This post was prepared by yours truly, with contributions from Phil Bradford, a financial web content writer. Phil graduated from New York University School of Law and recently joined Herald University as a reporter. He has also written for websites such as debtfreeguys.com and disabilitycanhappen.org An now, on with the post… Those who’ve exhausted their financial options or...Read More
In May 2013 a Wisconsin Court determined that Trentadue committed “significant over‐trial” and ordered that he contribute $25,000 toward his ex‐wife’s Attorneys' fees. Trentadue filed Bankruptcy. The Bankruptcy Court, District Court, and Court of Appeals agreed that the $25,000 was nondischargeable as a Domestic Support Orbligation.Read More
This case is a testament to the subprime crisis and illustrates how complex and devastating mortgage securitization and pooling was to ordinary homeowners; middle-class people faced with sudden and insurmountable mortgage debt. Sadly, this decision also illustrates just how hard it is to stand up to the holders of pooled mortgage loans.Read More
In this case the value of unexpired commercial leases was put to the test. When a popular auto-repair/oil-change franchise went into Chapter 11, its unsecured creditors sought to recoup of the value of 2 unexpired leases it relinquished just before filing. The 7th Circuit analyzed the issue under 2 provisions of the Bankruptcy Code and...Read More
The Court stated conclusively that a Debtor in a Chapter 7 Bankruptcy may not void a junior mortgage lien under §506(d) even when the value of the senior mortgage lien exceeds the value of the Debtor's home if the junior claim is secured by a lien and allowed under §502 of the Code.Read More
Dual Tracking is the industry name for the practice of letting a foreclosure case tick on even while the homeowner seeks to modify their mortgage loan. The idea is simple: the Bank will take whichever solution comes through first – a modification or a foreclosure. The problem is that the Bank holds all the cards:...Read More
The Economy has been sputtering: struggling valiantly but with little to show for it. Case in point: Is your home still underwater? For most people the answer is still yes - even as markets around the country rebound. So today we address a deceptively simple question: What is a mortgage and how does it work?...Read More
Foreclosure defense practice has become a veritable cottage industry over the past decade and it is common for Clients to expect their lawyer to do more than fight. They want to delay "by any means necessary." But the Courts still regard the law as a genteel profession. What Clients see as run of the mill...Read More
For Debtors, Chapter 7 Liquidation is the ultimate relief, while Chapter 13 and 11 Reorganization offers an opportunity to reduce their Debtor’s payments in light of their income. In either type of case however, the Creditor is not entitled to anything until it has filed is Proof of Claim.Read More
