Archive for November, 2007

Maryland Foreclosure Taskforce Issues Report »

While traditionally, Maryland has not been the most homeowner-friendly state in terms of its foreclosure procedures, things have gotten far worse with the deepening of the mortgage crisis. According to State officials, Maryland has jumped from No. 40 to No 15 in foreclosures nationally. A recent article in The Washington Post summarizes the recommendations of […]

Does the “Absolute Priority Rule” Still Apply in Individual Chapter 11 Cases? »

The Absolute Priority Rule (APR) is a long-established principle that in Chapter 11 cases creditors’ claims take priority over shareholders’ claims. Pre-BAPCPA, cases such as In re Gosman, 282 B.R. 45 (Bankr. S.D. Fla. 2002) held that the retention of even exempt property by an individual debtor in a Chapter 11 Plan violates the absolute […]

Brett Weiss Files Amicus Brief for National Association of Consumer Bankruptcy Attorneys (NACBA) »

Brett Weiss has filed an amicus brief on behalf of NACBA, in a case before the Maryland Bankruptcy Court, In re Bellamy, Case No. 07-11332, The brief argues that debtor’s counsel’s fees must be paid as a priority administrative expense, before claims of secured and unsecured creditors; concurrent payment is not allowed. A copy of […]

Collection of Debts Discharged in Bankruptcy »

BusinessWeek published online (and will publish in its magazine) an amazing article, “Prisoners of Debt.” This major story talks about the increased selling and collection of debt discharged in Chapter 7 cases. A must read. BusinessWeek has two companion articles: “Conveniently Not Updating,” about improper credit reporting of discharged debt, and “Whose Second Chance,” about […]

“Why Do You Need All This Information?” »

My friend, California State Bankruptcy Attorney Cathy Moran, wrote a recent blog titled, “To Tell the Truth,” talking about the information that is now required from clients to file under the new bankruptcy law (BAPCPA). Cathy correctly notes that, “Calling for gobs of only marginally relevant information was one strategy that creditors included in the […]

Latest Foreclosure Numbers…It’s Getting Worse »

During the third quarter of 2007, more than 635,000 foreclosure filings were reported nationwide. This works out to one foreclosure for every 196 households. The filings include everything from default notices to auction sale notices to actual bank repossessions. According to Realtytrac, a foreclosure tracking service, “August and September were the two highest monthly foreclosure […]