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It is basically true that a chapter 13 plan typically will have a monthly dollar amount which will last for the duration of the case. However, there are certain circumstances were a chapter 13 plan in bankruptcy can be modified. One such case would be where the debtor has fallen behind on his monthly plan+ Read More
The post Chapter 13 Plan In Bankruptcy Can Be Modified appeared first on David M. Siegel.
The avoidance or "lien stripping" of "underwater" second or other junior liens has been much in the news lately since the U.S. Supreme Court's ruling in the Bank of America cases. The Court held that wholly underwater second or other junior mortgages are not avoidable in a chapter 7 bankruptcy case.
Still Avoidable in Chapter 13 Cases
Wholly underwater second or other junior liens do though remain avoidable in chapter 13 cases. A person is able to propose a chapter 13 plan providing for the avoidance of such wholly underwater mortgage or other junior lien.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
The avoidance or "lien stripping" of "underwater" second or other junior liens has been much in the news lately since the U.S. Supreme Court's ruling in the Bank of America cases. The Court held that wholly underwater second or other junior mortgages are not avoidable in a chapter 7 bankruptcy case.
Still Avoidable in Chapter 13 Cases
Wholly underwater second or other junior liens do though remain avoidable in chapter 13 cases. A person is able to propose a chapter 13 plan providing for the avoidance of such wholly underwater mortgage or other junior lien.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
The federal Fair Credit Reporting Act (FCRA) provides a consumer with certain rights regarding his file in the credit bureau. The FCRA was enacted to promote the accuracy, fairness, and privacy of information in the files of a credit bureau.
Credit bureaus may generally report accurate negative information on your credit report for up to seven years and bankruptcy information for up to ten years. Under the law, credit bureaus are also called "credit reporting agencies.". You may obtain a free copy of your credit report once every 12 months from each of the three major credit bureaus at www.annualcreditreport.com.
A consumer has the right to dispute inaccurate or outdated information on his credit report under the FCRA. The credit bureau and the provider of the information (such as the credit card company or other lender) have the duty to correct inaccurate or outdated information. You may dispute the information on the credit report with both the credit bureau and the provider of the information. The credit bureau must generally investigate the disputed item within 30 days. When the investigation is complete, the credit bureau must give a person the written results.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
The federal Fair Credit Reporting Act (FCRA) provides a consumer with certain rights regarding his file in the credit bureau. The FCRA was enacted to promote the accuracy, fairness, and privacy of information in the files of a credit bureau.
Credit bureaus may generally report accurate negative information on your credit report for up to seven years and bankruptcy information for up to ten years. Under the law, credit bureaus are also called "credit reporting agencies.". You may obtain a free copy of your credit report once every 12 months from each of the three major credit bureaus at www.annualcreditreport.com.
A consumer has the right to dispute inaccurate or outdated information on his credit report under the FCRA. The credit bureau and the provider of the information (such as the credit card company or other lender) have the duty to correct inaccurate or outdated information. You may dispute the information on the credit report with both the credit bureau and the provider of the information. The credit bureau must generally investigate the disputed item within 30 days. When the investigation is complete, the credit bureau must give a person the written results.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
Subpoenas Are Rare In Bankruptcy Subpoenas issued in consumer related bankruptcy cases are rare. They are usually issued by the United States Trustee pursuant to an investigation as to dischargeability. Although ordinary creditors do have the right to conduct 2004 examinations with court approval and subpoena documents, they often will not undergo the process because+ Read More
The post Responding To A Subpoena To Produce Documents In A Bankruptcy Case appeared first on David M. Siegel.
ASSET
EXEMPTION DESCRIPTION
LAW
IMPORTANT CASES & NOTES
Homestead
$60,000 of home equity. No more than 2 lots in City or Village, 160 acres farmland. Sales proceeds protected for 6 months.
§40-101, 40-111, 40-113
Must reside in the home on the date the bankruptcy is filed to claim exemption.
Life Insurance & Annuity Contracts
Life insurance or annuity contract proceeds to $100,000
§44-371
Exemption only applies to cash values accrued more than 3 years prior to filing bankruptcy.
Fraternal benefit society benefits of up to $100,000
44-1089
Retirement/Pension
Stock, Pension, or Similar Plan or Contract.
§25-1563.01
Limited to an amount “reasonably necessary” for the support of the debtor.
Tax Exempt Retirement Accounts
11 U.S.C. §522
In re Euse (2011) Nebraska debtors qualify for the federal exemption of tax deferred retirement accounts in addition to §25-1563.01.
