tag:blogger.com,1999:blog-22307429025888534422024-03-13T16:50:19.410-05:00Chapter 13 BankruptcyChapter 13 Bankruptcy Blog
Discussion of the bankruptcy laws, case law and filing requirements for Illinois bankruptcy filers. Chapter 13 filings in Chicago Illinois.Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.comBlogger43125tag:blogger.com,1999:blog-2230742902588853442.post-10115523696673552032016-09-07T16:32:00.000-05:002016-09-07T16:32:06.845-05:00Oops, I did it again.No, no, Brittany Spears did not file bankruptcy, but I have filed a Chapter 13 for a client. He came to me in a pinch, because his car had just been repossessed and he wanted to get it back.<br />
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I introduced him to chapter 13. This is an effective tool I used to force his lender to stop the auction scheduled for his car. They were required by law to stop the sale, just hours before it happened because of my client's automatic stay protection the chapter 13 bankruptcy case provided him.<br />
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We came up with an affordable payment plan, and even allowed him to save thousands of dollars on the car, since it was terribly upside-down, where he owed much more than it was worth. I was even able to allow him to pay back just 10 percent of his unsecured creditors, namely his credit cards and medical bills, discharging them in full upon the completion of his case.<br />
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I also was able to help him have an affordable payment plan, stretching the payments over 5 years, which helped keep his payments low.<br />
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Check out my Chapter 13 YouTube video here, where I get in to more detail on chapter 13 bankruptcy to help save a car.<br />
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<a href="https://youtu.be/sYLaLdyB7Vs" target="_blank">https://youtu.be/sYLaLdyB7Vs</a>Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-90019776677000618482014-07-29T16:24:00.002-05:002014-07-29T16:24:24.225-05:00Chapter 13 bankruptcy may not stop prosecution for fraudulent receipt of unemployment benefits.A recent decision by Judge Cassling of the Northern District if Illinois Bankruptcy Court,<a href="http://www.ilnb.uscourts.gov/sites/default/files/opinions/33538_Sori%20stay%20violation-sanctions.pdf" target="_blank"> In re Dawn Marie Sori</a>, bankruptcy case 12 B 01108, finds that the Attorney General and the Illinois Department of Employment Security (IDES) did not violate the automatic stay provisions under the US Bankruptcy Code.<br />
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Specifically, the actions taken by the Attorney General and IDES are excepted from the automatic stay under 11 U.S.C. § 362(b)(1) and (b)(4). The debtor received numerous payments of unemployment, which were later to be determined fraudulent. The debtor filed for chapter 13 bankruptcy protection and sought to pay this debt back under her<a href="http://www.leederslaw.com/chapter13.html" target="_blank"> chapter 13 repayment plan,</a> and IDES even filed a proof of claim in this case. <br />
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The attorney general filed a criminal complaint against the debtor in DuPage County, IL. An arrest warrant was issued, and the debtor surrendered, and was required to post a $1000 bond. The debtor filed a motion for sanctions that these actions were a violation of the Automatic Stay protection that the debtor is entitled to, and requested damages pursuant to 11 U.S.C. § 362(k)(1) which provides a remedy for the debtor to recover her damages.<br />
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Judge Cassling, citing various caselaw, ruled that the actions were excepted under the exceptions to the automatic stay, 11 U.S.C. § 362(b)(1) "states that the filing of a petition does not operate as a stay “of the commencement or continuation of a criminal action or proceeding against the debtor[.]” Further, Judge Cassling indicates the legislative history of that code section notes that "the bankruptcy laws are not a haven for criminal offenders, but are designed to give relief from financial over-extension."<br />
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Judge Cassling further indicated, that the debtor did not meet it's burden, even when looking at the minority opinions when analyzing relevant case law. Judge Cassling states "because the Debtor has failed to establish that either IDES or [Attorney General] acted in bad faith or that their primary motive was to collect a pre-petition debt, the Court finds that their actions are excepted from the automatic stay even under the narrower interpretation of § 362(b)(1).<br />
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The full opinion can be viewed here. <br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><a href="http://www.ilnb.uscourts.gov/sites/default/files/opinions/33538_Sori%20stay%20violation-sanctions.pdf">http://www.ilnb.uscourts.gov/sites/default/files/opinions/33538_Sori%20stay%20violation-sanctions.pdf</a></span><div>
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<span style="font-size: 15px;"><span style="font-family: inherit;">So, while the IDES may play along with the bankruptcy, they don't have to, especially if the plan is not paying 100% to the unsecured creditors. There is no guarantee that a debtor would complete a case. I haven't seen any objections in chapter 7 cases in over 10 years, but it doesn't mean they cannot still proceed with criminal prosecution for fraud. </span></span><br />
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Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-31556168257540106952014-07-25T11:19:00.001-05:002014-07-25T11:19:26.375-05:00Chapter 13 bankruptcy can get rid of your second mortgage. File for No money down*Are you faced with foreclosure?<br />
Do you owe more on your first mortgage than your home is even worth?<br />
Do you want to get rid of your second mortgage?<br />
<br />
I can help!<br />
