When the bankruptcy laws were changed in 2004, the number of new Chapter 7 bankruptcies plummeted, as the new rules barred many people from entering the Chapter 7 program. Now that unemployment is over 10 percent, U.S. bankruptcy filings rose 33 percent in the third quarter to the highest number since 2005. It’s my suspicion [...]
Entries Tagged as 'Chapter 13'
A Bankruptcy Checklist
May 20th, 2009 · No Comments · Bankruptcy
In today’s economic climate, more and more people are turning to bankruptcy as a solution to their debt problems. Often consumers are ill-prepared to even begin the process. Some people may even file a bankruptcy when they don’t need to because they don’t understand the what they are getting into. Others select an attorney who [...]
Tags: Allowable Expenses·Alternatives to Bankruptcy.·Attorneys·Bankruptcy·Chapter 13·Chapter 7·Consumer Debt·debt counseling·Debt Problems·Income·Means Test
Credit Union Industry Worried about New “Cramdown” Legislation
March 3rd, 2009 · 5 Comments · Bankruptcy
One of the economic turn around proposals being kicked around includes legislation allowing bankruptcy judges who preside over Chapter 13 bankruptcies to reduce the principal amount of mortgages. This is being dubbed the “cramdown” of the mortgage principal into a smaller amount. A friend of mine received an electronic pamphlet from her credit union extolling [...]
Tags: Bankruptcy·Chapter 13·cramdown·credit unions·housing crisis·legislation·Mortgages
