BankruptcyBill.us

For a more in depth explanation of the automatic stay, take a look at the Wikipedia entry as well as a brief explanation by Haines & Krieger (Las Vegas, NV) and an explanatory blog post by Michael Anderson, Esq. on Arizona Bankruptcy Lawyer Blog.

Click here for previous BAPCPA Man cartoons or here for all cartoons on the site relating to consumer bankruptcy.

(To see more of Gideon Kendall’s work go to www.gideonkendall.com and gideonkendall.squarespace.com/journal.)

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BLT (Bankruptcy Lawyer Topics) is a review of  consumer bankruptcy topics being covered on bankruptcy lawyer blogs.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog post you think should be included?  Send an e-mail to bill [at] bankruptcybill [dot] us.

Loan modification (also sometimes referred to as mortgage modification) is a very hot topic these days.  It’s helping a lot of homeowners avoid foreclosure.  Though it’s also fertile ground for scams.  And in in the big picture it may only be putting a dent in the problem.  As the New York Times pointed out yesterday (”Lucrative Fees May Deter Efforts to Alter Loans“), it’s a complicated situation.

If you’re facing foreclosure and considering loan modification, or if you’re just interested in the topic, here are some bankruptcy lawyer blog posts that may be helpful:

California

• Hale Antico, Esq. covers California: New Foreclosure Changes on his Los Angeles Bankruptcy Blog (Los Angeles, CA).

• Howard Nassiri (consisting of Vincent D. Howard and Damian J. Nassiri)  in Anaheim, CA gives good coverage to the loan modification in California with the following posts:

• Howard | Nassiri Supports California Bills That Would Forbid Lawyers and Others From Taking Advance Fees
• and
• Study Finds That Mortgage Lenders Won’t Grant Meaningful Loan Modifications Because They Lose Profit
• Mortgage Loan Modification Scams Continue Their Rise in California
• Federal Trade Commission and State Attorneys General Sue Companies for Loan Modification Fraud
• Lenders Face Lawsuits From Spanish-Speakers Illegally Provided English-Only Loan Documents
• State of California Sues Loan Modification Lawyer for Stealing From More than 2,000 Homeowners
• Mortgage Brokers Responsible for Subprime Loans Find New Work as Loan Modification Consultants
• ‘Paper Avalanche’ Delays and Denies Loan Modifications to Struggling Homeowners
• Lender Bureaucracy Continues to Slow Mortgage Loan Modifications Under Obama Housing Plan

New York

• David S. Hamilton of Dwyer & Associates (New York, NY) writes on the topics of:

• Mortgage Modification – Where to begin?
• Foreclosure or Short Sale in NYC?
• Suing your Lender when Mortgage Modification isn’t an option

(more…)

Bankruptcy Billables is an overview of bankruptcy coverage and discussion from various independent law blogs.

Above The Law

• Morning Dockets 07.30.09 mentions the continuing Bernie Madoff litigation (tangentially connected to bankruptcy) and also notes that a ruling is expected on the Delphi bankruptcy plan.
• Former Heller Ehrman Building Forfeit to Lenders – The foreclosure crisis at the corporate level in Heller Ehrman’s bankruptcy.  (Apparently loan modification wasn’t an option.)
• Lawyerly Lairs:  Marc Dreier’s Penthouse Goes for $8.2 million – The result of an auction in Marc Dreier’s bankruptcy case.
• Bankruptcy Won’t Discharge $350,000 of Student Loan Debt for Law Graduate – A relatively high-profile case in Minnesota that paints a bleak picture of one man’s struggles with student loan debt, though ATL suggests that the publicity from the case may fan the winds of change in favor of a “mercy rule.”  (Note: For anyone interested in strategic options for dealing with student loan debt,  this blog post titled “Benefits of Bankruptcy When You Owe Student Loans” by Las Vegas bankruptcy attorney George Haines of Haines & Krieger might be a helpful place to start.)

Law Shucks

• Things Not Going Well for Rattner - The ongoing saga of Steven Rattner who stepped down from his role as head of Obama’s auto task force.
• Quick Shucks 7/16/09 – Notes that Lenny Dykstra’s bankruptcy reveals some significant bills owed to BigLaw firms.
• The Deal’s Up and Coming Lawyers – Two bankruptcy lawyers–Jonathan Henes of Kirkland & Ellis and Sushil Kirpalani of Quinn Emanuel–among those commented on.
• Law Shucks has also provided original coverage and commentary on Weil Gotshal and Harvey Miller in connection with GM, Chrysler and the other mega-bankruptcy cases.

Overlawyered

• July 27 Roundup – Notes that bankruptcy fees in Lehman are up to $62 million and could reach $1 billion.

Point of Law

• Not so fast, Mrs. Madoff – Comments on the Bernie Madoff trustee’s action to recover $44 million from Ruth Madoff.
• GM and Chrysler – Helpful up-to-date synopsis of the auto bailout and bankruptcies by S. Todd Brown.

Did we miss a good recent bankruptcy-related post on another blog?  E-mail bill [at] bankruptcybill [dot] us to let us know.

The site has been reorganized.  STR.I.P. Financing obtained.  Strip #17 – BAPCPA Man has gone effective.

• Thanks to Bruce Weiner of Rosenberg Weiner & Musso (www.nybankruptcy.net) in Brooklyn, NY for putting us over the top.  Bruce, by the way, is Chapter 11 debtor’s counsel to Stephen Baldwin according to Huffington Post and AP reports.
• We would also be remiss to not give a special thanks to 3-time contributor Nancy Rapoport, (http://nancyrapoport.blogspot.com), the Gordon Silver Professor of Law at the William S. Boyd School of Law (UNLV)  and co-author of the book Enron: Corporate Fiascos and Their Implications for all of her support.
• And thanks to everyone else, lawyers and non-lawyers alike, for supporting Bankruptcy Bill.  Hope you enjoy the new strip and stay tuned for more to come.

(To see more of Gideon Kendall’s work go to www.gideonkendall.com and gideonkendall.squarespace.com/journal.)

p.s.  Regarding copyright issues, our legal counsel, IP Aileen, says:  “Other bloggers/websites/publications:  You are more than welcome to post Strip #17 on your sites as long as you also include all of the text, links and images in this post, including this paragraph.  If you fail to respect our wishes, we’ll simply send BAPCPA Man after you.  His powers are great and many.  Actually, we’re not even sure what they are.  Best to just not mess around.”