Ever heard of Great Plains Lending? If you do receive anything from them, throw it in your circular file or use it as a fire starter. Here is there offer: “First time Great Plains Lending customers typically qualify for an installment loan of $100 to $1,000 with an APR of 349.05% to 448.76% which is less…
Archives for June 2014
Sen. Elizabeth Warren: Grace in Defeat by the Thugs in Congress – Never Give Up!
Dear Mike, We lost the vote. This morning, the Senate held its first vote on the Bank on Students Act to let people refinance their student loans. We got a majority — 58 senators were ready to go our way — but the Republicans filibustered the bill and we didn’t even get to debate it. I…
7th Circuit Allows the Redemption of Property Provided Redemption Period Has Not Expired
As reported by Robin Miller of CBAR, a Chapter 13 plan may redeem property from tax sale so long as redemption period did not expire prior to filing of bankruptcy case. Affirming In re LaMont, 2012 WL 6727404 (N.D. Ill., Dec. 27, 2012), and resolving a longstanding split among the lower courts, the Seventh Circuit Court…
Cash Value of Insurance Policy was Exempt where Beneficiaries were Debtor’s Non-Dependent Adult Children
As reported by Robin Miller of CBAR, an Indiana Insurance policy was exempt where beneficiaries were debtor’s non-dependent adult children. Under Indiana law insurance upon the life of any person, as well as the proceeds or avails of such insurance, including cash surrender value, “which name[s] as beneficiary … the spouse, children, or any relative…
Can a Chapter 13 Plan be Modified Based on Information Known Pre-Confirmation?
As reported by Robin Miller of CBAR, an Illinois Chapter 13 debtor could not modify confirmed plan on basis of information known prior to confirmation, to wit: Where the debtor proposed a Chapter 13 plan that provided for full payment of an unsecured priority claim of $11,432 held by the IRS; the IRS subsequently (but…
As reported by Robin Miller of CBAR, an Insurance policy was exempt where beneficiaries were debtor’s non-dependent adult children, to wit: Under Indiana law which provides that insurance upon the life of any person, as well as the proceeds or avails of such insurance to include cash surrender value), “which name[s] as beneficiary … the…
What Happens if I Fail to Disclose an Asset in my Bankruptcy in Michigan?
The short answer is that you lose the exemption. Lesson learned: Bankruptcy in Michigan is a process of full disclosure and complete transparency. As reported by Robin Miller of CBAR: The Amendment of an Exemption may be denied for deliberate concealment, bad faith or prejudice, to wit: Deliberate concealment of or failure to disclose an…