes. Confused? So were the District Courts until the 7th Circuit Court of Appeals addressed the issue in the case of In re LaMont, Opinion 13-1187 (January 7, 2014).Read More
This piece from the Wall Street Journal’s Real Time Economics site answers the question with charts galore! The short answer comes in 3 parts: 1) For working people, 2013 was more of the same slow, jobless recovery; 2) For high net-worth individuals and corporations it was a bonanza; and; 3) The housing sector underwent a...Read More
