BankruptcyBill.us

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

Holding a J.D. and an International Affairs M.A. from Marquette University, Matt Leichter (matt [dot] leichter [at] gmail [dot] com) is an attorney licensed in Wisconsin and New York.  Fearing for the legal profession’s future, he has begun documenting the law school tuition bubble at his own blog, The Law School Tuition Bubble, where you can read his latest post, “Linkth Dimension–Law School Buildings”.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog or know a good blog post you think should be included? Or a suggestion for a future BLT theme?  Send an e-mail to BLT [at] bankruptcybill [dot] us with the link.
• Suggestion to bankruptcy lawyers with blogs: Make sure to include a “Search” function somewhere on your blog.  It makes it easier to find topical posts on your blog and increases the likelihood that a post from your blog will be included in BLT.

GENERAL or NON-STATE SPECIFIC

Bankruptcy Law Network

• You Can Modify a Mortgage on a Your Home in a Chapter 13 Bankruptcy!
• Mortgage Cramdown – Yes!
• Why Does a Chapter 11 Cost So Much?
• Massachusetts Bankruptcy Judge Endorses Hybrid Plan
• South Carolina Bankruptcy Lawyer Unleashes Vulcan Intellect on the Hanging Paragraph
• When is a Car Purchased for Business Use?
• Upside Down Car Loans Protected in 8th Circuit
• How Can I Lower My Car Loan Balance in a Chapter 7 Bankruptcy?
• Cramdown On First Mortgages Gets A Second Look By Senate
• Insurance Requirement on Vehicles in a Western District of Missouri Bankruptcy
• ¡MORE!

BAPCPA Blog

• Purchase Money Vehicle Creditors Get No Claim Upon Surrender

CreditSlips.org

• Redemption (of the 722 variety) for Struggling Homeowners
• Credit Bidding
• Where Did HAMP Go Wrong?
• Today’s Consumers Prefer Chapter 7 Bankruptcy 3 to 1
• Rates are Low–Where Are All the Refis?
• Electronic Copy of Bankruptcy Code and Rules
• ¡MORE!

Consumer Law & Policy Blog

• The Role of Predatory Lending in the Collapse of Detroit (CL&P Blog)
• MBA & CRL duke it out on Bankruptcy reform (CL&P Blog)

***SEE MORE BLOG POSTS FROM BANKRUPTCY LAWYERS AROUND THE U.S.*** (more…)

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Bankruptcy Billables is an overview of bankruptcy-relevant coverage and discussion from various law-related blogs.

Holding a J.D. and an International Affairs M.A. from Marquette University, Matt Leichter (matt [dot] leichter [at] gmail [dot] com) is an attorney licensed in Wisconsin and New York.  Fearing the legal profession’s future, he has begun documenting the law school tuition bubble at his own blog, The Law School Tuition Bubble, where you can read his latest post, “Income Based Repayment Helps Law Students, Not the Tuition Bubble”.

NYLawyer.com (free registration required)

• Dreier Ex-Wife’s Bid for Support Ruled Issue for Bankruptcy Court

Point of Law

• “Let’s Not Start Lionizing The Anti-Foreclosure Deadbeats”

Credit Slips

• What the Foreclosure Fiasco Means for People in Foreclosure
• Debt Collector to Pay $1.75 Million
• WSJ Blames Evil Consumer Lawyers
• BP Claims in Bankruptcy
• Some Thoughts on the MGM Prepack
• Basel III and Cushy Capital
• Moratorium for What?
• The Finality of Foreclosure Sales

Going Concern

• Accounting News Roundup: PwC Rakes in Fees on Lehman; Grant Thornton: Opening the Audit Market Wouldn’t Hurt Big 4; One in Three IRS Employees Are Eligible for Retirement | 10.15.10

WSJ Bankruptcy Beat

• Farkas to Remain Tethered to GPS Anklet
• The Daily Docket: Awal Seeks Bankruptcy in U.S.
• Sex.com Seeks to Sell Itself for $13 Million
• Bumpy Ride for Residents of Florida ‘Fly-In’ Community
• With Ski Season Looming, Tamarack Faces Setback
• Oilily Bounces Back From Bankruptcy
• The Daily Docket: TerreStar Files for Chapter 11
• Hecker Sent Back to Jail
• Arts Company Crafts Benefit to Repay Creditors
• Restructuring Revenue Expected to Remain Flat
• Young Buck Assets Up for Auction
• Luby’s Sticks With Fuddruckers Favorites
• Kristal Estate Open to Selling CBGB Name
• HBO Announces Cast for Upcoming ‘Too Big To Fail’ Film
• Movie Gallery: Ex-Worker Trying to Swap Secrets for Job
• Ex-Taylor Bean Chairman Wants to Remove Ankle Monitor
• Pasadena Playhouse Plots ‘Sexy’ Revival After Bankruptcy
• D.C. Attacks Love Nightclub Sale
• Klee Gets High Marks from Auditor on $12M Tribune Probe

Above the Law

• A Sign of Improvement in the Chicago Legal Market?

