Category: bankruptcy
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How and When to Reopen a Bankruptcy Case
Sometimes people want to reopen a closed bankruptcy case because they failed to invoke important procedures while their bankruptcy case was open. Fortunately it’s usually possible to reopen the bankruptcy and play catch-up. Common reasons for wanting to reopen a bankruptcy case include: failing to timely file an Official Form 23 (pre-discharge counseling certification) failing…
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Chapter 11 Bankruptcy basic
Chapter 11 bankruptcy is a reorganization procedure used by businesses, including sole proprietors, partnerships, and corporations. The debtor in chapter 11 files a petition which includes a list of assets and liabilities, and a detailed statement of financial affairs. The debtor will typically act as his own trustee, called a “debtor in possession”,…
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The Homeowners struggle
Warren op-ed: Banking on Hypocrisy posted by Katie Porter Check out Credit Slips co-blogger Elizabeth Warren’s op-ed on Politico, entitled Banking on Hypocrisy. She quotes extensively from a letter that the American Bankers Association sent to banking regulators in 2006 in opposition to the proposed intra-agency guidance that would have required better underwriting of nontraditional…
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Mortgage servicing and standing
Cramdown Controversy #2–Will I “Succeed?” posted by Katie Porter Our active readers at Credit Slips already started debating the second controversy about the pending cramdown legislation: is the failure rate of chapter 13 too high to make mortgage modification in bankruptcy a very useful tool? To briefly reprise that discussion and add my own gloss,…
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Mortgage Debt & Home Equity
Mortgage Fees in Chapter 13: Rules to the Rescue? posted by Gene Wedoff In a February post to Credit Slips, Katie Porter pointed out a recurring problem for U.S. debtors trying to deal with mortgage defaults through a Chapter 13 plan. They can make all of the payments needed to cure their pre-bankruptcy defaults and…
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