<a href="http://leederslaw.com/chapter13.html" target="_blank">Chapter 13 bankruptcy </a>can strip off a second mortgage (and even a third) if you owe more money on the first mortgage than your home is even worth. With the huge real estate value collapse we've seen over the last 5 years, homeowners are frequently upside down on their homes. They are forced to attempt a short sale, which is extremely difficult. They have to negotiate with their second mortgage companies to agree to take less than what is owed, then are stuck owing a deficiency balance, or if the bank writes it off, they are hit with a huge tax bill, since they are liable to pay taxes on the amount reduced, just as if that was income.<br />
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So, debtors often turn to chapter 13 bankruptcy to help.<br />
What I can do with a chapter 13 plan is to catch them up on their first mortgage if they are behind.<br />
I can also force the second mortgage to be paid the same rate as credit cards, medical bills, utilities and other unsecured debts. At the end of the plan, the second mortgage is required to release their lien on the home.<br />
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Hopefully, by the end of the 3 to 5 year chapter 13 bankruptcy repayment plan, their home would increase in value and the debtor would be in a much better position, especially if they look to sell.<br />
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This cram-down or lien stripping is done either thru the chapter 13 plan, by motion in the chapter 13, or by adversary proceeding, depending on the judge in your case. <br />
<br />For example, lets, say you bought your home for $300,000. You took out a first mortgage of $200,000 and a second mortgage of $100,000. Then, say today the home is just worth $180,000 because of the real estate/mortgage crisis.<br />
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I can set up a case, where you would pay $166.67 month toward that second mortgage (through your chapter 13 plan payment). You would not need to make the regular monthly payment on that second mortgage. Using the cram-down and lien strip provisions of the chapter 13 bankruptcy code, you would pay this for 5 years. At the end of that time, the second mortgage would be required to release their lien.<br />
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Call me today for a <a href="http://leederslaw.com/bankruptcy_evaluation.html" target="_blank">free bankruptcy consultation</a> and I can show you your savings!<br />
312-3460-7400.<br />
Let me lead you to financial freedom and a fresh start.<br />
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If you mention this post, I am offering to file Chapter 13 cases for no attorneys fees up front, you'll just pay court fees of $310 and $35 each for credit counseling and debtor education courses. <br />
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*This is limited to first time chapter 13 filers, must be employed full time, and must go onto payroll control for your chapter 13 payment plan.Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0205 West Randolph Street #1240, Chicago, IL 60606, USA41.884245700000008 -87.63417019999997117.865927700000007 -128.94276419999997 65.9025637 -46.325576199999972tag:blogger.com,1999:blog-2230742902588853442.post-82919355535989062862014-07-17T16:32:00.002-05:002014-07-17T16:32:54.781-05:00Good news for homeowners - Foreclosures are down to Pre-Mortgage Crisis levelsForeclosure filings across the country decreased in June to it's lowest levels since 2006 when the housing market collapsed, Bloomberg News reported today.
Homes reporting an official default, foreclosure sales auction or repossession totaled 107,194 last month, down 16% from last year, and the lowest since June 2006 reports RealtyTrac Inc. in a report issued today. That doesn't mean that there aren't thousands more who are a payment, two, or three payments behind or more, however.
Chapter 13 can still help. It can cure arrears, it can also pay down unsecured second mortgages pennies on the dollar in many instances for those who are still upside down on their homes.
Values are bouncing back, but still not as quickly as many hope .
Contact us for a chapter 13 review to see if it would be right for you.
Leeders & Associates
<a href="http://www.LeedersLaw.com">www.LeedersLaw.com</a>
312-346-7400Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-41033732375603983302014-07-17T13:21:00.003-05:002014-07-17T13:21:51.666-05:00Is your student loan company not working with you as to agreeable payment terms? Chapter 13 bankruptcy can be a way to resolve this.
With chapter 13, you'll pay back a portion of your unsecured debts, usually from 10% up to 100% based on your income and assets.
You can stretch these payments up to 5 years.
The student loan company cannot collect from you during the bankruptcy.
You can make additional payments to pay it down though, as the interest will still run on the unpaid portion while you are in the case.
Most debtors are able to work out more agreeable payment terms with the student loan companies after the chapter 13 is completed.
Contact us today at 312-346-7400 or visit <a href="http://www.LeedersLaw.com">LeedersLaw.com</a> for more information.
We offer free consultations too!Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-42926243402444119972014-06-19T10:27:00.000-05:002014-06-19T10:27:20.698-05:00Eliminate tickets with Chapter 13 BankruptcyTickets. Parking tickets, speeding tickets, tollway violation tickets. Now there are red light tickets and speeding tickets from a camera now too. Everyone gets them, and everyone hates them. Get too many, and your vehicle could be booted and even impounded.
If you are contemplating a bankruptcy case, consider chapter 13 bankruptcy. Many people are stuck with tickets after a chapter 7, and the city often wants a huge down payment for their 'hardship' plan. But with a chapter 13, you can discharge all of your tickets entirely. True, you will usually pay back a portion of the violations, often as little as 10 cents on the dollar.
Talk to me today to see if a chapter 13 would be useful to you. I'll look at your budget and will devise a plan to repay your creditors over time. I can even get your cat back if the city still has it when I file your chapter 13 bankruptcy case too!
