STRIPPING JUNIOR MORTGAGE LIENS IN A CHAPTER 7 BANKRUPTCY

 According to Realty Trac, the State of Georgia has the distinction of being the nation’s number one state for foreclosures of real property. During the month of May, 2012, 1 in 300 Georgia housing units was subject to repossession/foreclosure or notice that the property will be foreclosed.  It has been 6 years since Georgia has had that distinction. Among those properties facing foreclosure, a good portion will probably have more than one mortgage lien attached.  Those second mortgage … [Read more...]

Can Bankruptcy Really help?

Many times, debtors aren’t sure whether filing bankruptcy will really help their situation or hurt them. The word bankruptcy has a tinge of negativity to it. History shows that the word comes from the Latin terms bancus (a bench or table), and ruptus (broken). Additionally, Italians have been known to use the word “bancarupta”which means bench broken or bank broken quite often when a banker/tradesman could not make good on his debts. So it is understandable when people try to find other ways to … [Read more...]

Blog

Here you will find the results of some of my legal research on various issues clients have come to me with regarding their bankruptcy. Some of this is rather technical, more lawyer talk than conversational, but it is all part of what a good bankruptcy attorney knows. … [Read more...]

Old Car Allowance – Atlanta Bankruptcy Lawyers

I was conducting some research on expenses allowed and not allowed with regard to the Chapter 7 means testing provision of the U.S. Bankruptcy code and found some interesting information. In a case out of the Southern District of Florida, In re Koch, 408 B.R. 539 (Bankr. S.D.Fla. 2009), which is a precursor case to Ransom v. FIA Card Services, the court held in part that ownership expenses on vehicles that have no lease or loan payment obligation associated with it will not be allowed. With … [Read more...]

Child Support – Atlanta Divorce Attorneys or Lawyers

If a person files for bankruptcy, what happens when he or she has an obligation to pay child support? The short answer is not much. Child support, which is termed a Domestic Support Obligation in bankruptcy, is non-dischargeable. A divorced parent cannot eliminate such debt in a bankruptcy case and the person filing must continue to pay the child support regardless. In fact, a Chapter 7 or Chapter 13 Trustee is required to send notification to the support recipient to advise them of what rights … [Read more...]

What happens if I simply walk away from my mortgage in Georgia?

A potential client called me the other day and said, “I am upside down on my mortgage and simply cannot afford the house any longer, what would happen if I just walk away?” Obviously, I couldn’t advise him specifically because he was not my client, so I answered the question in a general fashion. The reader should be aware that the answer herein does not provide any legal advice and should not be considered as such by the reader. When a party defaults on his mortgage, the mortgage … [Read more...]

What are credit card companies allowed to do when attempting to collect on your delinquent account in Georgia?

Consumers need to know that protection against unscrupulous collection practices is in place through the Fair Debt Collection Practices Act (FDCPA). The Act covers any collection activity related to a credit card, personal loan, auto loan, medical bill and even your mortgage. A creditor cannot, for example, contact a debtor about a debt owed during inconvenient times, i.e. before 8:00am and after 9:00pm. Creditors are not allowed to contact other people about a person’s debt but may inquire … [Read more...]