Blog entries

The 341 Meeting, the Trustee, and the Chapter 13 Confirmation Hearing

Jed Hayden — Sat, 02 Apr 2011 17:22:08 +0100

A. Duties of a Chapter 7 or Chapter 13 Bankruptcy Trustee

In both Chapter 7 and Chapter 13, a Trustee is identified when the Petition is filed. The Trustee represents the interests of the unsecured creditors in a Chapter 7 or Chapter 13 case. I...

Personal Bankruptcy

Jed Hayden — Sat, 02 Apr 2011 17:19:30 +0100

The best way to see if bankruptcy is right for you is to have a consultation with an experienced Bankruptcy Attorney who can properly determine which Chapter of the Bankruptcy Code will provide you with the most financial relief.

Bankruptcy, particularly under the new law, is not for even the casual attorney. It needs someone who regularly appears before the Bankruptcy Court, is familiar with both the written law and the unwritten law and local practice.

Bankruptc...

Bankruptcy filings jump 14% in 2010

Jed Hayden — Wed, 08 Dec 2010 17:07:24 +0100

As the U.S. economy struggles to recover from a deep recession, the number of Americans filing for bankruptcy continues to rise dramatically.

In the federal government's fiscal year 2010, which ended September 30, more than 1.5 million non-business bankruptcy filings were processed, according to data released Monday by the Administrative Office of the U.S. Courts. That's up more than 14% from fiscal 2009, when about 1.3 million personal bankruptcies were filed.

"As the e...

What does foreclosure mess mean to buyers and sellers?

Jed Hayden — Tue, 19 Oct 2010 14:51:33 +0100

You've probably seen the headlines about the fast-spreading foreclosure mess - moratoriums on home sales, calls for congressional investigations, and state and federal litigation in the wings.

But what could all of this mean to you as a homeowner, buyer or seller? Potentially more than you might assume. It all depends on your situation.

For example, although you might not be delinquent on your mortgage, the bank-owned house down the street that hasn't gone to foreclosure...

Glossary of Terms

Jed Hayden — Thu, 05 Aug 2010 17:10:23 +0100

Assets - any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property. On a balance sheet, assets are equal to the sum of liabilities, common stock, preferred stock, and retained earnings. From an accounting perspective, assets are divided into the following categories: current assets (cash and other liquid items),...

Foreclosure Defense

Jed Hayden — Mon, 19 Jul 2010 19:50:31 +0100

As the number of foreclosure cases in the United States reaches record levels, we are finding many consumers being sued who have meritorious defenses to these suits. The purpose of this article is to explain a few of the steps you can take to ensure that your rights as a mortgagee are protected.

No-one can file a foreclosure in Kentucky unless they have the right to do so. Many consumers have had their mortgages sold to third parties with whom they never actually signed an...

Is Online Bankruptcy Filing Correct?

Jed Hayden — Thu, 17 Jun 2010 19:04:15 +0100

It is imperative for all to be equipped with the basics of personal bankruptcy rules and all information related to federal bankruptcy as it is also an important financial decision
The word itself spells devastation and something which everyone would rather avoid. The decision to file for bankruptcy is the last resort and has the harshest consequences both mentally and financially. Filing for bankruptcy and specially a personal bankruptcy is a tough decision but it needs personal grit to...

Bankruptcy's Effect on Utilities

Jed Hayden — Tue, 11 May 2010 12:50:49 +0100

A common question that our clients have is whether they will be able to continue their utilities if they have an arrearage that is included in a bankruptcy. This may include electrical, gas, water, and other basic household utility services. This can be particularly concerning if the client is seeking to surrender their current personal residence and obtain other lodging, as they will have to open accounts with the utility companies.

If at the t...

Additional Provisions to the Home Affordable Modification Program - Real Relief for Debtors?

Jed Hayden — Thu, 08 Apr 2010 01:38:25 +0100

Under the newly proposed additional provisions of the Home Affordable Modification Program (HAMP), additional resources will be provided to struggling homeowners, which may help avoid foreclosure or a bankruptcy filing. The new provisions focus on temporary mortgage assistance to certain unemployed homeowners, encourage servicers to...

Fair Credit Reporting Act - How It Can Assist To Repair Your Credit

Jed Hayden — Sun, 04 Apr 2010 14:46:55 +0100

Under the Fair Credit Reporting Act (the Act), Congress intended to promote the accuracy and privacy of information in consumer credit reports. The Act regulates consumer reporting agencies to maintain correct and complete files, but also mandates certain actions must be taken by the agencies in order to protect the consumer from falsely reported information.

As mortgage payments are becoming more and more difficult for borrowers to meet, alternatives to foreclosure are more pervasive. As a foreclosure has more negative impact on credit scores, short sales have become an alternative in the real estate market. A short sale is understood as when a lender accepts a lesser amount of money than what is currently owed by the borrower when the...

Know Your Rights Under the Fair Debt Collection Practices Act

Jed Hayden — Thu, 25 Mar 2010 19:31:53 +0100

Under the Fair Debt Collection Practices Act (FDCPA), debt collectors cannot conduct activity which is deemed abusive, unfair, or deceptive practices to collect outstanding amounts owed by debtors. The FDCPA governs debt collectors who regularly collect debts owed to others and it covers personal, family, and household debts, including money owed on a personal credit card account, an auto loan, a me...

The Credit Card Accountability and Responsibility and Disclosure Act of 2009

Jed Hayden — Tue, 23 Mar 2010 15:10:30 +0100

On May 22, 2009 the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the Act) was signed into law by President Obama. It became effective on February 22, 2010 and is intended to protect consumers from changes to the terms of their credit cards that can destroy an unsuspecting consumer who was unaware.

The Act provides for the following dramatic changes:

* Credit card issuers cannot increase interest rates on...

Can I Be Fired If I File For Bankruptcy?

Jed Hayden — Tue, 23 Mar 2010 15:07:30 +0100

Can I Be Fired If I File for Bankruptcy?

We often have clients who are terrified that if they file for bankruptcy they will be fired once their employer finds out about it. Sometimes they tell us that the reason they have not filed already is the fear of losing their jobs. We also have clients ask about their prospective ability to get a job if they file for bankruptcy.

Section 525 of the Bankruptcy Code provides that private employers...

Bankruptcy - A Soluton to an Expensive Lease?

Eric Craig — Wed, 17 Mar 2010 20:44:35 +0100

One common problem that our office sees regularly revolves around a lease or mortgage that the client really can’t afford anymore. Bankruptcy often provides a solution for people who feel trapped. The client is often concerned about being able to find a place to live and are afraid that they have no choice but to assume (or keep) their current lease or reaffirm a mortgage that they could not afford.

C...