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

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

Holding a J.D. and an International Affairs M.A. from Marquette University, Matt Leichter (matt [dot] leichter [at] gmail [dot] com) is an attorney licensed in Wisconsin and New York.  Fearing for the legal profession’s future, he has begun documenting the law school tuition bubble at his own blog, The Law School Tuition Bubble, where you can read his latest post, “Dear ABA Committee Chair, No, It’s Not That Complicated.  Signed, The Legal Profession.”

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog or know a good blog post you think should be included? Or a suggestion for a future BLT theme?  Send an e-mail to BLT [at] bankruptcybill [dot] us with the link.
• Suggestion to bankruptcy lawyers with blogs: Make sure to include a “Search” function somewhere on your blog.  It makes it easier to find topical posts on your blog and increases the likelihood that a post from your blog will be included in BLT.

GENERAL or NON-STATE SPECIFIC

Beat the Press (Dean Baker, Center for Economic Policy Research)

• Foreclosure Moratorium: The NYT Does Not Know What The Obama Administration Fears, Only What It Says It Fears

CreditSlips.org

• Moratorium for What?
• The Finality of Foreclosure Sales
• The Notary Fraud Condonation Act of 2010
• Foreclosure Relief Could Help Economy and End Chaos Faced By Borrowers
• Wrongful Foreclosures and Clouded Title

Consumer Law & Policy Blog

• Would the Foreclosure Fraud Have Occurred if the CFPB Were Already Here?
• Robosigner Scandal Making for Strange Bedfellows
• The Washington Post Reports That The Government Had Been Warned That The Mortgage Foreclosure Industry Was A Mess

ALABAMA

Watts Law Group, P.C. and M. Stan Herring, P.C. – Alabama Consumer Law Blog (Birmingham, AL)

• No Title Insurance Could Stall Sales of Foreclosed Homes
• Struggling Virginia Family Wrongfully Foreclosed By Chase

ARIZONA

Brian Dault, Esq. (Dault & Associates PLLC) – Phoenix Bankruptcy Lawyer Blog (Chandler, AZ)

• JP Morgan Halts 50,000 foreclosures

***SEE MORE BLOG POSTS FROM BANKRUPTCY LAWYERS AROUND THE U.S.***

(more…)

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

Holding a J.D. and an International Affairs M.A. from Marquette University, Matt Leichter (matt [dot] leichter [at] gmail [dot] com) is an attorney licensed in Wisconsin and New York.  Fearing for the legal profession’s future, he has begun documenting the law school tuition bubble at his own blog, The Law School Tuition Bubble, where you can read his latest post, “With the Links”.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog or know a good blog post you think should be included? Or a suggestion for a future BLT theme?  Send an e-mail to BLT [at] bankruptcybill [dot] us with the link.
• Suggestion to bankruptcy lawyers with blogs: Make sure to include a “Search” function somewhere on your blog.  It makes it easier to find topical posts on your blog and increases the likelihood that a post from your blog will be included in BLT.

GENERAL or NON-STATE SPECIFIC

A Clean Slate – the Bankruptcy Law Blog by Andy Winchell

• The “Alphabet Problem” For Dummies

American Bankruptcy Institute (ABI) Bankruptcy Blog Exchange

• Mortgages, Foreclosure, Morality
• Stopping Foreclosure When the Lender Says “NO!”
• Florida Mortgage Foreclosure and Liability
• A New Unexpected Cause of Foreclosure Examined
• Foreclosure: The Best Thing That Ever Happened To You?
• Foreclosure Update: the Good and the Bad
• What Is The Difference Between Surrendering A Home And Foreclosure?
• If I walk away from my underwater house, can I be sued for the deficiency?
• Foreclosures Likely to Top One Million This Year
• Minor late fees won’t trigger foreclosure
• ¡MORE!

Bankruptcy Law Network

• Foreclosure: Should You Embrace It?
• Avoid bankruptcy if not facing a mortgage foreclosure deficiency judgment
• Bankruptcy and Short Sales
• Bankruptcy And Foreclosure
• File Bankruptcy: Keep Your Home / Walk Away From Your Home
• Does Working On A Mortgage Modification Stop Foreclosure?

