In the Chapter 13 bankruptcy case of Daniel-Sanders, Andrea C.; In re, the bankruptcy court ruled that a single debtor in Chapter 13 bankruptcy could in fact keep two cars but could only do so if it did not diminish bankruptcy plan payments for unsecured creditors. The details of the Chapter 13 bankruptcy case: The [...]
Home sales were down in January, another sign that the housing market may not be recovering as quickly as many had hoped. Sales of previously owned homes fell by 7.2 percent bringing the number of homes sold to its lowest level since summer. "Most of the improvement that we've seen in housing over the past [...]
In troubled times many people turn to debt to make ends meet, take care of emergencies or just to relieve the stress of everyday life by charging shopping sprees to their credit card. But more and more Americans are not only become more indebted, they are choosing to rack up large amounts of debt secretly. [...]
One of the most insidious myths about bankruptcy is that debtors who file bankruptcy will lose all of their personal property. For the umpteenth time, this myth is simply not true. A matter of fact, most debtors who file Chapter 7 bankruptcy do not lose any of their property. Every state, plus the federal bankruptcy [...]
Re-defaults on loan modifications. Many homeowners who attempted to avoid foreclosure by signing up for a 3 month trial in the HAMP program may end up falling into default again. Presently, the number of defaults in the HAMP program has exceeded 60 percent and many analysts expect that number to rise. Upside-down mortgages. One of [...]
According to a recent report by the Bureau of Transportation, the U.S. airline industry has lost tens of billions of dollars and over 170,000 of jobs over the past 10 years. A combination of lost revenue and several bankruptcy filings have conspired to shrink the industry significantly. The impact of job losses and bankruptcy can [...]
The bankruptcy code allows the bankruptcy trustee to demand the return of assets that were transferred before a debtor filed bankruptcy under certain circumstances. The debtor made payments on a debt that gave that creditor preferential treatment over other creditors. For example, if a debtor repaid a relative while not paying on their other debts, [...]
In the Chapter 7 bankruptcy case of Spears, Raquel C.; In re, the debtor was denied a motion to avoid two liens against a commercial property that she owned. The details of the bankruptcy case: The Chapter 7 debtor filed a motion to avoid a judgment lien and a mechanic's lien against commercial property that [...]
Steps to conquering debt: The first step to conquering debt that has gotten out of control is to get honest with yourself. Take the time to find out how much you owe, how much you earn and what the real gap is in between. One of the biggest shockers debtors experience when they file bankruptcy [...]
Credit experts are explaining the new trend of American debtors paying credit cards off to the detriment of their home mortgages as the 'new payment hierarchy." But what some so-called credit experts may describe as a new payment hierarchy is really just more damaging behavior that could lands millions of Americans into foreclosure and on [...]