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The student loan debt crisis continues to have a major impact across the country, especially upon those graduates who as a result of having major medical bills besides the student loans, cannot afford to make their student loan payments. The Medical Bankruptcy...
In a recent case, In Re White, __ B.R. __ , 2014 WL 2960428 (Bankr. N.D. Miss. 7/2/2014), the Bankruptcy Court held that a debtor in a Chapter 7 case cannot deduct on his means test payments to creditors whose debt is secured by collateral he intends to surrender....
Debtors’ prisons were commonplace in the United States up until the mid-1800’s. In fact, several notable figures in the history of the United States served time in debtors’ prisons, such as Robert Morris, who signed the Declaration of Independence and served on the...
In the recent case of In re Heinzle, 2014 WL 2442261 (Bankr. W.D. Texas 5/30/14) the bankruptcy held that the debtors who completed all their plan payments to the trustee were nevertheless not entitled to a discharge because they were not current on their mortgage...
When people first get the news from their creditors or mortgage companies that their debt has been forgiven, they are thrilled—that is, until they get the tax bill. Under the tax laws, any amount of debt that is forgiven can be taxed as income. So, that $10,000.00...
When a lender sends a homeowner a notice of its intent to foreclose, it is natural for the homeowner to contact the lender for assistance. Unfortunately, I know of many people who relied on the lenders’ promises of assistance only to be disappointed when their home...
In the recent case of In re James Matson & Kevin Mabry, 2014 WL 1678989 (Bankr. E.D. Wis. 4/29/14), the bankruptcy court denied a creditor’s motion to dismiss or bifurcate the debtors’ Chapter 13 case filed in Wisconsin, which does not permit same sex marriages....
The current monthly income analysis form (CMI) allows certain deduction for vehicle expenses depending on how many vehicles a debtor owns. If the debtor owns a vehicle that is more than six years old and has been driven at least 75,000 miles, the IRS in its Manual...
A recent article in the Washington Post, “The Trap of Payday Loans” (March 26, 2014) highlights the very serious problems that consumers face with payday loans. Although payday loans may fill a very important need for people in a financial bind, they can also lead to...
A recent law review article by Professor John Pottow of the University of Michigan School of Law has drawn attention to the fact that seniors are filing for bankruptcy at increasingly alarming rates. In his article “The Rise in Elder Bankruptcy Filings and the Failure...