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Recent Posts in Bankruptcy Category

  • The Benefits of Filing for Bankruptcy Before Foreclosure

    If you are facing a foreclosure of your home, you may be simultaneously getting ready to file for bankruptcy. If this is the case, you should know that it does make a difference whether you file your bankruptcy petition before or after your home is foreclosed. Depending on the circumstances of your unique case, there may be benefits to filing for bankruptcy before the foreclosure sale occurs, but ...
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  • Keeping Your Home & Car After Filing for Bankruptcy

    Bankruptcy is generally seen as a “this-for-that” sort of financial solution. You get rid of pieces of your debt through discharges but you also could lose unprotected assets and pieces of property. For so many people who file for bankruptcy, there are two assets that are more important than any others: vehicles and homes. If you stand to lose your car through your bankruptcy filing, getting to ...
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  • What Not to Do Just Before Filing for Bankruptcy

    Successfully completing a bankruptcy means being prepared in many different ways and accomplishing a variety of checklist goals before the official filing even occurs. Among all of the things you must be careful to do, there are a few things you must be careful not to do. Some transactions and behaviors can be seen as suspicious by the bankruptcy court, and if you get on their wrong side, your ...
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  • Top Reasons Why People File for Bankruptcy

    Bankruptcy is shrouded in mystery for most Americans who only know it as a way to get rid of huge amounts of debt. There are many myths that surrounded it, and one of the most prevalent myths is that it is only for people who can’t manage their money and overspent too much, too often. In reality, there are so many reasons a person may need to file for bankruptcy, and most of them involve ...
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  • Should My Business File for Bankruptcy?

    Running a small business is the main source of income for countless Americans. But what happens when the income starts to run dry and profits seem like a thing of the past? Should a business owner close up shop, or should they consider filing for bankruptcy to eliminate debt and keep their storefronts open? There is no clear answer, as each business, owner, and financial situation is unique. ...
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  • How Bankruptcy Can Affect Your Taxes

    A big part of filing for bankruptcy is preparing your exemptions and trying to keep as much of your property and finances as possible. For some people, a large portion of their finances actually comes from their tax return. Can bankruptcy affect the way you file taxes, though, and the outcome for your filing? The answer is a definitive “sometimes.” Many states will allow you to count your tax ...
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  • Will an Automatic Stay from My Bankruptcy Filing Stop Creditors?

    As you feel your debt piling up and getting out of control, the last thing you want to think about is a creditor or collection agency harassing you for money. Although creditors are supposed to be bound by the law and only attempt to collect debt through restricted and formal methods, there are plenty of stories of creditor harassment and persistence become a nightmare for debtors. If you have ...
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  • Keeping Property Through Chapter 7 Bankruptcy Exemptions

    If you have decided that Chapter 7 bankruptcy is the right solution to your overwhelming debt – hopefully a decision you came to with the assistance of a bankruptcy lawyer – you are probably now wondering what, if anything, you will be able to keep once your bankruptcy is over. This is often the top concern for people entering bankruptcy , and understandably so. No one wants to think about giving ...
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  • How are Personal Injury Settlements and Recoveries Treated in a Bankruptcy Case Filed in Maryland

    The Legislature of the State of Maryland has enacted numerous exemption statutes that protect the property of its citizens from creditors seeking to seize citizen property in satisfaction of debts owed by them. These exemptions are claimed in Schedule C of a bankruptcy petition as discussed in our previous blog article regarding Schedule C. Settlements and awards that arise from personal injury ...
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  • I Know the Law has Changed, But Can I Still File Bankruptcy?

    On October 17, 2005, the most sweeping bankruptcy reform legislation was passed which marks the first significant change to the bankruptcy laws in more than twenty-five (25) years. Although the new law, known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, brings with it sweeping changes to the process for filing bankruptcy, it also requires debtors to receive credit ...
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  • Debt Buyers Beware!!