Act now
Attorney Terry Leeders
312-346-7400
www.leederslaw.com<a href="http://www.leederslaw.com"></a>
Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-48447225836512689622012-12-11T14:37:00.002-06:002012-12-11T14:37:33.112-06:00We are moving!<span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">We are moving!!</span><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">Here is our new contact information effective 12/18/2012:</span><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">Chicago, IL Office</span><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">205 W. Randolph Street</span><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">Suite 1240</span><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">Chicago, Illinois 60606</span><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">Ph. 312-346-7400</span><br style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><span style="background-color: white; color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">Fax 312-346-7401</span>Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-79212630645468766462011-01-25T14:51:00.004-06:002011-01-25T14:56:56.214-06:00CHAPTER 13 BANKRUPTCY CAN STOP FORECLOSURE SALEFaced with a sale date on your property? Think all is lost? It isn't! You can stop a foreclosure sale before your home is gone for good with a chapter 13 bankruptcy.<br /><br />A chapter 13 can cure your mortgage default, get you a better deal on most financed items, including cars, and can discharge your unsecured debts, often at pennies on the dollar!<br /><br />The bankruptcy code gives debtors who ran into a rough patch the ability to right the ship and get back on track with a chapter 13 repayment plan. The plan focuses on the value of assets, and your current monthly disposable income to create the repayment plan. The plan usually runs for 36-60 months in most cases, and debtors are usually debt free at the end (aside from the regular mortgage payment, ongoing child support and student loans).<br /><br />If you are in Illinois, call <a href="http://www.leederslaw.com">Leeders & Associates</a> today at 312-427-7400 to get information on chapter 13. We offer free consultations and roll much of our fees into the repayment plan too!Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com10tag:blogger.com,1999:blog-2230742902588853442.post-57863372276058693922010-04-05T11:14:00.002-05:002010-04-05T11:17:56.483-05:00As of April 1, 2010 there are new debt ceilings for chapter 13.<br /><br />Secured Debt Limit $1,081,400<br />Unsecured Debt Limit $360,475<br /><br />If your debt for either category exceeds the above amounts, then you are not eligible for a chapter 13. You should then consider chapter 7 or chapter 11.<br /><br />Talk to a local bankruptcy attorney to review your case and help you decide which option would then be best for you. We offer free consultations, so contact us today.<br /><br />Leeders & Associates, Ltd. <br />312-427-7400<br /><a href="http://www.leederslaw.com">www.leederslaw.com</a><br />we have both city and suburban locations around Chicago.<br />As always, we offer free consultations and payment plans as well.<br />TerryAnonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com1tag:blogger.com,1999:blog-2230742902588853442.post-14855495196675297972009-05-28T11:53:00.000-05:002009-05-28T11:54:09.007-05:00Let's get your car back by filing a chapter 13 bankruptcyHere is a recent decision involving a case where a vehicle was repossessed prior to a chapter 13 bankruptcy. With Chapter 13 filings, the creditor must return vehicle to debtor, otherwise it is a violation of the automatic stay provisions. Now, a bankruptcy must be filed within 21 days of the repossession or the vehicle is sold at auction, and then it would be too late. But here, the Court, on appeal, ordered that the debtor's motion for sanctions should be granted for failure to give the vehicle back timely.<br /><br /><br />7th Circuit Cases <br />Civil - Bankruptcy<br /><span style="font-weight:bold;">Thompson v. General Motors Acceptance Corp., LLC, No. 08-2077 (5/27/09).</span> Appeal, N.D. Ill., E. Div. Reversed and remanded.<br />Bankruptcy Ct. erred in denying debtor's motion for sanctions based on creditor's retention of debtor's vehicle, which had been seized prior to debtor's filing Chapter 13 bankruptcy petition. Debtor had equity interest in seized vehicle, and creditor's refusal to return seized vehicle prior to debtor establishing ability to provide adequate protection of creditor's interest in said vehicle violated Bankruptcy Code's stay put provisions. As such, creditor was required to immediately return seized vehicle to debtor's estate upon debtor filing Chapter 13 bankruptcy petition and then seek protection from Bankruptcy Court.Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com2tag:blogger.com,1999:blog-2230742902588853442.post-11362023177569169422009-02-17T15:06:00.002-06:002009-02-17T15:07:41.395-06:00Mortgage foreclosure relief is the next item of business....President Obama is expected to lay out his strategy this Wednesday to help curb home foreclosures through Chapter 13 loan modifications. He is slated to address this and other factors of the housing crisis that sparked the financial sector meltdown.Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-30595875038167862792009-01-20T18:22:00.000-06:002009-01-20T18:23:18.123-06:00Foreclosure help?It will be interesting to see if the bankruptcy law that is being considered in Congress will pass.<br />It seeks to allow a bankruptcy judge modify a mortgage contract.<br />It will have a huge impact on many loans, and could push more people into Chapter 13 bankruptcy.<br />Also, it is being said that Obama may sign a moratorium on foreclosures for 90 days. This will be interesting as well.<br />http://chicago-bankruptcy.blogspot.com/Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-62270823959588232462008-12-18T10:12:00.001-06:002008-12-18T10:12:34.392-06:00Vehicle ownership deduction for means testThis is good news for debtors. Debtors are allowed to take the standard ownership deduction on the means test calculation for vehicles that are paid in full.<br /><span style="font-weight:bold;">7th Circuit Cases <br />Civil - Bankruptcy<br />Ross-Tousey v. Neary, No. 07-2503 (12/17/08). Appeal, E.D. Wisc. Rev'd and rem'd.</span><br />Dist. Ct. erred in finding in Chapter 7 bankruptcy proceedings that debtors who owned cars outright could not take Local Standard transportation ownership deduction for purposes of calculating means test under sec. 707(b)(2)(A)(ii)(I) when determining under Bankruptcy Abuse Prevention and Consumer Protection Act whether debtors must repay portion of their debt or whether debtors were entitled to complete discharge of debt. Debtors are entitled to said deduction, but remand was required to determine whether under totality of circumstances, debtors' financial situation demonstrated abuse under section 707(b)(30(B).Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-48498776541472199632008-12-16T13:52:00.003-06:002008-12-16T13:57:56.115-06:00Bankruptcy Offices around Chicago, IllinoisWith the coming new year, we anticipate a surge in business. After all, holiday bills will be coming due, people will make New Year's resolutions to get their finances in order, not to mention tax refund time as well.<br /><br />I wanted to announce the opening of our new Joliet office location.<br />16 W. Van Buren, Suite 303, Joliet, IL 6043, which is just down from the Joliet Bankruptcy courtroom. We offer free consultations, so don't hesitate to contact us for a free legal evaluation.<br /><a href=" http://www.leederslaw.com"><br />http://www.leederslaw.com</a><br /><br />Our other office locations: <br /><br />20 E. Jackson Blvd. Suite 850 Chicago, IL <br /><br />10540 S. Western Ave Suite 402 Chicago, IL <br /><br />2025 S. Arlington Heights Rd. Ste. 113 Arlington Heights, IL 60005<br /><br />3333 W. Warrenville, Rd. Suite 200, Naperville, IL 60532<br /><br />228 N. Genesee St. Suite 205, Waukegan, IL 60085<br /><br />16 W. Van Buren, Suite 303, Joliet, IL 60432Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-49480179978032150932008-10-20T11:27:00.003-05:002008-10-20T11:31:37.561-05:00Chapter 13 can help you stay out of foreclosure courtChapter 13 can consolidate your debt, pay back your mortgage arrears with no interest, and help save your home from foreclosure.<br /><br />Cook County's foreclosure court has increased the number of judges from 10 to 14, starting their new schedules Monday. <br /><br />The Chicago Tribune reports that in Cook County, foreclosures are up over 47 percent for the first half of 2008, and total cases are expected to pass 42,000 by the end of the year. <br /><br />Contact a bankruptcy attorney in your area and they can help stop the foreclosure, eliminate the stress and help get you back on track.Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-53395888846695025502008-07-01T10:22:00.004-05:002009-11-04T13:32:54.105-06:00Stopping foreclosure in a tough real estate marketWe all know about and have heard about the mortgage shakeup in the United States this last year, including the sub-prime lending issues. We also, all know that there is a glut of homes on the market, sitting unsold due to the poor real estate market conditions. We also know about the downturn in the economy, coupled with soaring gas prices, and soaring sales tax in Chicago & Cook County, IL. <br /><br />There is hope if you fall behind. While Chapter 13 can be a great tool to stop foreclosure, consolidate debt and help you get back on track. There are a few tips to attack the foreclosure.<br /><br />Recently, I read an <a href="http://www.abajournal.com/magazine/homing_in_on_foreclosure">article on the American Bar Association website, called Homing in on Foreclosure</a>. Here are some techniques as set out by the author, Steven Seidenberg.<br /><br />"GETTING BACK ON DEFENSE<br /><br />Some practitioners say that for many homeowners, foreclosure is a form of surrender.<br /><br />“Few people contest foreclosure,” says Robert C. Hill Jr., a sole practitioner in Fort Myers, Fla., who often represents mortgage lenders. “Only about 5 to 10 percent of borrowers show up, and they just tell the judge their tales of woe,” says Hill. “Some of those tales are very sad, but there’s nothing the judge can do.”<br /><br />Yet the legal tide that has long favored lenders in foreclosure actions may be turning.<br /><br />First and foremost, homeowners facing foreclosure actions should seek legal help, says Alan M. White, a professor at Valparaiso University School of Law in Indiana. “It is a shame to see people just walking away from their homes when there is a reasonable solution,” says White, who teaches consumer law. “There are still a lot of preventable foreclosures going on, and they would be stopped if more people sought legal counsel.”<br /><br />Representing a homeowner who has defaulted on a mortgage is no easy task. The lawyer often must wade through a morass of loan documents, real estate pooling agreements, securitization documents, loan servicing agreements and other papers in order to determine who owes what to whom—and what each party’s legal obligations are. The lawyer must be familiar with mortgage foreclosure law, debt collection law, bankruptcy law and consumer protection law.<br /><br />“It is a complicated practice,” says Charney.<br /><br />Nevertheless, courts dealing with growing foreclosure caseloads have become more receptive to challenges to foreclosure actions. Timeworn defenses have gained new teeth while new tactics for resisting foreclosures are winning acceptance from courts. (In jurisdictions that permit nonjudicial foreclosures, homeowners must seek court orders enjoining them.)<br /><br />Illustration by Stuart Bradford<br /><br />“Increasingly, financial institutions are concerned that what used to be a traditional cookie-cutter foreclosure isn’t anymore,” says Traci H. Rollins, a partner in the West Palm Beach, Fla., office of Squire, Sanders & Dempsey who represents lenders. “Sometimes borrowers’ attorneys are raising new defenses. Sometimes they are raising the same defenses as before, but the courts are treating them differently.”<br /><br />Rollins also sees judges having a more skeptical attitude toward lenders, which she attributes at least partly to widespread allegations of fraud in the financial industry. According to news reports, the FBI and the Internal Revenue Service formed a task force in January to investigate how subprime loans were handled by the mortgage industry and how those loans were bundled into securities.<br /><br />“Courts are coming into cases with the expectation that perhaps the bank has done something wrong,” Rollins says. “If the borrower alleges predatory lending, the courts look at the case even more closely. And if the bank is labeled as a subprime lender, that’s like wearing a scarlet letter. It is presumed the bank has done something wrong.”<br /><br />The result is that courts often will stop a foreclosure for even a tiny error in granting, servicing or foreclosing on the loan, Rollins says. “Alleged hyper-technical violations that courts wouldn’t countenance [a few years ago] are now being looked at more seriously because of the environment where it is believed that a lot of banks have done a lot of wrong things,” she says.<br /><br />So now, a minor violation of the federal Truth in Lending Act—say, listing on the wrong line the fee for delivering closing documents by Express Mail—may have dire consequences for a foreclosure petition because courts are showing more willingness to use that kind of technical violation as grounds for dismissal.<br /><br />“If the borrower received one copy of the disclosure statement instead of two copies, that would not have been taken seriously by the courts in the past,” says Rollins. “Now it is.”