The U.S. Census Bureau is delaying release of its updated numbers for family median income which are used to the bankruptcy means test. The new figures are now expected to be released on posted to the U.S. Trustee Program website by October 9, 2009, and will apply to bankruptcy petitions filed on or after November 1, 2009.
Archives for September 2009
Means Test Numbers Changing
Posted on September 23, 2009 Written by
Updated family income figures are scheduled to by posted to the U.S. Trustee program website the week of September 28, 2009. The new figures will apply to bankruptcy petitions filed on or after October 12, 2009. The figures are used on the means test to determine the debtor’s projected disposable income.
We will post the new figures as soon as they are available. There is speculation the numbers might decrease due to the economic downturn. Here are the current Kansas numbers.
Foreclosure Prevention Toolkit
Posted on September 16, 2009 Written by
FDIC has published this online took kit to help homeowners prevent unnecessary foreclosures and stop foreclosure “rescue†scams that promise false hope to consumers at risk of losing their homes.
* Is Foreclosure Knocking at Your Door? This brochure explains how mortgage modification programs can help those at risk of foreclosure save their home.
* Beware of Foreclosure Rescue Scams. This brochure provides information on common scams, tips for detecting fraudulent deals, and resources for reporting criminal activity.
* The Your Own Home module of the FDIC’s Money Smart curriculum encourages homeowners to promptly seek help to avoid foreclosure and avoid scams.
Will I Lose My House If I File Bankruptcy?
Posted on September 13, 2009 Written by
I am frequently asked by people who are thinking of filing bankruptcy, “Will I lose my house if I file bankruptcy?” The fear of losing everything in bankruptcy is very real.
Fortunately, in Kansas the protection our law has for your home is in our state constitution and statutes. That is quite different from other states, Missouri, for example.
If you are entitled to claim the Kansas homestead exemption, it is unlikely you will lose your home for filing bankruptcy. Most of my clients who lose their homes, do so because they can’t afford to pay the mortgage payments and real estate taxes. Bankruptcy is not what causes people to lose their homes in Kansas usually.
There are some situations, which are rare, fortunately, when the bankruptcy trustee might be able to attack your homestead–the reasons are too complicated for a general information blog. Discuss the history of your home ownership with your attorney to put your mind at ease. Your attorney can analyze your circumstances and advise you of your rights so you can quit worrying.
Kansas City Bank Shut Down
Posted on September 5, 2009 Written by
Bank regulators from the Federal Deposit Insurance Corporation (FDIC) shut down five banks Friday including the First Bank of Kansas City. The deposits will be assumed by Great American Bank of DeSoto.
Interpreters for Bankruptcy 341 Hearings
Posted on September 1, 2009 Written by
The United States Trustee’s office is now providing free interpreters by telephone at bankruptcy meetings of creditors (341 hearings) for limited English proficient debtors.
For more information, go to web site for the Executive Office of the U.S. Trustee:Â http://www.usdoj.gov/ust/eo/public_affairs/lep/index.htm
Persons wishing to use the interpreter service should contact the case trustee in advance of the meeting to make arrangements.
