Archives for February 2008

10% Home Mortgages Under Water

Posted on February 24, 2008 Written by Jill Michaux

Here is a scary statistic for 2007 being reported by ABC News: 10% of American homeowners owe more money on their house than the house is worth. That figure has doubled from 5% in 2006.

For homes purchased in the past two years, the figure shoots up to an alarming 30%, according to Reuters. These are the highest numbers of homes under water since the Great Depression of 1929.

Eight million families are in danger of losing their homes due to mortgages that are greater than the value of the homes. See what fellow blogger, Gene Melchionne, has to say on the Mortgage Law Network about what this means for all Americans, particularly retirement funds.

Filed Under: Mortgages Tagged: ABC News, America, Foreclosure, Gene Melchionne, Great Depression, home mortgage foreclosure, home mortgages, homeowners, homes, Jill Michaux, Kansas, losing home, Mark Neis, Mortgage Law Network, Neis & Michaux, owe more money on house than worth, retirement funds, Reuters, short sale, subprime lending, subprime mortgages, Topeka, Topeka Kansas, under water

Wichita Car Dealer Convicted of Bankruptcy Fraud – Facing 5 Years in Jail

Posted on February 23, 2008 Written by Jill Michaux

A Wichita car dealer who gave money to relatives before filing his bankruptcy case and lied on his bankruptcy paperwork was convicted of federal crimes this week and faces possible jail time for his fraud.

Evidence at trial proved he gave money to his wife and his brother prior to filing his bankruptcy case and he lied on his paperwork. He falsely said he had no bank accounts and he had made no transfers of money to relatives nor closed any bank accounts. He also charged $125,000 on credit cards within a year of filing the bankruptcy petition for airline tickets, jewelry and other goods. [Read more…]

Filed Under: Filing Bankruptcy, Kansas Bankruptcy News Tagged: bankruptcy, bankruptcy attorney, bankruptcy crimes, bankruptcy fraud, disclose, fale statement, federal crimes, federal prison, first rule in bankruptcy, Jill Michaux, Kansas, Karen Oakes, Mark Neis, Meet My Fellow Bankruptcy Bloggers, Neis & Michaux, Oregon, Topeka, Topeka Kansas, Wichita, Wichita Kansas

Kansas Bankruptcy Judges End Secret Mortgage Fees in Chapter 13

Posted on February 22, 2008 Written by Jill Michaux

The bankruptcy judges in Kansas have approved new language for all chapter 13 confirmation orders that will put an end to the abusive practice of secretly adding fees to a debtor’s mortgage loan balance.

No real estate creditor shall ever assess, charge or collect, from either the debtor or the real estate collateral, any assessments, fees, costs, expenses or any other monetary amounts, exclusive of principal, interest, taxes and insurance, that arose from the date of the filing of the bankruptcy petition to the entry of the Order of Discharge except as may be allowed by court order or an allowed proof of claim.

Attorney General Six Gives Foreclosure Advice – Get Attorney, Learn Options

Posted on February 21, 2008 Written by Jill Michaux

Kansas Attorney General Stephen N. Six issued the following statement on home mortgage foreclosure this week, urging people facing foreclosure to seek help from an attorney.

Home foreclosure is a growing problem in Kansas and across the nation. Mortgage fraud and subprime lending have left many homeowners stuck with home loans they can no longer afford.

My office recently convened a task force to investigate this problem. Consumer advocates met with representatives from lending and real estate industries to determine ways we can stem the tide of home foreclosure in Kansas. [Read more…]

Filed Under: Foreclosure, Kansas Bankruptcy News, Mortgages Tagged: Attorney General, Attorney General Stephen N. Six, bankruptcy, Foreclosure, fraud, home foreclosure, home mortgage foreclosure, home mortgage fraud, homeowners, HUD, Jill Michaux, Kansas, Kansas Attorney General, Kansas Attorney General Stephen N. Six, Mark Neis, mortgage fraud, mortgage rescue company, Neis & Michaux, scam, Stephen N. Six, subprime lending, Topeka, U.S. Department of Housing and Urban Development

Board Certification Renewed for Jill Michaux

Posted on February 10, 2008 Written by Jill Michaux

Jill Michaux has earned recertification in consumer bankruptcy law by the American Board of Certification. She was awarded her 15 year pin as a consumer bankruptcy specialist.

She was the first Kansas lawyer to be board certified in consumer bankruptcy law. Her partner, Mark Neis, was second. Today, they are the only board certified consumer bankruptcy specialists in Topeka and two of ten in Kansas.

Board certification means that Jill has met rigorous, objective standards and has demonstrated expertise in consumer bankruptcy law. She goes the extra mile to keep current on bankruptcy law changes by attending national seminars, participating in daily e-mail updates and by attending several times the hours of continuing legal education required by Kansas.

You expect certification from your doctor – expect it from your lawyer too. Hiring an attorney with expertise in any specialized field of law, such as bankruptcy, can be a bewildering experience. As a client, you want to make sure your attorney is experienced in consumer bankruptcy law. Choosing a board certified specialist in one way to make sure.

Filed Under: Foreclosure, Kansas Bankruptcy News Tagged: American Board of Certification, bankruptcy, bankruptcy specialist, board certified, board certified in bankruptcy law, board certified in consumer bankruptcy law, choosing a bankruptcy attorney, choosing a bankruptcy lawyer, choosing a lawyer, choosing an attorney, expertise, Jill Michaux, Kansas, Mark Neis, Neis & Michaux, Topeka, Topeka Kansas

Can't Add Your Spouse to Your Individual Bankruptcy Case Later

Posted on February 4, 2008 Written by Jill Michaux

Your spouse does not have to file bankruptcy with you in Kansas, but make sure you don’t want to file a joint case, because you can’t add your spouse to the case later.

Judge Dale L. Somers denied an attempt by a debtor to add her spouse two months after she filed her case by amending her petition filed with the Court. In Re Cheryl R. Daly, 07-22628-13, (Bankr. D.Kan. 01-28-2007).

It would be possible for the nonfiling spouse to file his own case and then consolidate the two cases for administration.

Filed Under: Filing Bankruptcy Tagged: adding spouse, bankruptcy, bankruptcy petition, consolidation for administration, Dale L Somers, Jill Michaux, joint case, joint petition, Judge Dale L Somers, Kansas, Neis & Michaux, nonfiling spouse, Topeka

EIC Exemption Pending in Kansas Legislature

Posted on February 3, 2008 Written by Jill Michaux

A bill has been introduced in the Kansas legislature to exempt federal earned income tax credit. The law, if passed, would protect the funds from seizure by creditors.

Earned income credit is money the federal government gives to low-income individuals and families in the form of tax credit, which is paid in the form of a tax refund even if no taxes are paid or owed. [Read more…]

Filed Under: Exemptions & What You Get to Keep Tagged: earned income credit, EIC, exemption, federal earned income tax credit, Kansas, Kansas exemption, Kansas House of Representatives, Kansas legislature, tax credit, tax refund

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