Jan 3
There is an interesting article on MSN about cut-rate bankruptcy lawyers, also known as bankruptcy mills. You can read it here:http://articles.moneycentral.msn.com/Banking/BankruptcyGuide/BewareCutRateBankruptcyAdvice.aspx What constitutes a “bankruptcy mill” is in the eye of the beholder. Filing hundreds or even thousands of bankruptcies a year doesn’t make a firm or an attorney a mill in my opinion. What does […]
Dec 30
Lots of clients ask, “Can I modify my mortgage if I file Chapter 13?” Unfortunately the answer is usually “no”. While automobile and other secured loans can be modified in Chapter 13, so far the mortgage industry lobbyists have convinced Congress that borrowers should be held to whatever bargain they made when they got their […]
Oct 10
We don’t know for sure, and we probably never will, but it appears Steve Jobs has protected his estate, to the extent he can, through living trusts. A living trust is a trust established and funded during one’s lifetime. Lots of trusts are established during the maker’s life, but lots remain unfunded, meaning nothing was […]
Oct 6
With the mortgage foreclosure crisis hitting more people, scammers are out in force. One of the newer scams involves fraudulently attaching a mortgage to someone else’s bankruptcy. Here’s how it works. Scammers know that one of the most powerful tools in the bankruptcy tool box is the automatic stay that prevents a creditor from taking […]
Sep 19
A question that has come up a few times recently is a variation of “how do I surrender my house in bankruptcy?” When someone files bankruptcy, she can surrender any property that secures a debt. To “surrender” means to turn the property over to the secured creditor and walk away, receiving a discharge for whatever is […]
Aug 31
I was faced with an interesting question from a client this week. Up until recently ago he lived in California. For six years he has owned a condo in Utah. Four months ago he moved to Utah and now lives in the condo. He needs to file bankruptcy and wants to know which state’s exemptions, […]
Aug 18
I recently joined an online forum dedicated to answering questions about bankruptcy. One of the more common questions is along the lines of “Can I do a bankruptcy myself?” Underlying this question is the concern that a person already strapped for money is being asked to pay $1,000 – $3,000 or more to have a […]
Aug 16
I follow a number of bankruptcy blogs and today read a great post by a bankruptcy attorney in Kansas City, Missouri, about reality and bankruptcy. Rachel Foley makes the point that the so-called “reality” shows have twisted our view of the world. Many of us try to emulate any number of people in these shows and […]
Jun 27
When it comes to estate planning, people make mistakes most commonly in one of two areas: First, they fail to have any kind of estate plan at all. Secondly, once they have a plan, they forget about it. An estate plan is not a static document because life isn’t static. Circumstances change. Asset values go […]
Jun 21
In bankruptcy a debtor has three options when it comes to secured debt (debt where the creditor has collateral that can be repossessed): Surrender (give the collateral back), reaffirm (renew the contract, essentially excepting the debt from the bankruptcy), or redeem (paying the creditor a lump sum equal to the value of the collateral — […]