Beat the Press (Dean Baker, Center for Economic Policy Research)

• Money for Failed Modifications Goes to Banks, Not Homeowners

***SEE MORE BLOG POSTS FROM BANKRUPTCY LAWYERS AROUND THE U.S.***

(more…)

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

Holding a J.D. and an International Affairs M.A. from Marquette University, Matt Leichter (matt [dot] leichter [at] gmail [dot] com) is an attorney licensed in Wisconsin and New York.  Fearing the legal profession’s future, he has begun documenting the law school tuition bubble at his own blog, where you can read his latest post, “A Half-Hearted Defense of the Legal Services Cartel”.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog or know a good blog post you think should be included? Or a suggestion for a future BLT theme?  Send an e-mail to BLT [at] bankruptcybill [dot] us with the link.
• Suggestion to bankruptcy lawyers with blogs: Make sure to include a “Search” function somewhere on your blog.  It makes it easier to find topical posts on your blog and increases the likelihood that a post from your blog will be included in BLT.

GENERAL or NON-STATE SPECIFIC

American Bankruptcy Institute (ABI) Bankruptcy Blog Exchange

• 6^th Circuit Determines that Negative Equity Financing can be Protected from Cramdown
• Underwater Mortgages in the U.S. by City

Bankruptcy Case Blog – St John’s University Law School

• Positive Treatment for Negative Equity

Bankruptcy Law Network

• Foreclosure: Should You Embrace It?
• Are You Behind on Your Mortgage?
• Who Decides about Reaffirming a Mortgage?
• South Carolina Bankruptcy Lawyer Unleashes Vulcan Intellect on the Hanging Paragraph
• Individual Chapter 11 Fact: You Can Always Cram Down Your Car
• Chapter 13 Debt Limit Qualifications
• Upside Down Car Loans Protected in 8^th Circuit
• Bankruptcy and the Upside-Down House: American Dream a Nightmare?
• Fourth Circuit Rules that the “Hanging Paragraph” Protects Negative Equity
• Underwater Trade-In not Protected Claim in Bankruptcy
• Owe More than Your Car Is Worth?
• Upside Down Car Loans in Missouri, Redux

CreditSlips.org

• Does Securitization Affect Loan Modification?
• Is Redefault Risk Preventing Mortgage Loan Mods?
• The Other Underwater Loans: Negative Equity in Auto Finance

Consumer Law & Policy Blog

• Moral Hazard, Strategic Default, and Debt Reduction
• HAMP Homeowners Stuck in Limbo

National Association of Consumer Bankruptcy Attorneys (NACBA)

• December Amicus Project Update

***SEE MORE BLOG POSTS FROM BANKRUPTCY LAWYERS AROUND THE U.S.*** (more…)

We’re pleased to share that Bankruptcy Man vs. Mortgantua – Part 6 recently appeared in the March 2010 issue of Maxinars Newsletter.

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

Holding a J.D. and an International Affairs M.A. from Marquette University, Matt Leichter (matt [dot] leichter [at] gmail [dot] com) is a licensed attorney in Wisconsin and soon in New York (January 13, 2010!).  He speaks Japanese and focuses on comparative and international law, as well as international business.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog or know a good blog post you think should be included? Or a suggestion for a future BLT theme?  Send an e-mail to BLT [at] bankruptcybill [dot] us with the link.
• Suggestion to bankruptcy lawyers with blogs: Make sure to include a “Search” function somewhere on your blog.  It makes it easier to find topical posts on your blog and increases the likelihood that a post from your blog will be included in BLT.

GENERAL

National Bankruptcy Forum

• Why Chapter 13 Bankruptcy Has Your Second Mortgage Lender Feeling “Undersecured”

Bankruptcy Law Network

• No Modification for You!

Consumer Law & Policy Blog

• HAMP Homeowners Stuck in Limbo

ALABAMA

Watts Law Group, P.C. and M. Stan Herring, P.C. – Alabama Consumer Law Blog (Birmingham, AL)

• Washington Post Article about DC Lawyer Writes about Foreclosure Defenses
• A Tragic Tale of a Mortgage Loan That Should Never Have Been And the Devastation It Caused a Family

***SEE MORE BLOG POSTS FROM BANKRUPTCY LAWYERS AROUND THE U.S.*** (more…)

Note:  This site is best viewed using a Mozilla Firefox or Safari browser.  If you are viewing this site using Internet Explorer, you may not be able to view items in the sidebar.  Clicking on any page or post will cause sidebar items to appear.

*In case you missed it, here are the previous BAPCPA Man vs Mortgantua cartoons:  Part 1, Part 2, Part 3 and Part 4.

