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Dave Ramsey vs. Bankruptcy »

My colleague, Matt Berkus, a bankruptcy attorney in Denver, has written an excellent article discussing Dave Ramsey’s anti-bankruptcy positions (despite his having filed for, and benefited from, a Chapter 7 case). When my clients ask if they will ever be able to get credit again and buy a home, I often show people a picture […]

Are You Too Far Behind On Your Mortgage for a Chapter 13? Chapter 11 May Help. »

Mortgage lenders have been delaying foreclosures for years for many people in Maryland and Washington. DC. As a result, the arrearages–the amount you’re behind on your mortgage–can be a lot of money. When you go to most consumer bankruptcy attorneys to file for a Chapter 13 repayment plan, you’re told that the plan payments will […]

The Human Cost of Foreclosure »

An article in the July 26, 2008 Washington Post, “What Gets Left Behind,” talks about one side of the human cost when a house goes to foreclosure. As the owner of a company that cleans out foreclosed homes, Troy Hughes notes: I remember that kid’s balloon was still inflated, like someone had just had a […]

Bankruptcy Law, Obama and McCain »

Over on the Bankruptcy Law Network, I have been writing a series of blogs on Senators Obama and McCain‘s positions on bankruptcy. The results may surprise you. The articles may be found by clicking on the links: Obama vs. McCain on BankruptcyObama and McCain’s Votes on Bankruptcy AmendmentsBarack Obama on BAPCPABarack Obama on Bankruptcy/Credit Reform

Maryland Foreclosure “Moratorium” to Expire Soon »

When Governor O’Malley signed into law changes to Maryland’s foreclosure laws effective on April 4, 2008, new foreclosure filings stopped. Although the new law’s changes were, in most instances, more cosmetic than substance (see my article on the Mortgage Law Network, “Changes to Maryland Foreclosure Law: Steak or Sizzle?“) they contained provisions that resulted in […]

US Trustee Audits to Resume May 12, 2008 »

According to an article on the US Trustee website, random debtor audits, which were halted in January 2008 due to budgetary problems, will resume on May 12, 2008. The only change appears to be that instead of randomly auditing one out of each 250 cases filed, the UST will audit one out of each 1,000 […]

Brett Weiss Quoted in “Washington Business Journal” on Chapter 11 Business Bankruptcy »

Brett Weiss was quoted in the January 25, 2008 issue of the Washington Business Journal in connection with the recent bankruptcy filing of one of his Chapter 11 developer clients. Weiss was quoted as saying, “We all know that the current housing market is lousy. And this is making things hard for a lot 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 […]