<br /><br />If the court finds that the statute was violated, the borrower may rescind the loan, which would defeat the lender’s attempt to foreclose. All the borrower’s loan payments must be credited back to principal, and the borrower can then seek refinancing for the remaining principal. In addition, the borrower may obtain attorney fees and either actual damages or statutory damages of $2,000.<br /><br />The courts also are taking a tougher stand on violations of the Fair Debt Collection Practices Act and the Real Estate Settlement Procedures Act, which mandates that borrowers must receive detailed information about the costs of obtaining a mortgage loan and closing on the purchase of a house.<br /><br />In addition, 36 states—including California, Florida, Illinois, Michigan, Nevada and New York—have enacted statutes targeting subprime and predatory lending.<br /><br />“They kick in if interest rates and/or points and fees exceed a certain level,” says White. “They regulate certain loan agreement provisions. Some require additional disclosures [to borrowers]. Some require borrowers to receive credit counseling prior to any foreclosure action. Typical remedies include damages or rescission.”<br /><br />Then there are equitable defenses.<br />image<br /><br />“These are nontraditional, make-it-up-as-you-go equitable causes of action,” Rollins says. They make the argument that, since foreclosure is an equitable remedy, it should be denied to a plaintiff who has not pursued the claim in the spirit of fairness and right-dealing that is integral to equity principles.<br /><br />“You are seeing more and more allegations that a bank targeted a group of people who had lower incomes and didn’t have a lot of education, or targeted immigrants who were less sophisticated about lending, and gave loans the bank knew weren’t suitable for them,” says Rollins.<br /><br />Lawyers who represent borrowers say courts are becoming more receptive to equitable defenses. Rollins cites a case in which she is representing the plaintiff in a foreclosure. The borrower, says Rollins, “was recently able to survive dismissal of her claim for ‘wrongful failure to verify employment.’ She claimed that the lender, had it conducted due diligence, would have learned that she was not employed at the income level she indicated. The court was unaffected by the fact that she swore to her employment status under oath. Instead, the court held that this may be a viable defense to enforcement/foreclosure of her mortgage loan.”<br /><br />Counsel for borrowers also have asserted, as an equitable defense, that plaintiffs failed to notify delinquent borrowers of their right to loan counseling under the National Housing Act.<br />TURNING THE TABLES<br /><br />A recent court ruling has opened the way for attorneys to use one of the key mechanisms that created the mortgage lending mess as a weapon to help borrowers fight back against foreclosure actions.<br /><br />On Oct. 31, 2007, Judge Christopher A. Boyko of the U.S. District Court for the Northern District of Ohio dismissed 14 separate foreclosure complaints because the plaintiffs failed to produce documentation confirming that they were the holders and owners of the mortgages on which they were seeking to foreclose.<br /><br />In each case, Boyko noted, documents identified the original lending institutions, not the entities that later acquired the loans and were now seeking to foreclose, as the mortgagees. Moreover, the plaintiffs failed to produce documents showing that the loans were assigned to them.<br /><br />Holding that the plaintiffs failed to establish federal court jurisdiction under Article III of the Constitution, Boyko dismissed their petitions. “This court acknowledges the right of banks, holding valid mortgages, to receive timely payments,” wrote Boyko in his order in In re Foreclosure Cases. “And, if they do not receive timely payments, banks have the right to properly file actions on the defaulted notes—seeking foreclosure on the property securing the notes. Yet, this court possesses the independent obligations to preserve the judicial integrity of the federal court and to jealously guard federal jurisdiction. Neither the fluidity of the secondary market, nor monetary or economic considerations of the parties, nor the convenience of the litigants supersede those obligations.”<br /><br />Since Boyko’s ruling, more than 100 foreclosure actions have been dismissed in federal courts and some state courts because plaintiffs couldn’t prove they owned the mortgages on which they were seeking to foreclose. Lawyers say the ruling also has spawned some borrower class-action suits.<br /><br />In the old days, when a mortgage created a long-term relationship between borrower and lender, it was easy for the lender to prove its interest in the loan. The bank that issued the loan would just produce the note, which it still held.<br /><br />Securitization, however, changed all that.<br /><br />In the late 1980s, banks started selling their home loans to other financial entities, which “pooled” large numbers of loans, put them into trusts and sold securities based on them. Purchasers of these collateralized debt obligations received regular payments on their investments as borrowers repaid their loans.<br /><br />That meant loan originators no longer needed to wait years to get returns from their mortgages. Instead, they could sell the loans and make a quick profit. But loan originators also lost their incentive to ensure that borrowers could repay the loans. A default would be someone else’s concern.<br /><br />Another consequence of securitization is that, because loan originators seldom hold mortgages anymore, a borrower who runs into trouble with mortgage payments is going to find it hard to identify someone in the chain of financial institutions who might be willing to help resolve the problem.<br /><br />The originating lender has probably sold the loan, so it’s out of the picture. And it is extremely difficult to identify the new holder of the mortgage. That leaves the loan servicer, the company to which the borrower sends monthly mortgage payments.<br /><br />But loan servicers haven’t seemed particularly interested in helping struggling borrowers—perhaps because they have a strong financial incentive to push loans into default.<br /><br />Servicers typically are paid 25 basis points for servicing performing loans, but double that for servicing loans in default. The fee for servicing a loan with a $100,000 balance, for instance, is $250, but if the loan goes into default that fee would go up to $500. Moreover, once a loan goes into default, servicers can charge late fees, inspection fees and a variety of other fees.<br /><br />“A $50 charge here, an $80 charge there may not seem like much individually, but it is a lot more than the servicer would get per month from a performing loan,” says O. Max Gardner III, a sole practitioner in Shelby, N.C., who concentrates in consumer bankruptcy law.