Consumer Bankruptcy Loans

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -
News & Analysis as of

Mortgage Modifications: Senior Loans May Become Not So Senior

Sperry Assoc. Fed. Credit Union v. US Bank Nat’l Ass’n (In re White), 514 B.R. 365 (Bankr. E.D.N.Y. 2014) – A junior mortgagee sought to subordinate the senior mortgage loan based on an argument that modification of...more

So I loaned my friend $25,000 and just found out he is going to file bankruptcy. Now what???

1. Because he is my friend, he offered to settle and pay me outside of the bankruptcy and he agreed to not include my debt in the bankruptcy case. Can I do this? No. Once a bankruptcy case is filed an automatic stay...more

Tax refunds and bankruptcy. Do they go together?

Now that it's the year 2014, are you expecting a refund on your taxes for 2013? If so, are you also thinking about filing bankruptcy? Let's see how that might work....more

Recent Decisions Underscore Importance of Carefully Drafted Make-Whole Premium Provisions in Loan Documents

What you need to know: Two recent decisions have shown that courts will rely heavily on the plain meaning of contract language when considering the enforceability of make-whole provisions. The United States Court of...more

Bibbidi Bobbidi Boo: Eminent Domain Needs More Than a Magic Wand to Overcome Title Defects

Oh, if it only were that easy. A city seizes “underwater” residential mortgage loans through eminent domain, waves its magic wand, says Abracadabra or Bibbidi Bobbidi Boo, and then the mortgage lien of the prior loan holder...more

Rogers Towers: Denying Discharge for Passive Falsification of Financial Statements

As we have discussed in previous posts, if a debtor actively falsifies a financial statement to obtain a loan, such debt is not dischargeable in a subsequent bankruptcy proceeding under § 523(a)(2)(B) of the Bankruptcy Code....more

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