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On June 1, the filing fee for a consumer chapter 7 bankruptcy goes up from $306 to $335. Is that fee fair? Let’s do a comparison. In a month-long jury trial ending yesterday, Apple was awarded $119 million in their patent lawsuit Samsung. Apple had asked for lots more–$2.2 billion–in this battle of smartphone giants. […]The post Chapter 7 bankruptcy fling fees go up–is that fair? by Robert Weed appeared first on Robert Weed.
A Chicago Bankruptcy Timeframe for a case can last anywhere from 3 to 4 months from filing until discharge. This assumes that there is no objection to your discharge or no adversarial complaint in your case. Let’s start at the beginning. You need to meet with a bankruptcy attorney to go over your income, your expenses,+ Read MoreThe post Chicago Bankruptcy Timeframe: From Start To Finish appeared first on David M. Siegel.
The interplay between divorce and bankruptcy is confusing. There are also important decisions to make when deciding whether to file bankruptcy and when to end a marriage. Divorcing is generally easier on all parties when the divorcing couple can agree on as many issues as possible. This is especially true for division of debt in+ Read MoreThe post Divorce and Chapter 7 Bankruptcy appeared first on David M. Siegel.
In Law v. Siegel, a case decided by the U.S. Supreme Court in March, the Court unanimously ruled that the bankruptcy court exceeded its authority when it surcharged the debtor’s homestead exemption to pay the Chapter 7 Trustee’s attorney fees, despite the debtor’s misconduct.
The case involved Stephen Law, a consumer debtor who filed for Chapter 7 bankruptcy in California. Law's only significant asset was his house, worth approximately $360,000. Law exempted $75,000 of the home equity under the state homestead exemption. Law further claimed that there was no additional equity in the house because it was subject to two mortgages totaling up to more than $300,000 — more than the nonexempt value of the house. The first mortgage was real. The second mortgage, allegedly in favor of "Lin's Mortgage & Associates,” was fake. Law was perpetrating a fraud. Alfred Siegel, the Chapter 7 Trustee, uncovered the mortgage scam. Unfortunately, in the process, the trustee incurred approximately $500,000 in legal fees. Read More ›
Tags: Chapter 7, U.S. Supreme Court
New Filing Fees Starting June 1, 2014, bankruptcy filing fees are going to increase. The filing fee for a chapter 7 bankruptcy case is increasing to $335.00. The filing fee for a chapter 13 bankruptcy case is increasing to $310. 00. So if you’re already struggling to pay your debts and are seeking bankruptcy protection,+ Read MoreThe post Getting Out Of Debt Just Got A Little Tougher appeared first on David M. Siegel.
You are not required to use a Chicago bankruptcy lawyer if you live in cook County and wish to file for bankruptcy relief. Much more important than where the attorney is located, is what type of qualifications does the attorney have to handle your case. You might find a bankruptcy attorney within six blocks of+ Read MoreThe post Do I Need A Chicago Bankruptcy Lawyer If I Live In Cook County? appeared first on David M. Siegel.
One possible avenue to save your home from foreclosure may be to file for Chapter 13 bankruptcy relief and then to negotiate with the mortgage servicer for a mortgage modification while the Chapter 13 bankruptcy is pending. The filing of the bankruptcy stops the progress of the foreclosure action and may give the homeowner many months to negotiate a modification. Perhaps the mortgage company may be more willing to allow a mortgage modification if faced with the alternative of a Chapter 13 bankruptcy plan.
(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases and Mortgage Modifications
Atty. Jordan E. Bublick - 1221 Brickell Ave., 9th Fl. - Miami, Florida
One possible avenue to save your home from foreclosure may be to file for Chapter 13 bankruptcy relief and then to negotiate with the mortgage servicer for a mortgage modification while the Chapter 13 bankruptcy is pending. The filing of the bankruptcy stops the progress of the foreclosure action and may give the homeowner many months to negotiate a modification. Perhaps the mortgage company may be more willing to allow a mortgage modification if faced with the alternative of a Chapter 13 bankruptcy plan.Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankruptcy Cases and Mortgage Modifications (305) 891-4055
Chapter 13 is widely used to stop a home mortgage foreclosure and propose a Chapter 13 plan to reinstate one's home mortgage. This involves catching one's mortgage up-to-date over a period of up to five years while maintaining further monthly payments. Chapter 13 is also widely used to avoid an "unsecured" second or other junior mortgage if there is no equity to support the second or junior mortgage.
What can be done for the many homeowners in South Florida whose home values have fallen vastly below the amounts due on their first mortgage? For example, if the value of the home has fallen to $200,000.00 and $300,000.00 is owed on the mortgage. Generally, one is not allowed to force a mortgage company to modify one's mortgage on his principal residence. This means, one cannot force the mortgage company to reduce the amount owed, lower the interest rate, or stretch out the term of the mortgage on one's principal residence.