<br /><br />The consequence of this system is that entities involved in originating and securitizing loans frequently did not comply with the formalities of assigning the notes and physically transferring them. And now, trying to create a paper trail involves significant time and expense—if it’s possible at all. Judge Boyko’s ruling showed that such a dysfunctional system will likely come back to haunt the lending industry.<br /><br />“You have to prove to the court that you have the original note and that you have lawfully obtained it via an unbroken chain of assignments,” Gardner says. “Those have turned out to be two very difficult obstacles for trustees to establish. Over 400 loan originators went out of business last year. I don’t see how you get an assignment from somebody that went out of business.” " <a href="http://www.abajournal.com/magazine/homing_in_on_foreclosure">View the entire article here.</a>Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-36785115820854160212008-06-12T11:26:00.001-05:002008-06-12T11:26:42.020-05:00Barack Obama discusses bankruptcy and debt<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://www.barackobama.com/downloads/files2/Website_Chat/Site_Badges/vertobama.jpg"><img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 200px;" src="http://www.barackobama.com/downloads/files2/Website_Chat/Site_Badges/vertobama.jpg" border="0" alt="" /></a><br />Here is an article from suntimes.com that follows up on yesterday's post about the candidates' views on debt, the economy, and bankruptcy.<br /><br /><a href="http://www.suntimes.com/news/politics/obama/1000919,obamaweb061208.article">Obama has round-table talk on South Side</a><br /><br />June 12, 2008<br />BY ABDON M. PALLASCH<br /><br />Democratic White House hopeful Barack Obama held a round-table talk today on the South Side with three consumers gouged by credit card companies.<br /><br />“For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford,” Obama said.<br /><br />The credit card companies start with teaser rates of four percent, then jack them up to 30 percent, lower customers’ credit limits so they can then charge interest, late fees and over-the-limit fees on them, said Obama and Elizabeth Warren, a Harvard Law School professor who participated in the event.<br /><br />Obama said he knew only too well how easy it was to get caught by deceptive credit card deals: In the interest of full disclosure, I've gone through this. I've had credit cards, Obama said.<br /><br /><br />Obama's Republican rival, Arizona Sen. John McCain, has been on the other side of bills on which Obama fought for consumer rights, such as the bankruptcy bill, Obama said. The bill made it harder for consumers drowning in credit card debt to seek refuge in bankruptcy, Obama said.<br /><br />I fought this bill hard, as many of my colleagues did as well, Obama said. Ultimately it passed. It was jammed through. John McCain was strongly supportive of this bill.<br /><br />Obama acknowledged that, Part of why our debt crisis is so bad is that some folks are making reckless decisions -- racking up big credit card bills by purchasing flat-screen TVs and other luxury goods that they know they can't afford. But he said the credit card companies are pushing many responsible consumers into inescapable debt.<br /><br />He proposes a Credit Card Bill of Rights that bans the companies from unilaterally changing rates, especially on past debt; and a ban on charging interest on late fees.<br /><br /><excerpt cut><br /><br />We've heard three examples of what I think most people would say is grossly unfair, but this is not atypical, Obama said after the three told their stories at the Illinois Institute of Technology.<br /><br />Ironically, Obama's national finance chair, Penny Pritzker, headed up a Chicago-area bank that critics said was a pioneer in predatory lending: Superior. The campaign said Pritzker and her family voluntarily paid $460 million to clear up the banks debts, though that still left 1,400 customers without some of their savings.<br /><br />McCain's campaign charged that the man who, until today, headed up Obama’s vice-presidential search team, James Johnson, got special mortgage rates from his friend’s bank, Countryside, another sub-prime lender.<br /><br />“On the same day Barack Obama is staring down headlines about the head of his VP selection committee’s inappropriate ties to a predatory lender, Obama launches blind political attacks against John McCain for voting for the bipartisan Senate Bankruptcy Bill that was actually supported by 18 Democrats,” said McCain spokesman Tucker Bounds.<br /><a href="http://www.suntimes.com/news/politics/obama/1000919,obamaweb061208.article">See rest of article here. </a>Anonymoushttp://www.blogger.com/profile/17528842211150752210noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-65159928721440019582008-06-09T16:31:00.002-05:002008-06-09T16:34:46.758-05:00Score one for the good guys..."My Bad = Not Good"<span style="font-family:Verdana;font-size:-1;">recent case law updates:<br /><a href="http://bkinformation.com/test/NewsViewRD2.cfm?SAID=210792" target="_blank">In re Crawford</a> </span>Bankr. S.D. N.Y.<br />A secured creditor which proceeded with a foreclosure sale after being notified of a bankruptcy filing was liable for actual and punitive damages. The creditor's announced caveat that the sale would be void "if it violated the automatic stay" did not prevent imposition of damages.Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-38562660511877064222008-06-09T14:03:00.002-05:002008-06-09T14:06:19.482-05:00When do I get my car title in chapter 13?I filed CH13 Bankruptcy in June of 05. We put or vehicles into the bankruptcy. We have now, according to the Trustee website, paid off the "agreed" amount on both vehicles. Can you tell me how long it takes to obtain our titles? <br /><br />If your vehicle was crammed down in the bankruptcy, you will receive them once you get your discharge (Since the over-financed portion is being stripped off in the case and is not official until the debt is officially discharged.) If you paid the car note in full based on your original contract, then the creditor will process the title once they receive the last of the payments. keep in mind, the trustee usually only disburses funds once or twice a month. Check with the lender, and they may have a more precise date for you.Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-32863330185168740772008-06-03T14:04:00.001-05:002008-06-03T14:05:48.028-05:00Illinois Chapter 13 Bankruptcy Case law.