2016 APPLICATIONS BY CREDITORS
In re Loy, Case No. 07-41333
December 2007, Judge Karlin
This case contains a discussion of the various issues that are to be considered by court and counsel in the context of a 2016 application by a creditor. This same issues present themselves in proofs of claim issues pertaining to attorney fees.
Digest by: Jan [...]
Topeka Attorneys Helping You Get The Fresh Start Only The Federal Bankruptcy Laws Can Give You
Category Archives: Mortgages
Do I Have to Pay My Creditor’s Attorneys Fees?
Cram Down Value Used for Means Test in Wichita Bankruptcies
A DEBTOR MUST USE THE STRIPPED/CRAMMED DOWN AMOUNT FOR
PURPOSES OF CURRENT MONTHLY INCOME (CMI) ON LINE 47 OF B22C
In re Hoss, Case No. 08-10365
In re Arroyo, Case No. 07-12779
August 2008, Judge Nugent
In above median income (AMI) cases, debtors sought to deduct contract payments, rather than the stripped off/crammed down amounts. The Court sustained the Chapter [...]
Why Did They Stop Sending My Mortgage Statements After Bankruptcy?
Most home mortgage lenders who send monthly statements to their borrowers will stop sending statements once a bankruptcy is filed. They will stop withdrawing automatic payments form your bank account. They claim sending the statements and withdrawing your funds might be seen as a violation of the bankruptcy automatic stay on collection and they [...]
What Is Collateral in Bankruptcy?
Collateral: The property that is subject to a lien. A creditor with rights in collateral is a secured creditor and has additional protections in the Bankruptcy Code for the claim secured by collateral. The measure of the secured claim is the value of the collateral available to secure the claim: it is possible to have [...]
Kansas Home Foreclosures Up 40%
The home mortgage foreclosure crisis got dramatically worse in Kansas in July, August and September 2009. RealtyTrac, a California company that tracks foreclosures, reports 3,402 foreclosure filings in Kansas during the third quarter, an increase of almost 40%.
The Kansas foreclosure rate is below the national average of one in every 136 households. The [...]
Foreclosure Truth: Few Getting Help
As of 9/1/2009, only 1,711 permanent loan modifications
1.26% trial modifications made permanent
1 in 8 mortgages in default or foreclosure
foreclosure delayed, not avoided
10-12 million foreclosures predicted
50% mortgages will be underwater if problem not solved
Foreclosure Prevention Toolkit
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 [...]
Watch Out for Mortgage Modification Scams
Watch out for all the mortgage modification scams out there preying on good people who desperately want to keep their home mortgage out of foreclosure. Many of the mortgage brokers who formerly got people into subprime loans are now calling themselves mortgage modification agents.
“You should not have to pay someone to help you with [...]
Can They Take My Home Away from Me if I File Bankruptcy in Kansas?
Kansans in financial distress often ask, “Will I will lose my home if I file bankruptcy?“ The simple answer is that most Kansans do not lose their home if they file for bankruptcy. We are lucky in Kansas to have a homestead law that protects one acre of land in the city and 160 acres [...]
Bankruptcy: Mortgage Meltdown Melodrama at Attorney Seminar
Mortgage Meltdown Melodrama – Tied to the Railroad Track: A Story of Villains, Heroes, and Happy Endings will be featured at the 20th annual conference of the Kansas Women Attorneys Association in Lindsborg in July.
Kansas Chief Bankruptcy Judge Robert Nugent, Chapter 13 Standing Bankruptcy Trustee Laurie Williams and Chapter 7 Interim Trustees Patricia Hamilton and [...]
What Interest Rate Does the Chapter 13 Bankruptcy Trustee Pay on Secured Claims?
EXPLANATION OF THE TOPEKA DISCOUNT RATE
by Jan Hamilton, Standing Chapter 13 Trustee
The Discount Rate (Interest Rate) for chapter 13 bankruptcy cases filed in Topeka, Kansas, on or after March 1, 2009, is 4.75%.
This rate will typically be changed no more than once a month, on the beginning of the
month.
Beginning on July 1, 2004, we began [...]
Call Kansas Senators to Support Judicial Mortgage Modification in Bankruptcy
Judicial modification of residential mortgages in chapter 13 bankruptcy is part of H.R. 1106, which passed in the U.S. House of Representatives last week. The bill now moves to the U.S. Senate and may come up for a vote this week. We need your help to get the bill passed into law. Call your Kansas [...]
Do I Have to Pay Income Tax on Forgiven Mortgage Debt?
Mortgage Debt Forgiveness, IRS Tax Tips, March 5, 2009 –TT-2009-44
Here is a tax tip from the Internal Revenue Service about mortgage debt forgiveness:
If your mortgage debt is partly or entirely forgiven during tax years 2007 –2012, you may be able to claim special tax relief and exclude the debt forgiveness income.
Normally, debt forgiveness results in [...]
Do Mortgage Arrears Get Paid Interest in Chapter 13 Bankruptcy?
DOES THE MORTGAGE CREDITOR GET INTEREST ON THE ARREARAGE PAID IN THE PLAN?
By Jan Hamilton, Standing Chapter 13 Trustee
Frequently, arrearages on real estate mortgages are paid through the plan. Do they bear interest or not? If they do, at what rate?
While Judge Somers has (essentially on behalf of all of the judges in Kansas), ruled [...]
Judicial Modification of Mortgages in Bankruptcy to House Floor Wednesday
Judicial mortgage modification in chapter 13 bankruptcy is expected to be considered on the floor of the U.S. House of Representatives as early as Wednesday of this week. The proposed law eliminates the ban on restructuring primary residential mortgages to help people save their homes from foreclosure. The law change will help people in foreclosure who [...]
Do I Have to Reaffirm Car Loans, Home Mortgages?
If you are behind on a car loan or a home mortgage and you can afford to catch up, you can reaffirm and possibly keep your car or home. If the lender agrees to give you the time you need to get caught up on a default, this may be a good reason to reaffirm. [...]
Do I Have Other Options for Secured Debts Other than Reaffirmation?
You may be able to keep the collateral on a secured debt by paying the creditor in a lump sum the amount the item is worth rather than what you owe on the loan. This is your right under the bankruptcy law to “redeem” the collateral.
Redeeming collateral can save you hundreds of dollars. Because furniture, [...]
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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