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Forbearance?
By Etta Foote, All Western Mortgage We hope that as you read this, you are all healthy and safe. It is certainly an unprecedented time in our history, but we are encouraged by the way family and friends have stepped…
Purchasing a Home After Bankruptcy
By Robin Goralka Looking to purchase a home after bankruptcy can be a daunting prospect. Many people think that declaring bankruptcy will have a negative effect on their credit report for years to come, making it difficult to qualify for…
Bankruptcy Relief for Student Loans?
A bipartisan group of lawmakers on Thursday introduced legislation to make bankruptcy relief available for student loan borrowers. Sens. Elizabeth Warren (D-Mass.) and Dick Durbin (D-Ill.), along with Reps. Jerrold Nadler (D-N.Y.), John Katko (R-N.Y.) and Joe Neguse (D-Colo.) introduced…
“Green” Light Given to Marijuana Businesses in Bankruptcy Court?
In a 2011 opinion, Judge Alley ruled that a debtor who filed a Chapter 13 Bankruptcy Plan to be funded from profits derived from the cultivation and sale of medical marijuana could not be confirmed as such business activities were…
Bankrupt Student Loan Borrowers Could Finally Get A Break
A report issued today by the Commission on Consumer Bankruptcy of the American Bankruptcy Institute recommends substantial changes to how student loans are treated in bankruptcy. Under current law (11 U.S.C. §523(a)(8)), a court must find that an “undue hardship”…
Are Debt Buyers Responsible For Driving Consumers Into Bankruptcy?
I recently came across an interesting article challenging the conventional wisdom about why people file for bankruptcy. Most people, myself included, have long concluded that the amount of debt a person has, combined with unfortunate personal circumstances (divorce, job loss,…
Building Credit
I hear it all the time in my practice. People say they want to “build their credit.” Every time I hear this phrase I cringe. It’s held up like a badge of honor, building credit or having good credit. “I…
Why Hire a Bankruptcy Attorney?
Filing bankruptcy can be one of the most difficult choices a person makes. Often you have been struggling to meet your financial obligations. Something happens and the house of cards comes tumbling down, leaving you faced with a proposition that…
Sears Files for Bankruptcy
Sears filed for chapter 11 bankruptcy protection on Monday, October 15. In doing so, it stated its plan for turning business around, and seeks to operate through the holiday season. In order to succeed, the company will need its creditors…
Supreme Court Rules That Inherited IRAs Not Exempt
In a defeat for debtors in bankruptcy, the Supreme Court ruled yesterday that a debtor filing for bankruptcy cannot claim an exemption in an inherited IRA as “retirement funds” under 11 U.S.C. §§522(b)(3)(C) and (d)(12). This case resolved a circuit…