<p align="center"><span style="font-size:+1;color:#000000;"><b>NEW CASE UPDATE </b></span></p><p align="left"><span style="font-size:+1;color:#000000;"><b> </b></span></p><p align="center"><span style="font-size:+1;color:#000000;"> Initially prepared by John Gustafson, Staff Attorney for Anthony B. DiSalle, Trustee; Revised by Jerry Mylander for Glenn Stearns, Trustee </span></p><p align="left"><span style="font-size:+1;color:#000000;"><b> </b></span></p><p align="left"><span style="font-size:+1;color:#000000;"><b> </b></span></p><p align="left"><span style="font-size:+1;color:#000000;"><b> </b></span></p><p align="left"><span style="font-size:+1;color:#000000;"><b>BAPCPA ND IL: </b></span></p><p align="left"><span style="font-size:+1;color:#000000;"> </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Farrar-Johnson</u>, 353 B.R. 224 (Bankr. N.D. Ill. 2006). Judge Goldgar. Above-median Chapter 13 debtors could deduct standard expenses in means test in calculating disposable income regardless of actual expenses in schedule J. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Curry</u>, 2007 WL 549360 (Bankr. N.D. Ill 2007). Judge Schmetterer. Termination of stay under §362(c)(3)(A) terminates the stay in all respects to the property. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Morales</u>, 2007 WL 92414 (Bankr. N.D. Ill 2007). Judge Schmetterer. Hanging paragraph in §1325(a) does not allow surrender of vehicle in full satisfaction on entire claim of 910 creditor in Chapter 13 plan. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Blanco</u>, 06 B 13223 (Bankr. N.D. Ill. 2007), Judge Squires. Hanging paragraph in §1325(a) does not allow surrender of vehicle in full satisfaction on entire claim of 910 creditor in Chapter 13 plan. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Randle</u>, 2007 WL 3734351 (Bankr. N.D. Ill 2006). Judge Doyle. Above-median debtors may deduct secured debt payments in means test in collateral that is being surrendered. (affirmed by the District Court on 7/20/07) </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Nevitt</u>, 2006 WL 2433491 (Bankr. N.D. Ill 2006). Judge Barbosa. Form B22C does not apply for below median debtors. Also, commitment period is temporal not monetary. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Wiggs</u>, 2006 WL 2246432 (Bankr. N.D. Ill 2006). Judge Barbosa. Above-median-income debtors may not take vehicle ownership expenses, even though they own their vehicles outright (only those standard expenses that are “applicable”). </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Demonica</u>, 345 B.R. 895 (Bankr. N.D. Ill 2006). Judge Barbosa. Debtor’s current income, as opposed to historical average, should be used to determine “projected disposable income. A debtor is allowed to deduct the full amounts listed in National and Local Standards for the categories of expenses that fall within those standards. Additional expenses are only proper if they fall within the additional expense provisions as specified by the IRS or as defined in the Code. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Gossett</u>, 2007 WL 1226629 ( Bankr. N.D. Ill 2007). Judge Squires. Credit counseling briefing must be concluded ONE CALENDAR DAY PRIOR to the filing of the petition. Also, in the event of ineligibility, dismissal is the appropriate remedy. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Mathis</u>, 2007 WL 1320740 (Bankr. N.D. Ill. 2007) Judge Doyle. The applicable commitment period is a multiplier, determining the minimum amount that the debtors must pay the unsecured creditors. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Williams</u>, 2007 WL 1206738 (Bankr. N.D. Ill 2007) Judge Hollis. When the debtor is not entitled a discharge, payment of the underlying debt determined under non-bankruptcy law under §1325(a)(5)(B)(i)(I)(aa) means that the debtor must make payment as required by the contract (at the contract rate of interest). Compare <u>In re Hopkins</u>, 2007 WL 2028799 (Bankr. N.D. Ill 2007) Judge Goldgar. Method of full payment of balance of 910 secured debt not determined by the contract. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Robson</u>, 2007 WL 1531610 (Bankr. N.D. Ill 2007). Judge Schmetterer. A debtor must provide monthly adequate protection to a creditor that is equal to the depreciation of the collateral the first month after the filing of the petition. </span></p><p align="left"><span style="font-size:+1;color:#000000;"><u>In re Wright</u>, 2007 WL 1892502 (7<sup><span style="font-size:+1;">th</span></sup><span style="font-size:+1;"><span style="font-size:+1;"> Cir. 2007). Post-petition surrender of 910 vehicle does not preclude a unsecured deficiency claim by a creditor. </span></span></span></p>Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-78642905113659102602008-05-29T14:00:00.001-05:002008-05-29T14:02:49.115-05:00Consumer Action handbook<p span="" class="fontred90arialbold">Here is some general useful information, phone #s, forms etc. for consumers issued by the government. Best of all, it's free!<br /><a href="http://www.consumeraction.gov/caw_orderhandbook.shtml"><span style="font-weight: bold;"></span></a></p> <p span="" class="fontred90arialbold"><a href="http://www.consumeraction.gov/caw_orderhandbook.shtml">2008 Consumer Action Handbook Now Available!</a> </p> <a href="http://www.consumeraction.gov/caw_orderhandbook.shtml"> <img src="http://www.consumeraction.gov/images/2008frontcovercropped.jpg" alt="2008 Consumer Action Handbook cover graphic" align="right" border="0" height="140" hspace="5" width="112" /></a>This everyday guide to being a smart shopper is hot off the press and chocked full of helpful tips about buying a <a style="color: rgb(0, 0, 0);" href="http://www.consumeraction.gov/caw_automobiles_general_tips.shtml">car</a> or <a href="http://www.consumeraction.gov/caw_housing_buying.shtml">home</a>, preventing <a href="http://www.consumeraction.gov/caw_identity_preventing.shtml">identity theft</a>, understanding <a href="http://www.consumeraction.gov/caw_credit_general_tips.shtml">credit</a>,filing a <a href="http://www.consumeraction.gov/caw_problems_goback_seller.shtml">consumer complaint</a>, and much more. In the 2008 edition, you'll find updated information about filing for bankruptcy, finding a lawyer, and planning a funeral, along with many other useful topics.Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-14211393377495879622008-05-28T11:37:00.002-05:002008-05-28T11:49:39.598-05:00FeedbackHere is some feedback that I have gotten recently based on information and answers I provided about bankruptcy topics.