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Archive for January, 2008

Means Test Budget Standards Changed

January 29th, 2008    •  by Showell    •   Bankruptcy Blog   •   Comments Off on Means Test Budget Standards Changed

On 1/1/08 new IRS collection standards took effect, which means that the numbers used to determine how much a debtor in bankruptcy should be spending on his monthly budget before there is a “presumption of abuse” changed (a presumption of abuse is not a good thing in a chapter 7 because if there is one, […]...

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Changing Your Mortgage in Bankruptcy

January 28th, 2008    •  by Showell    •   Bankruptcy Blog   •   Comments Off on Changing Your Mortgage in Bankruptcy

Well, the bad news folks is that right now you cannot modify your mortgage in bankruptcy except in the very rare case where you have a mortgage that has NO, $0, NONE of the equity of the house securing it. What this means is that you have to pay the mortgage back unless the house […]...

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Foreclosure Solutions? Write Your Congressmen and Senators!

January 27th, 2008    •  by Showell    •   Bankruptcy Blog   •   Comments Off on Foreclosure Solutions? Write Your Congressmen and Senators!

Well, if you are a bankruptcy attorney or if you are reading this blog (or, if you have not had your head in the sand for the last year), then you know that the U.S. has a mortgage crisis. Home foreclosures and the rate of homes in the foreclosure process rose to a record in […]...

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Year in Review-Bankruptcy Law, Part II

January 23rd, 2008    •  by Showell    •   Bankruptcy Blog   •   Comments Off on Year in Review-Bankruptcy Law, Part II

Well, we started 2007 in South Carolina wondering if we actually had our $50,000 per debtor homestead exemption, as several parties were debating appealing Judge Burris’s December, 2007 decision giving us the exemption. Happily, no one did and we enjoy an excellant exemption and can protect $100,000 of equity in a married couple’s resid...

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Year In Review…..SC Bankruptcy Law and My Office, 2007 (Part One)

January 20th, 2008    •  by Showell    •   Bankruptcy Blog   •   Comments Off on Year In Review…..SC Bankruptcy Law and My Office, 2007 (Part One)

Well, one of my goals for 2007 was to Blog daily, because so many things are happening in the field of bankruptcy law these day, and I’m doing several things to try to keep ahead. However, I failed miserably at Blogging. So, I came up with the bright idea of at least doing a Year-End […]...

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  • Can I go to Jail for not Paying my Bills?

    No, not unless you committed a crime in the creation of the debt (for example, fraud). Simply borrowing money and not being able to pay it back is not a crime. Many creditors representatives will tell you lies on the telephone and say that they will have you put in jail. Perhaps they are too ignorant to know they are wrong or that it is illegal for them even to say that. See More Bankruptcy Q&A