Archive for September, 2010

Loan Modifications, Foreclosure & Bankruptcy

23 September 2010 by Admin  |  Chapter 13 Bankruptcy, Foreclosure Issues  |  3 Comments

While some commentators are stating that the recession is now over, the new forclosure record set in August would lead most to believe otherwise.   Further, I am seeing less and less of my clients receiving loan modifications.  I am of the opinion that the loan modification has turned into a cruel joke that gives false hope to many home owners.  Many will stop making monthly payments at the suggestion of the bank only to later be denied a modification and have the home foreclosed on, or worse, to be granted a loan modification that only minimally reduces the payment (I…

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The Bankruptcy Process – Chapter 7 Bankruptcy (Part 3)

22 September 2010 by Admin  |  Bankruptcy Process, Chapter 7 Bankruptcy, General Bankruptcy  |  2 Comments

In the last post I discussed the bankruptcy process in a chapter7 bankruptcy from the filing day up through the meeting of the creditors.  In most cases, after the meeting of creditors is complete, there is little for the debtor to do other than complete the final credit counseling requirement. Credit Counseling Prior to filing for bankruptcy, everyone is required to complete an approved credit counseling course.  When filing bankruptcy with my office, my clients are provided access to an online course that satisfies this requirement.  After the meeting of creditors you will be required to complete a second online…

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The Bankruptcy Process – Chapter 7 Bankruptcy (Part 2)

17 September 2010 by Admin  |  Bankruptcy Process, General Bankruptcy  |  1 Comment

In my last post I outlined what you can expect at my office as to the bankruptcy process from the initial consultation through to the day when your bankruptcy case is actually filed with the bankruptcy court.  In this post, I will walk you through the bankruptcy process from the day the case is filed with the bankruptcy court through to the first Meeting of Creditors. Filing Day Immediately upon the filing of your case, the bankruptcy court issues an order called the Automatic Stay  (see11 U.S.C. § 362(a)).  This order stops all collection efforts against you and your property. …

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The Bankruptcy Process – Chapter 7 Bankruptcy (Part 1)

10 September 2010 by Admin  |  Bankruptcy Process, Chapter 7 Bankruptcy  |  3 Comments

Over the next several days I will be providing a multi-part look at the bankruptcy process for a chapter 7 bankruptcy.  In this first post, I will focus on what happens before your bankruptcy case is even filed with the bankruptcy court.  Specifically, I will go over the bankruptcy process, what must be disclosed, what to expect from the bankruptcy process, and what bankruptcy can and cannot do for you. The Initial Consultation Most of those that file bankruptcy file with the help of a bankruptcy attorney.  There are a small amount that file on their own (about 1 in…

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If You Want to Keep It, You Have to Pay For It.

9 September 2010 by Admin  |  Debt Collection Issues  |  No Comments

When you file bankruptcy you can rightly expect that you will eliminate most of your credit card-type debts.  However, every now and again I have a client come in who believes that if a person files for bankruptcy, that they can then keep their home or their car but are no longer required to make the payments because the debt has been “discharged” by the court.  This is not correct.  Even in bankruptcy, you can’t get something for nothing. Secured and Non-Secured Debt Your debts will be divided into essentially two categories: secured, and unsecured.  Your secured debts are things…

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Dismissing Your Bankruptcy Case: Can You Really Get Out If You Want To?

7 September 2010 by Admin  |  Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy  |  No Comments

As strange as it sounds, there are times when I have clients who have gone through all the work, stress, and time of getting all the required documents to my office, paid the legal fees, and actually filed their case with the bankruptcy court, and now want to dismiss their case entirely.  So this begs the question, can you dismiss your bankruptcy case?  Surely the law doesn’t require a person to stay in bankruptcy if they don’t want to be there, right?  The answer is sometimes surprising. Dismissing a Chapter 7 Bankruptcy Case Once you file a Chapter 7 bankruptcy…

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Bankruptcy: Not Painful, But Not Painless

4 September 2010 by Admin  |  Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy  |  No Comments

Quite frequently, around the time my clients receive their discharge from the bankruptcy court, I get the comment that “bankruptcy is not as painful as I thought it would be!”  This is particularly true of Chapter 7 bankruptcy clients.  However, while the bankruptcy process can be pretty straightforward and many times does not result in you losing any property like your home or your cars, obtaining a bankruptcy discharge of your debts is not a completely pain-free process. Chapter 7 Bankruptcy Information The overwhelming majority of Chapter 7 cases are what are deemed “no asset” cases — meaning that there…

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Short Sales, Deficiencies, and Bankruptcy

3 September 2010 by Admin  |  Foreclosure Issues  |  No Comments

Arizona’s Ant-Deficiency Statute Not For Short Sales Over the last few weeks, I have been seeing quite a few people who sold their home via short sale within the last two years who have now been sued by their old second mortgage company for the balance that was due after the short sale.  Many here in Arizona have done research on their own or have received advice from a Realtor on Arizona’s Ant-Deficiency statute (A.R.S.  § 33-814(g)).  It is vital to understand that the anti-deficiency statute only applies in a foreclosure setting — not a short sale. Carefully Review Short…

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Workin’ For a Livin’: Commission Based Pay and Bankruptcy

2 September 2010 by Admin  |  Bankruptcy Process, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy  |  No Comments

For those of you that earn a living in a commission based job (Realtors, car sales, insurance sales, etc.), bankruptcy can cause difficulties if not well planned.  The treatment of your pay depends upon the chapter of bankruptcy you file, so I will break it down into Chapter 7 bankruptcy and Chapter 13 bankruptcy: Commission Based Pay and Chapter 7 Bankruptcy In a chapter 7 bankruptcy we determine your income by taking an average of your pay over the last six months.  This means that if you have a very high or very low month in comparison to your normal…

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