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...]

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...]