Our nation is facing an overwhelming amount of student loan debt – estimated to be approximately $1 trillion – and it is having a serious impact on the economy. While several markets are being affected, the housing market is feeling it the most. Recent college graduates, formerly one of the largest sources of new home...Read More
If your company is considering filing bankruptcy and you deal with several vendors, it is important to understand what is meant by the term “preferential transfer.” A preferential transfer is a payment (in money, goods or other) that is made to a creditor within the 90 days preceding the filing of the bankruptcy petition that...Read More
The Eleventh Circuit recently held that a debtor is allowed to “strip off” an unsecured junior mortgage in a “Chapter 20” bankruptcy case. While Chapter 20 bankruptcy is not a valid chapter in the Bankruptcy Code, the term refers to a debtor who files back-to-back Chapter 7 and Chapter 13 bankruptcy cases. What is a...Read More
The United States Bankruptcy Court for the Middle District of Florida, as well as the other districts of the state, has initiated the Mortgage Modification Mediation (MMM) program (also referred to as the Loss Mitigation Mediation program) in an effort to assist individuals with obtaining mortgage modifications. The program allows debtors who own an interest...Read More
The book has been closed on the previous decade’s mortgage crisis, sort of. In an April 2014 report, the General Accountability Office blasted the $10 billion settlement between the government and major banks. That lawsuit stemmed from allegations of rampant foreclosure abuse in the mortgage lending industry. The GAO said the settlement was based on...Read More
In March 2014, a local businessman was ordered to spend 30 months in prison and pay more than $2 million in restitution after pleading guilty to bankruptcy fraud in Virginia. Michael Wayne Harding declared bankruptcy in 2011. According to court documents, his company, HMC Holdings, acquired fraudulent mortgages and manufactured false invoices and other supporting...Read More
Lottery winners go bankrupt at twice the national average, according to a recent study in Florida. While that may sound like sour grapes, there is plenty of anecdotal and statistical evidence to suggest that winning the lottery is not a life-changing event, at least in the long term. Jack Whittaker won $315 million in a...Read More
Some people hesitate to file a needed bankruptcy because they are afraid of the implications for their job and career. While this trepidation is understandable, it may be unfounded. The law Discrimination based on a bankruptcy filing is illegal under federal law. An employer cannot make entry level (hiring) and exit level (firing) decisions based...Read More
In the Internet era, when bankruptcy forms are available online for free or for very little, many people question the wisdom of hiring a professional for what seems to be a do-it-yourself project. Others may look to a bankruptcy petition preparer to save money. But there are some very compelling reasons for hiring an experienced...Read More
A Home Equity Line of Credit is a secured loan that acts like an unsecured credit card. Many people took out these “second mortgages” on their homes as a way to convert the home equity into cash while staying in the residence. What happens to your HELOC mainly depends on the Chapter you file. HELOC...Read More