    You may have seen stories on the media of debt buying companies flooding the State's Courts System with collection lawsuits by the thousands. Not until recently, however, has anyone noticed the proof being attached to these Complaints. If you thought the "Robo Signing" scandal was big, nothing can compare to the outright deficiencies contained in many of the debt collection lawsuits being filed ...
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  • United States Supreme Court Decides Yet Another Bankruptcy Appeal, In re Ransom: Another Look at the Means Test

    Bankruptcy lawyers are quick to note that the Supreme Court has been very busy recently deciding bankruptcy appeal after bankruptcy appeal. And should they be surprised? After all, the way the new law was written, the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCPA"), is it any wonder that bankruptcy judges across the Nation are deciding issues in directly opposite ways? From ...
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  • Governor O'Malley Testifies Before Congress Today About Mortgage Servicers

    As you may have been following this website, reading the newspaper, or watching the news, you cannot escape the media swirl surrounding bad mortgages, deceptive mortgage tactics, mortgage backed securities, or robo-signing. Arguably, no other Governor in the U.S. has been more proactive or employed more resources to stem the flood of foreclosure's hitting the real estate market other than Governor ...
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  • Supreme Court Spotlight: Recent Developments In Consumer Bankruptcy Cases

    The Supreme Court has been hard at work recently deciding two more bankruptcy issues of significant noteworthy interest. To me, anytime the Supreme Court hears a bankruptcy issue it is a noteworthy event. By this article, I summarize the two most recent decisions impacting the consumer bankruptcy practice. Although reading the decisions can be interesting, even more fascinating is reading the ...
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  • The Maryland Court of Appeals Speaks Regarding Illegal Deeds in Lieu of Foreclosure in C. Phillip Johnson Full Gospel Ministries, Inc. v. Investors Financial Services, LLC

    The Maryland Court of Appeals has held that a deed in lieu of foreclosure that is signed as a precondition to financing is a mortgage and a foreclosure sale must be conducted to allow the lien holder to take possession of the real property. This appeal which was pending at the Court of Special Appeals was granted review by the State's highest Court seemingly in order to stop once and for all an ...
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  • Is a Government Backed "Cramdown" Coming?

    You may have heard it being bantered about in the media. You may have also dismissed the idea the second you heard it. It remains to be seen whether or not the Federal Government , through it's mortgage arms, Fannie Mae and Freddie Mac, will actually implement a non-judicial cramdown of millions of mortgages. Here's how it works: Millions of homes in this country are currently "underwater", ...
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  • Foreclosure Crisis: Articles, Laws, & Court Decisions

    New Maryland Rule Affords Homeowners Additional Rights There were nearly 10,000 foreclosures across the state in the first four months of 2009.This trend is expected to continue for many months if not years. Maryland lawyers and the state judiciary of doing what they can to assist homeowners in dealing with imminent foreclosure of their homes. In so doing, more than 700 attorneys have volunteered ...
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  • The Biggest Fraud This Country Has Ever Seen? The Foreclosure Crisis Nightmare Gets Worse!

    There is no escaping this media headline. Nationwide, State Courts have been approving and ratifying tens of thousands of foreclosures sales based upon bogus affidavits and paperwork. These already completed foreclosure actions will inevitably have to be overturned and undone, forcing those lenders that are guilty of this fraud to begin the foreclosure process on the affected properties all over ...
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  • Senator Reid Calls Upon Big Banks to Halt Foreclosures Nationwide

    Senate Majority Leader Harry Reid (D-Nev.) has called upon all major mortgage lenders pleading with them to stop foreclosure proceedings in all 50 states Friday, after Bank of America announced it was stopping all foreclosure actions until it finishes an internal review of its foreclosure paperwork process. The announcement comes on the heels of GMAC/Ally's disclosure that many of its foreclosure ...
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  • Milavetz, Gallop & Milavetz, P.A., ET AL. v. United States--- The High Court Speaks

    Debt Relief Agencies - Bankruptcy attorneys are included in the definition "debt relief agency" and are prohibited from advising clients to incur more debt when the "impelling reason" for the advice is to "load up" on debt then discharge it through the bankruptcy proceeding. Being debt relief agents, the imposition of the Code's advertising disclosure is reasonable related to the government's ...
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