Bankruptcy Code. Title 11 of the United States Code governs bankruptcy proceedings. Bankruptcy is a matter of federal law and is, with the exception of exemptions, the same in every state. When federal bankruptcy law conflicts with state law, federal law controls. Bankruptcy Code incorporating changes effective 10/17/05.
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Category Archives: Bankruptcy Legislation
NPR Airs Story on Judicial Mortgage Modification in Chapter 13 Bankruptcy
Here is a report that aired on National Public Radio this morning about the judicial mortgage modification bill pending in Congress.
“On Capitol Hill, Democrats are supporting a bill that would let judges block home foreclosures. The measure would allow bankruptcy judges to alter home loans. Industry insiders say that would cause more harm than good, [...]
Congress Considers Judicial Mortgage Modification in Chapter 13 Bankruptcy
The Helping Families Save Their Homes in Bankruptcy Act of 2009 is pending in Congress. If passed, chapter 13 debtors will be able to rewrite their delinquent mortgage loans by lowering the loan balance to the value of the home, reducing interest rates, eliminating the variable rate and fixing the interest rate, and stretching out [...]
Save Your Home with Bankruptcy
Legislation is pending in Congress to change the law to allow judges to modify your home mortgage in chapter 13 bankruptcy. Delinquent mortgages could be stretched out to 40 years, principal due on the loan reduced to the value of the home, and adjustable rates changed to a low fixed rate if the Helping Families [...]
Foreclosure Fixes Failing
DATA: MORTGAGE “FORECLOSURE PREVENTION” FIXES FAILING TO WORK, U.S. HOME FORECLOSURE TOLL NOW EXPECTED TO RISE EVEN HIGHER TO EIGHT MILLION
Near Half of Homeowners in “Loan Modification” Programs Face Higher Monthly Payments; Failure of Voluntary Industry Efforts Hikes Pressure on Incoming Obama Administration, New Congress to Clear Way for Court-Supervised Modifications.
WASHINGTON, D.C.//December 19, 2008//Much hyped [...]
New Year's Resolutions for Resolving Debt
Here are five New Year’s resolutions my blogging colleague, Peter Orville of Upstate New York, made for people with debt problems, each highlighting an article found on the pages of Debt Law Network, Credit Law Network or Bankruptcy Law Network.
Create an emergency fund.
Don’t gamble.
Don’t sign up with a “Debt Settlement” company.
Seek advice from a good [...]
New Rule: Chapter 13 Mortgage Payments Through Trustee
The Kansas Bankruptcy Court adopted a new rule requiring chapter 13 debtors behind on mortgage debts when the bankruptcy case is filed to be paid through the trustee. The rule goes into effect for cases filed on or after October 1, 2008.
Proponents of the new rule say the chapter 13 trustee records will aid the [...]
Topeka Debtors Allowed Means Test Deduction for Cars With No Liens
EDITOR UPDATE: This post is out of date. Judge Karlin reverted to her original ruling in In re Law after the Pearson decision was vacated. This issue is currently pending the the U.S. Court for the Tenth Circuit so we should have a binding ruling soon. December 13, 2009.
Topeka Bankruptcy Judge Janice Miller Karlin announced [...]
Bankruptcy Income Guidelines to Increase Slightly October 1
It will be a little easier to qualify for bankruptcy relief when the income guidelines used for eligibility increase slightly on October 1. A single Kansas earner will be able to make $894 more per year and qualify for chapter 7 bankruptcy relief. A family of four will be allowed a $2036 more income per [...]
History of BAPCPA: Special Interest Legislation at Its Worst
BAPCPA (Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005) has been characterized as among the best (or worst depending on point of view) examples of special interest federal legislation ever passed by Congress. The act’s history is important:
Under pressure from creditor lobbying efforts, Congress and the Clinton administration in 1994 funded a bi-partisan [...]
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Jill Michaux & Mark Neis
Attorneys at Law
Bankruptcy Law Office
Neis & Michaux, P.A.
825 Bank of America Tower
534 S. Kansas Ave., Ste. 825
Topeka, KS 66603-3446
T: 785-354-1471
F: 785-354-1170
lawyers@neismichaux.com
Board Certified in
Consumer Bankruptcy Law
by the American Board of
Certification