Due to the continuing deterioration of the mortgage foreclosure situation in South Florida, it appears that section 1325 (a)(5) of the Bankruptcy Code may be a provision whose time has come. Section 1325 (a)(5) provides that a Chapter 13 plan should be approved by the Bankruptcy Court if the holder of a secured claim, such as a home mortgage, has accepted the Chapter 13 plan. That is, Chapter 13 of the Bankruptcy Code contemplates approval of a Chapter 13 plan if the mortgage company accepts the Chapter 13 plan even if the Chapter 13 plan proposes to modify a home mortgage.
In normal times, it would be beyond contemplation that a mortgage company would voluntarily accept the modification of a home mortgage. But these are not normal times in South Florida and in many parts of the United States. In fact, public policy and indeed economic self-interest seems to be growing that a mortgage company should accept and even seek the modification of a home mortgage. The serious campaign begun a few weeks ago by the FDIC as the receiver of Indymac is one example of this policy being put into effect in earnest.
It would seem that in today's economy, the use of Chapter 13 should be considered to seek a mortgage companies acceptance of the modification of a home mortgage as proposed under a Chapter 13 plan. While the Bankruptcy Court may not be able to force a mortgage company to modify a secured mortgage on one's principal residence, section 1325 (a)(5) would appear to indicate that one is at least able to request the mortgage company to voluntarily modify one's mortgage.
In fact, one of the largest complaints of homeowners is that they are is unable to reach anyone at the mortgage company and that they only get the runaround when they attempt to reach a mortgage company to attempt to workout or modify their home mortgage. It is widely reported that many mortgage companies appear to be overwhelmed, understaffed, and unable to handle the volume of telephone calls. The benefit of Chapter 13 is that once the bankruptcy case is filed, the mortgage company retains a bankruptcy attorney who the Chapter 13 debtor is at least able to communicate with and request a voluntary mortgage modification.(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases and Mortgage Modifications
Chapter 13 is widely used to stop a home mortgage foreclosure and propose a Chapter 13 plan to reinstate one's home mortgage. This involves catching one's mortgage up-to-date over a period of up to five years while maintaining further monthly payments. Chapter 13 is also widely used to avoid an "unsecured" second or other junior mortgage if there is no equity to support the second or junior mortgage.
What can be done for the many homeowners in South Florida whose home values have fallen vastly below the amounts due on their first mortgage? For example, if the value of the home has fallen to $200,000.00 and $300,000.00 is owed on the mortgage. Generally, one is not allowed to force a mortgage company to modify one's mortgage on his principal residence. This means, one cannot force the mortgage company to reduce the amount owed, lower the interest rate, or stretch out the term of the mortgage on one's principal residence.
Due to the continuing deterioration of the mortgage foreclosure situation in South Florida, it appears that section 1325 (a)(5) of the Bankruptcy Code may be a provision whose time has come. Section 1325 (a)(5) provides that a Chapter 13 plan should be approved by the Bankruptcy Court if the holder of a secured claim, such as a home mortgage, has accepted the Chapter 13 plan. That is, Chapter 13 of the Bankruptcy Code contemplates approval of a Chapter 13 plan if the mortgage company accepts the Chapter 13 plan even if the Chapter 13 plan proposes to modify a home mortgage.
In normal times, it would be beyond contemplation that a mortgage company would voluntarily accept the modification of a home mortgage. But these are not normal times in South Florida and in many parts of the United States. In fact, public policy and indeed economic self-interest seems to be growing that a mortgage company should accept and even seek the modification of a home mortgage. The serious campaign begun a few weeks ago by the FDIC as the receiver of Indymac is one example of this policy being put into effect in earnest.
It would seem that in today's economy, the use of Chapter 13 should be considered to seek a mortgage companies acceptance of the modification of a home mortgage as proposed under a Chapter 13 plan. While the Bankruptcy Court may not be able to force a mortgage company to modify a secured mortgage on one's principal residence, section 1325 (a)(5) would appear to indicate that one is at least able to request the mortgage company to voluntarily modify one's mortgage.
In fact, one of the largest complaints of homeowners is that they are is unable to reach anyone at the mortgage company and that they only get the runaround when they attempt to reach a mortgage company to attempt to workout or modify their home mortgage. It is widely reported that many mortgage companies appear to be overwhelmed, understaffed, and unable to handle the volume of telephone calls. The benefit of Chapter 13 is that once the bankruptcy case is filed, the mortgage company retains a bankruptcy attorney who the Chapter 13 debtor is at least able to communicate with and request a voluntary mortgage modification.Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankruptcy Cases and Mortgage Modifications (305) 891-4055
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