*For additional information on mortgage cramdown, foreclosure and related mortgage and bankruptcy issues, have a look at the following blog posts:

Haines & Krieger (Las Vegas, NV)

• No Mortgage Cramdown Help from Congress for Las Vegas Homeowners
• Haines & Krieger Las Vegas Foreclosure Round-up 12.4.09

Bruce Weiner (Rosenberg Musso & Weiner) – NYBankruptcyNet (Brooklyn, NY)

• No Mortgage Cramdown Bill for Christmas
• Brooklyn Judge gives New York homeowners a fighting chance against foreclosure

Special thanks to the following bankruptcy attorneys for their help with the technical aspects of the cartoon:

• Christine Wilton, Esq. – Los Angeles Bankrkuptcy Law Monitor (Los Angeles, CA)
• Law Office of Gregory A. Holbus, Esq. – Wisconsin Bankruptcy Blog (Green Bay, WI)

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*WE DO CUSTOMIZED CARTOONS… Click here for more info.*

*Get your BAPCPA Man and Mortgantua T-shirts, Mugs, Cards and More!*

*To see more of Gideon Kendall’s work go to www.gideonkendall.com or http://www.gideonkendall.com/blog.  Or order yourself a copy of Dino Pets, the wonderfully illustrated children’s book written by Lynn Plourde and illustrated by BAPCPA Man’s favorite illustrator, Gideon Kendall.

Note:  This site is best viewed using a Mozilla Firefox or Safari browser.  If you are viewing this site using Internet Explorer, you may not be able to view items in the sidebar.  Clicking on any page or post will cause sidebar items to appear.

*In case you missed it, here are the previous BAPCPA Man vs Mortgantua cartoons:  Part 1, Part 2 and Part 3.

*For additional information on mortgage cramdown, foreclosure and related mortgage and bankruptcy issues, have a look at the following blog posts:

Haines & Krieger (Las Vegas, NV)

• Fear of possible mortgage “cramdown” legislation overblown?
• Will the “Cramdown Bill” Pass the Senate?
• Possible mortgage and foreclosure help from the federal government?

Bruce Weiner (Rosenberg Musso & Weiner) – NYBankruptcyNet (Brooklyn, NY)

• Foreclosure increase + jobless recovery = Trouble
• New York foreclosures likely to continue as ARMs begin to re-set over next 4 years

Special thanks to the following bankruptcy attorneys for their help with the technical aspects of the cartoon:

• Christine Wilton, Esq. – Los Angeles Bankrkuptcy Law Monitor (Los Angeles, CA)
• Law Office of Gregory A. Holbus, Esq. – Wisconsin Bankruptcy Blog (Green Bay, WI)

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Get your BAPCPA Man and Mortgantua T-shirts, Mugs, Cards and More!

*To see more of Gideon Kendall’s work go to www.gideonkendall.com or http://gideonkendall.com/blog.  Or order yourself a copy of Dino Pets, the wonderfully illustrated children’s book written by Lynn Plourde and illustrated by BAPCPA Man’s favorite illustrator, Gideon Kendall.

"So I says to Russ..."

Friends of Bankruptcy Bill (FOBB) are experienced consumer bankruptcy lawyers willing to share their thoughts and answer bankruptcy questions on this site. Feel free to get in touch if interested in contributing as a FOBB.

Russell A. DeMott, Esq. is a Charleston, SC-based bankruptcy attorney with over 14 years of experience representing debtors in wide range of bankruptcy matters.  Originally from Michigan, he is licensed to practice in both South Carolina and Michigan.  To learn more about Russ, you can visit his website (www.scbankruptcyattorney.com) or his blog (www.scbankruptcyattorney.com/blog) and also find him on Facebook and Twitter.

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Russell A. DeMott, Esq.

Filing Bankruptcy to Surrender Assets (Sometimes it’s best)

When evaluating your financial situation, don’t let your emotions get in the way.  Chapter 7 or Chapter 13 bankruptcy may be the right solution, especially if you have assets with no equity.

I recently met a very distressed client.  He had three houses that he had been trying to keep for over two years.  Two of the properties were worth over $400,000 each.  One was worth about $200,000.   However, on each of the properties, the mortgage balances far exceeded the value.  The client had over a million dollars in property, but he owed far more than that.

As we discussed his financial goals and ability to pay his debts, I explained to him that the calculator on my desk was worth more than all three of these properties combined.  He looked puzzled.  After I explained that the calculator was worth something–at least a dollar–and that I owned it free and clear of any liens, I could see that he finally understood.  He also understood that the house payments he’d been paying were nothing more than rent.  It would be years and years before he even got to the break even point with the properties.

Photo by Michael Mulligan

He had been struggling for years to keep the properties.  He’d tried the HAMP (“Home Affordable Modification Program”), he’d tried negotiating, and he’d written letters.  All this was to no avail.  He was emotionally exhausted.  My recommendation was that he file a Chapter 7 bankruptcy and surrender the properties.

He left relieved.  He looked like a weight had been lifted from his shoulders.  He understood that he couldn’t go on like this and was glad he took time to learn that the bankruptcy laws could give him a fresh start.

Keep in mind that the value of your property is in the equity (fair market value less what you owe on it in mortgages and other liens).  If you have no equity and you can’t afford the monthly payments, you need to take a hard look at just why you are trying to keep these properties.  Think with your head and not your heart.  And keep focused on what’s really important in life.