<br /><br /><table class="txt1" border="0" bordercolor="#c0c0c0" cellpadding="1" cellspacing="2" width="100%"><tbody><tr class="tblh1"><th colspan="4" nowrap="nowrap">Recent Reviews from Users</th></tr> <tr><td colspan="4"><table class="txt1" bgcolor="#ffffff" border="1" bordercolor="#c0c0c0" cellpadding="1" cellspacing="0" width="100%"> <tbody><tr class="tblh2"><th>Knowl</th><th>Clarity</th><th>Time</th><th>Politeness</th><th>Date</th></tr><tr align="center"><td>10</td><td>10</td><td>10</td><td>10</td><td>05/28/08</td></tr><tr align="center"><td>10</td><td>10</td><td>10</td><td>10</td><td>05/27/08</td></tr><tr align="center"><td>10</td><td>10</td><td>10</td><td>6 </td><td>05/22/08</td></tr><tr align="center"><td>10</td><td>10</td><td>10</td><td>10</td><td>05/22/08</td></tr><tr align="center"><td>10</td><td>10</td><td>10</td><td>10</td><td>05/20/08</td></tr></tbody></table></td></tr><tr class="tblh1"><th colspan="4">User Comments</th></tr><tr><td colspan="4" class="txt3" bgcolor="#ffffff" valign="middle">you have helped me a lot. I didn't know that we could go back and change anything in a br. Also that i can filed a chp7 after filing br, thanks.<br />(<b>Jada </b>on 05/28/08)</td></tr><tr><td colspan="4" class="txt3" bgcolor="#ffffff" valign="middle">Thanks!<br />(<b>David</b> on 05/27/08)</td></tr><tr><td colspan="4" class="txt3" bgcolor="#ffffff" valign="middle">Very quick, had the answer within 5 minutes<br />(<b>Geoff</b> on 05/22/08)</td></tr></tbody></table>Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-69262958456253858152008-05-22T14:13:00.001-05:002008-05-22T14:13:29.755-05:00Audits Are Back<span class="imponotisubtitle">May 9, 2008</span><br />As mandated in Section 603(a) of Public Law 109-8, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the United States Trustee Program (USTP) established procedures to audit petitions, schedules, and other information in consumer bankruptcy cases filed on or after October 20, 2006. Pursuant to 28 U.S.C. § 586(f), the USTP contracted with independent accounting firms to perform audits in cases designated by the USTP.<br /> <br />In January 2008, the USTP temporarily suspended its designation of cases subject to audit for budgetary reasons. The USTP is preparing to resume its designation of cases, although random audits will now be conducted in 1 out of 1,000 cases (as opposed to 1:250 cases) filed in a judicial district. The USTP will resume its designation of cases subject to audit effective May 12, 2008.Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-91692888736123612862008-05-20T10:55:00.001-05:002008-05-20T10:55:43.624-05:00bankruptcy statistics for the Northern District of Illinois<table str="" style="border-collapse: collapse; width: 288pt;" border="0" cellpadding="0" cellspacing="0" width="384"> <col style="width: 48pt;" span="6" width="64"> <tbody><tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt; width: 48pt;" num="" height="17" width="64">2008</td> <td class="xl22" style="width: 48pt;" width="64">Jan</td> <td class="xl22" style="width: 48pt;" width="64">Feb</td> <td class="xl22" style="width: 48pt;" width="64">Mar</td> <td class="xl22" style="width: 48pt;" width="64">Apr</td> <td class="xl22" style="width: 48pt;" width="64">Total</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Ch7</td> <td class="xl22" num="">1602</td> <td class="xl22" num="">1951</td> <td class="xl22" num="">2296</td> <td class="xl22" num="">2502</td> <td class="xl22" num="">8351</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Ch11</td> <td class="xl22" num="">10</td> <td class="xl22" num="">10</td> <td class="xl22" num="">11</td> <td class="xl22" num="">47</td> <td class="xl22" num="">78</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Ch13</td> <td class="xl22" num="">964</td> <td class="xl22" num="">962</td> <td class="xl22" num="">961</td> <td class="xl22" num="">1124</td> <td class="xl22" num="">4011</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Total</td> <td class="xl22" num="">2576</td> <td class="xl22" num="">2923</td> <td class="xl22" num="">3268</td> <td class="xl22" num="">3673</td> <td class="xl22" num="">12440</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">increase</td> <td class="xl23" num="0.35">35%</td> <td class="xl23" num="0.37">37%</td> <td class="xl23" num="0.29">29%</td> <td class="xl23" num="0.54">54%</td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">from 2007</td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> </tbody> </table><br />Here are recently published figures for bankruptcy filings for Chapter 7, Chapter 11, Chapter 13 in the Northern District of Illinois. (no chapter 12 cases were filed)<br />As you can see, the numbers have bounced back and increased significantly over last years figures. This can be associated with increased foreclosures, downturn in the economy, and the increasing unemployment rate.Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0tag:blogger.com,1999:blog-2230742902588853442.post-33563692324717893432008-05-20T10:46:00.002-05:002008-05-20T10:55:09.238-05:00Chicago Bankruptcy statistics<table str="" style="border-collapse: collapse; width: 288pt;" border="0" cellpadding="0" cellspacing="0" width="384"><col style="width: 48pt;" span="6" width="64"> <tbody><tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt; width: 48pt;" num="" height="17" width="64">2008</td> <td class="xl22" style="width: 48pt;" width="64">Jan</td> <td class="xl22" style="width: 48pt;" width="64">Feb</td> <td class="xl22" style="width: 48pt;" width="64">Mar</td> <td class="xl22" style="width: 48pt;" width="64">Apr</td> <td class="xl22" style="width: 48pt;" width="64">Total</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Ch7</td> <td class="xl22" num="">1602</td> <td class="xl22" num="">1951</td> <td class="xl22" num="">2296</td> <td class="xl22" num="">2502</td> <td class="xl22" num="">8351</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Ch11</td> <td class="xl22" num="">10</td> <td class="xl22" num="">10</td> <td class="xl22" num="">11</td> <td class="xl22" num="">47</td> <td class="xl22" num="">78</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Ch13</td> <td class="xl22" num="">964</td> <td class="xl22" num="">962</td> <td class="xl22" num="">961</td> <td class="xl22" num="">1124</td> <td class="xl22" num="">4011</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">Total</td> <td class="xl22" num="">2576</td> <td class="xl22" num="">2923</td> <td class="xl22" num="">3268</td> <td class="xl22" num="">3673</td> <td class="xl22" num="">12440</td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">increase</td> <td class="xl23" num="0.35">35%</td> <td class="xl23" num="0.37">37%</td> <td class="xl23" num="0.29">29%</td> <td class="xl23" num="0.54">54%</td> <td class="xl22"><br /></td> </tr> <tr style="height: 12.75pt;" height="17"> <td class="xl22" style="height: 12.75pt;" height="17">from 2007</td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> <td class="xl22"><br /></td> </tr> </tbody></table><br />Here are recently published figures for bankruptcy filings for Chapter 7, Chapter 11, Chapter 13 in the Northern District of Illinois. (no chapter 12 cases were filed)<br />As you can see, the numbers have bounced back and increased significantly over last years figures. This can be associated with increased foreclosures, downturn in the economy, and the increasing unemployment rate.Terrance S. Leedershttp://www.blogger.com/profile/15965781550565638338noreply@blogger.com0