Bankruptcy
Mortgage Modification Bill Dies in Senate
The mortgage modification bill, which would have allowed bankruptcy judges to force lenders to re-write mortgages in certain circumstances has been defeated by a wide margin in the Senate. The vote was 45 in favor, 51 against, making me wonder who really controls the Senate.
Who You Gonna Call–Your ATTORNEY!
Recently I got an e-mail from one of our Chapter 13 trustees, asking that I express her condolences to my client on the death of his wife. That was very nice, but the problem is that this was news to me. My client called the Chapter 13 office to ask what he should do about [...]
Mortgage Modification Measure Passes House
A bill which will allow mortgages to modified by bankruptcy judges has passed the U.S. House of Representatives. One piece of the puzzle which will help to stem the tide of foreclosures, leading to a stronger economy overall, the fight now moves to the Senate. We’ll post further developments as the Senate debate heats up.
Mortgage Cram-Down Part of Homeowner Help
Today President Obama announced a sweeping proposal designed to stem the tide of mortgage foreclosures which have contributed to, if not caused, the broader problems in the economy today. Among the proposed steps is a revision to the bankruptcy code which would allow bankruptcy judges to modify home mortgages, which they cannot do under current [...]
How To Pay For Bankruptcy
It has been difficult lately to find anything positive in South Carolina’s economic picture, and the financial meltdown means more pressure on more families. Given the current climate, I wanted to frankly address a question that comes up in virtually every client meeting, and is among the most popular online searches: If I need to [...]
Is Bankruptcy the Right Thing for Your Family?
The news seems bad, all over. After jobless claims rose to a seven-year high last week, and compounded by the Congressional vacillation over the bailout legislation, the stock market continued a downward trend. Factory orders fell by the largest amount in four years, and if that wasn’t enough to get you good and depressed, the [...]
Bailout Deal Reached; No Help For Foreclosure Victims
UPDATE: From The Huffington Post comes this article by Dean Baker: Why Bail? - arguing there is no good reason to bail out Wall Street and several good reasons not to lift a finger.
In the immortal words of Little Richard: Good Golly, Miss Molly. What the bejeebers is going on with this economy?!
Well, we pick [...]
Is Bankruptcy Reform On Its Way Out?
Maybe, if we don’t act now.
News isn’t encouraging this morning. After Senator Obama sold us out changed his mind and stated his belief that the mortgage reform angle was “probably something we shouldn’t try to do in this piece of legislation” predictably the rest of the party followed suit and declared the issue a “nonstarter.” [...]
More on Bailout + Bankruptcy Reform
The National Association of Consumer Bankruptcy Attorneys* has joined the growing chorus of voices demanding that Congress not give in to rampant bullying pressure to act hastily in passing bailout legislation (something I wrote about on this blog right here). As I did in that post, they’ve suggested some language for others (specifically, bankruptcy attorneys) [...]
From Sheryl: Meet Me At the Library For Free Legal Clinic
You might have seen me on TV last week, if you’re in the viewing area of WBTW! I was thrilled to be able to present an informal lecture for the public on the topic of bankruptcy and the recent upheaval in the economic sector last week, and Thema Ponton from WBTW asked to interview me [...]
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