Bankruptcy works on notice of the filing, to the creditor who is bound by the automatic stay to stop collection. Sounds simple, right? Well, it got more complicated with BAPCPA, the supposed bankruptcy “reform” act. Take a look at any credit card bill. It has an address on the bill to which you send the…
The good folks at the National Consumer Law Center have put together a page of links to various programs and procedures for troubled home loans. My colleague John Mlnarik has begun a discussion of the Obama Treasury programs announced earlier in March on www.norcalmortgagemods.com. Now, we need the Senate to move on S. 61 and…
The survivors of someone who dies are not personally responsible for the decedent’s debts. Yet debt collectors seem to be swarming the survivors to collect on bills the decedent owed, or didn’t owe. The New York Times reported on debt collectors who focus on collecting debts of the recently departed, by fair means or foul. …
The banking industry is swarming over Capitol Hill in an effort to gut or defeat S. 61, the Helping Families Save Their Homes Act. The latest tactic is to try to limit the loans that can be modified in bankruptcy to sub prime loans. These Senators are thought to be undecided or subject to being…
The bankruptcy mortgage modification provision, headed to the Senate this week, is a bargain to taxpayers next to the “voluntary” mortgage modification programs instituted by the administration. HR 1106 involves no taxpayer money; it strips the special interest provision sheltering banks from home loan modification. The costs of changing the mortgage so that the debtor…
The UST has posted new median income figures for cases filed on or after March 15, 2009. This is the source of numbers used in the means test and Form B22 to determine whether the below median, safe harbor rule applies. The median income for a single person in California is $49,182. Two person households:…
The National Association of Consumer Bankruptcy Attorneys has established a toll free line to connect constituents with Congressional representatives in support of HR 1106, the judicial mortgage modification bill. 1. Phone 1-877-354-4958 (between 9am and 6pm Eastern time.) You’ll be given specific suggestions for the substance of your phone conversation and prompted to enter your…
