Myths About Bankruptcy

Bankruptcy is a word that often evokes a lot of emotion from people. Fear, anger, loathing and a wide range of feelings are often associated with just the mention of bankruptcy. The truth is that bankruptcy is not something to be feared, looked-down-upon nor reviled. Common misperceptions lead people to reach for those fears, and in this article I hope to dispel a couple of these [more . . .]

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Congress Bows to the Banks Again, and Again

In a move that has been widely criticized already this morning, the United States Senate voted 45-51 to kill the “Helping Families Save Their Home Act of 2009.” The Act would have given the United States Bankruptcy Courts jurisdiction to modify a debtor in Chapter 13 bankruptcy’s primary residence mortgage to bring it within affordability standards. The Act was hailed by many in the industry, including bankruptcy judges as “correcting” a long-standing anomaly in the bankruptcy code which allows debtors to modify all kinds of secured debt, including car loans, loans on vacation homes and yachts, but not a loan secured by the debtor’s primary residence [more . . .]

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Bankruptcy Car “Cram-Down” Rules — “910” Is The Key!

If, like many debtors I meet with, your car is underwater, then you will want to consider your options regarding retention or surrender of the vehicle. In a chapter 7 bankruptcy, this is a pretty easy decision — you can keep the car and continue making payments, or you can surrender the car and discharge any obligation for a deficiency. In chapter 13, however, there is a third option that might make sense [more . . .]

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