The Birmingham Bankruptcy Courthouse, officially known as the Northern District of Alabama-Southern Division, recently reopened after several years of renovations. Although the outside has kept its classic look, except for some minor landscaping changes, the inside is vastly different. All three courtrooms are now located on the first floor, right off the main lobby area,…Read more
Your Bankruptcy Hearing: What to Expect
For many people, one of the most frightening aspects of bankruptcy is going to court. What’s going to happen? Who will be there? Will I be asked embarrassing questions? Here are 10 things you need to know about your bankruptcy court date: 1. Don’t expect to see the Judge. If you file Chapter 7 Bankruptcy, you will…Read more
To Deduct or not to Deduct: The Means Test, the Supreme Court and your car.
May a debtor claim an ownership expense deduction under the means test if the vehicle is unencumbered? The Supreme Court will hear a case on this issue to resolve a split in the circuits; well, not a 50/50 split, but the usual split…the 9th Circuit versus everyone else. Pre-BAPCPA, this would be a simple issue…if…Read more
The Bankruptcy Means Test, Is It The “Real” Test to Qualify for Bankruptcy?
A bankruptcy judge in Georgia ruled that a debtor would be refused a discharge even though he passed the Means Test. At the time of filing, the Debtor paid monthly mortgage payments of $3,273 per month. When calculating the Means Test, the Debtor deducted the mortgage payments, according to 707(b)(2)(A)(iii)(I). The U.S. Trustee objected to…Read more
Unemployment numbers and the “Geography of Recession”
Worried about unemployment? Wondering how much unemployment has increased in the last 3 years? Has it effected you? Bill Nolan of Nolan Elder Law sent me the link to this interesting multimedia view of the rising unemployment rate…very interesting. Thanks, Bill! With unemployment rising, and likely will continue to rise, many people continue to face…Read more
Alabama Foreclosures and Mortgage Delinquencies Still Rising
Foreclosures and Mortgage Delinquencies continue to rise despite government officials pressuring lenders to forestall foreclosure proceedings. After several months of pressure from Washington, mortgage lenders have begun revving up foreclosure proceedings. What started, over a year ago, as a sub-prime only mortgage meltdown, has evolved into a full blown, across the board pandemic of mortgage…Read more
Alabama Bankruptcy Judge allows lower interest rate
In re Crittenden: An Alabama Bankruptcy Judge, in In re Briana L. Crittenden, 19 CBN 1049In re Crittenden (Bankr. M.D. Ala. 2009), overruled an auto creditor’s objection to the debtor’s Chapter 13 plan, allowing a lowering of the interest rate. Debtor purchased a vehicle from the creditor five weeks prior to filing a Chapter 13…Read more
Mortgage Delinquencies Still Rising
According to the Mortgage Bankers Association, the residential mortgage delinquency rate reached 9.24% at the end of the second quarter of 2009. The delinquency rate at the end of the second quarter of 2008, was 6.41%. This is the highest delinquency rate since the MBA started keeping records in 1972. This does not include homes…Read more
Bankruptcy filings up 35%
Bankruptcy filings increased 35% from the first half of 2008 to the first half of 2009. According the the American Bankruptcy Institute, 681,217 bankruptcy cases were filed during the first half of 2009, whereas 503,749 bankruptcy cases were filed in the first half of 2008. This marks a continued upward trend in bankruptcy filings from…Read more
Banking Fees Cost You More Than You Think
Banking fees cost consumers more than they realize; banks under pressure from huge losses continue to increase those fees. Your “free checking” may be “bait” for other fees which can cost consumers hundreds of dollars per year. Be careful! In a New York Times article by Eric Dash, banks who received billions of dollars in…Read more
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