Foreclosures Up 57%

CNNMoney.com reports that national foreclosure filings rose 57% in January over the same time a year ago. How far can this go, we might wonder? What’s going to turn it around?
I found this quote very interesting:
The only good news was the comparatively modest month-to-month increase in total filings.
“It could be that some of the [...]

NY Times Money Expert Advises Chapter 7 Over Creditor-Sponsored Loss Mitigation Plans

As this New York Times article (free registration required) makes clear, bankruptcy isn’t necessarily the “option of last resort” for those battling crushing debt
.
The article quotes a law professor named Ronald Mann as suggesting that the credit industry practices are designed to keep debtors entrapped in the prison of debt, and that most would [...]

Are You Eligible For Chapter 7?

Part of the “reforms” passed in the 2005 Bankruptcy Act included a restriction on filers in Chapter 7 based on income. Simply (or simplistically) put, a Chapter 7 debtor must meet certain income requirements before filing; if the debtor’s income exceeds the median income for the debtor’s household size in his or her state, then [...]

Bankruptcy Law Network: “Congress Could Save Your Home”

My friends at the Bankruptcy Law Network have published a post recently on congressional attempts to respond to the foreclosure crisis. This post, entitled “Congress Could Save Your Home From Foreclosure,” discussed H.R. No. 3609, a bill that would make certain changes to the Bankruptcy Code which would make it easier for folks who file [...]

SC Debtors Might Be Getting Increase In Exemptions

Update: Ed Bailey, a colleague from Spartanburg, tells us that this bill has been moved out of the special laws subcommittee stamped “Favorable with Amendment.” We don’t yet know what the amendment is, but I’ll keep looking. The full Judiciary Committee will take it up on the 5th (this coming Tuesday), Ed reports.
In [...]

NY Times Editorial: No Protection for Homeowners in Bankruptcy “Reform” Act

This editorial in the NY Times is required reading - but probably not for the reasons you might think. While I applaud the Times’ willingness to call Congress on the carpet for the most blatantly anti-consumer law on the books today, I’m leery of the overall “no protection” theme. While it’s true the law is [...]

Looking for a Bankruptcy Attorney? Here Are Some Tips

Bankrate has an article by Jenny C. McCune entitled “13 Tips to Avoid Hiring a Bad Bankruptcy Attorney.” Overall, it’s pretty good advice, though some of the tips aren’t so much “avoiding bad attorneys” as they are “avoiding bad results.” Still, it’s worth a look.
To this list, I’d add the following comments:

Don’t discount new [...]

33% ARM Holders Will Lose Their Homes, According to This Analyst

Christopher Cagan, of First American CoreLogic, says that’s how many ARM mortgage holders who had initial teaser rates of less than 4% will face foreclosure - 1 in 3. Subprime borrowers might actually, for once, be more fortunate - their risk is 1 in 8.
Cagan warns that this is only the result of reset, [...]

Keyword Cleanout Post!

Update: Fixed the link to Ms. Wilkinson’s website - my apologies, Dana! (And to the sculptor in Vermont - though, must say, nice work.)
Did you type in a phrase in Google to get here? This post, the first in what I hope to be a regular series (perhaps monthly, maybe more often if I get [...]

“Cheap Bankruptcy Lawyers”? Or “Get What You Pay For”?

Someone used the phrase “cheap SC bankruptcy lawyers” to find my site this weekend. I’m not sure whether to be offended or pleased that my SEO* efforts are working! Just kidding. While I market myself, as every attorney must, on the basis of my strengths, I steadfastly refuse to compete with my fellow attorneys on [...]