County Employees
§23-2322
Military Disability Benefits to $2,000
§25-1559
School Employees
§79-1060, 79-1552
State Employees
§84-1324
State Patrolmen
§60-459, §81-2031
Legislators
§24-710.02
Judges
§50-916
Burial Plot
§12-517
Crypts, lots, tombs, niches & vaults
§12-605
Perpetual Care Funds
§12-511
Clothing
§25-1556
Food & Fuel to last 6 months
§25-1556
Household Goods & Furniture
$1,500 per debtor
§1556
Public Benefits
Aid to Disabled, Blind, Aged and Aid to Dependent Children
§68-1013
Workers Compensation Benefits
§48-149
Unemployment Compensation
§48-647
Social Security Benefits
11 U.S.C. §407
Tools of the Trade
$2,400 per debtor for tools used in trade and vehicle used in business or used to drive to and from place of employment.
§25-1556
This exemption is commonly combined with the “Wildcard” exemption of §25-1552 to protect up to $4,900 of equity in vehicle.Must be employed to utilize the exemption.Temporarily unemployed debtor seeking work eligible for exemption. In re Quintero.
Wages
85% of wages or pension payment for Head of Household or 75% for all others.
§25-1558
Personal Property
Wildcard Exemption. Protects up to $2,500 per debtor of any personal property, including vehicles, bank accounts, etc.
§25-1552
This exemption is commonly combined with the “Tool of the Trade” exemption of §25-1556 to protect up to $4,900 of equity in vehicle.Protects cash, bank account deposits, tax refunds and any other personal property.
Exemption may be used to take back garnishments incurred within 90 days of bankruptcy that exceed $600.
Tax Refunds
The Earned Income Credit (“EIC”) on Federal and State income tax returns.
§25-1556
College Savings Accounts
Education IRA Accounts§529 College Savings Plans
11.U.S.C. §541(b)(5) & (6)
Protects funds deposited into a qualified college savings account more than one year prior to bankruptcy.
Acclaim Legal Services is proud to announce that long-time firm colleague, Attorney Kevin Carr, has joined our practice. Attorney Carr is a seasoned veteran of debt resolution law. He has over 35 years of experience and previously ran his own bankruptcy practice, Carr & Associates. Attorney Carr will primarily manage Acclaim Legal Service’s (ALS) Dearborn […]
The post Detroit Bankruptcy Attorney Kevin Carr Joins Acclaim Legal Services appeared first on Acclaim Legal Services, PLLC.
Original Plan When a chapter 13 bankruptcy case is filed, an original plan is also filed with the court. The original plan is put forward to notify creditors, the trustee, and the court as to how the debtor proposes to repay creditors over a three to five-year period. The original plan is not likely to+ Read More
The post Amending The Chapter 13 Plan For Confirmation appeared first on David M. Siegel.
Chapter 13 bankruptcy is often used to save a person's home or investment property from foreclosure. Under chapter 13, you are allowed to stop the mortgage foreclosure case and propose a plan to reorganize your mortage payments. The chapter 13 case though must be filed before the foreclosure sale.
Cure Mortgage Arrearages
One typical plan provides for the catching your past due mortgage payment. The chapter 13 plan usually involves paying off the mortgage arrearage over a 3 to 5 year period in addition to making your regular ongoing monthly mortgage payments.
The Bankruptcy Court's New Loss Mitigation Mediation Program
The Bankruptcy Court in Miami started a new mortgage mediation program on April 1, 2013. It has been very successful in other parts of Florida where the program was previously instituted several months ago. Under this program a mediator is appointed by the Bankruptcy Court to assist in the process and documents and communications are exhanged over a special internet portal.
Avoid Second Mortgage
If your home has decreased in value, sometimes you are able to wipe out or "avoid" your second mortgage. For example, if you owe $300,000 on your first mortgage and $100,000 on your second mortgage and your home has gone down in value to $250,000, there is no equity or value to "secure" the second mortgage. Under these circumstances, the chapter 13 plan (and related section 506 motion) may provide to wipe out or avoid the second mortgage lien. The $100,000 debt owed on the second mortgage will be wholly unsecured and usually only receive a small dividend like the credit cards receive -- typically around five cents on the dollar.
A certified copy of the order avoiding the second mortgage may be recorded in the county public records to document that the second mortgage is void.Jordan E. Bublick - Miami Bankruptcy Lawyer - Kendall & Aventura Offices - (305) 891-4055 - www.bublicklaw.com
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