The bankruptcy world played a quiet but significant role in bringing about this controversial $26 billion settlement. So, fittingly, the settlement terms require the banks to make significant changes in their behavior in bankruptcy court.
Most of the $26 billion or so in this national settlement is designed to help current homeowners keep their homes. But $1.5 billion of it will go to about 750,000 who have already lost their homes to foreclosure. That’s about $2,000 each.
The settlement documents of the deal that was announced more than a month ago were finally completed and filed at court on Monday, March 12. They catalog page after page of serious wrongdoing by the banks in their servicing of mortgages and processing of foreclosures.
The settlement anounced on Feb. 9 has been publicly released so far only in a broad outline of its terms. Any day now the actual agreement will be finalized and filed at court. In the meantime here are some tantalizing tidbits.
Chapter 7 protects you and your assets with the automatic stay. Chapter 13 goes a big step further by also protecting your co-signers and their assets.
Looking for a Kalispell Bankruptcy Attorney prior to going through a divorce? Unfortunately, 41% of first marriages, 60% of second marriages, and 73% of third marriages end in divorce. Financial problems sometimes push couples towards divorce, while divorce often causes…
Eligibility can turn on 1) who is filing the bankruptcy, 2) the kinds and amounts of debts, 3) the amount of income, and 4) the amount of expenses.
Get the maximum benefit from your bankruptcy against your taxes by following these sophisticated strategies.
Chapter 13 gives you more flexibility about what you can do with your current income tax refund. As I said in my last blog, if you file a Chapter 7 bankruptcy after the beginning of the year when you’re due…
Your Chapter 7 trustee can use your unneeded assets to pay current-year income taxes if you split the calendar tax year into two: the pre-bankruptcy and post-bankruptcy “short years.” Let’s first set the scene. If you have substantial income tax…
Can you keep your tax refund if you file a Chapter 7 case? It’s mostly a matter of timing. Here are the bullet points: Everything you own at the time your Chapter 7 bankruptcy case is filed becomes your “bankruptcy…
What income taxes can a Chapter 7 bankruptcy completely write off? Chapter 13 lets you pay off certain income taxes much more conveniently because you’re protected from the tax collector and can usually avoid paying substantial amounts of interest and…
A Chapter 13 case can be such a good tool for dealing with income tax debt, especially if you owe more than just a year or two of taxes. BUT, you lose those benefits if you don't successfully finish paying off the Chapter 13 plan. So, go into it only if you have both a burning desire to make it all the way, and a truly feasible plan with which to do so.
Looking for a Kalispell Bankruptcy Lawyer? Below are a few things you should consider prior to selecting one. Since the 2008 nationwide economic downturn, the number of Kalispell bankruptcy lawyers has increased significantly. When choosing a bankruptcy lawyer, you need…
Filing a bankruptcy does not mean you will lose all your property. Exemptions are provided to every person who files a bankruptcy, which allows the filer to keep the property that property. In order to take full advantage of the exemptions…
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