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When filing for bankruptcy many debtors have debt associated with upgrades to their home such as a water heater or in ground swimming pool. Just like all other debts, these debts must be included in the bankruptcy filing. But that doesn’t mean that handling of the debt on these housing fixtures will be simple as other secured items such as a vehicle.Usually what happens is that the lender has a security interest in the fixture that has been attached to the house. What that means is that the lender will continue to own the fixture until the loan has been paid.

Provided below is sales data from the sale of 14 taxi medallions as reported by the TLC for November 2017. The foreclosure sales prices for the two medallion sales at $750,000 are the result of foreclosure sales and those prices may be inflated because the banks “credit bid” at those foreclosure sales (they bid up to the amount of their loan balances); therefore, they may not accurately reflect the fair market value of a taxi medallion.

By Liz McCormick

U.S. student loan debt now equals the size of the $1.3 trillion U.S. high-yield corporate bond market, presenting investors with a whole different range of risks.

Numerous changes to the Federal Rules of Bankruptcy Procedure (the “Rules”) take effect on December 1, 2017. The changes significantly impact the administration of consumer bankruptcy cases, and Chapter 13 cases in particular. Read More ›
Tags: Chapter 13, Chapter 7

In law, the “statute of limitations” is the deadline for bringing a claim or case. If a creditor wishes to sue a debtor in order to collect a debt, such as a medical bill resulting from a surgery or hospital visit, the creditor must sue before the statute of limitations runs out of time. If the creditor misses the deadline and the statute of limitations expires, the claim will be time-barred, which means the creditor will be unable to file a lawsuit.

The United States Bankruptcy Court for the Western District of Michigan recently issued an opinion in a bankruptcy case involving a husband and wife who filed for Chapter 7 bankruptcy protection. Read More ›
Tags: Chapter 7, Collections