Last week, Senator Lamar Alexander, the Chair of the U.S. Senate Committee on Health, Education, Labor and Pensions, proposed a program that would require student loan borrowers to repay their loans through mandatory automatic deductions from their paychecks.
Archives for 2019
How do you value a Chapter 13 debtor’s business for purposes of the best interests of creditors test?
In a recent Michigan bankruptcy court decision, the court used the “going concern forced sale value” to value Chapter 13 debtor’s business for purpose of best interests of creditors test in Code § 1325(a)(4). The court was faced with determining the proper valuation methodology for the Chapter 13 debtor’s interest in a hair salon; the…
What Are Your Actual Monthly Expenses?
Budgeting is the key to your financial success. You have to know what you are doing with your money. Housing: How much do you spend on housing each month? (Include rent/mortgage, taxes, insurance, utilities (electricity, gas, water, telephone, etc.), and repairs/upkeep) Food: What are your expenses at the grocery store, restaurants, etc.? This includes anything…
How much money does it cost you for to pay for your regular living expenses?
Whether you are trying to improve your credit score or contemplating filing for bankruptcy, you must get a handle on your monthly budget. What is your total “net” monthly income including other benefit amounts? How much money does it cost you for to pay for your regular living expenses? If your income is less than…
Did a mortgage creditor violate the discharge injunction by including in its proof of claim charges that had been discharged in debtor’s prior case?
Yes. An Ohio bankruptcy court ruled that the debtor’s mortgage creditor violated the discharge injunction by including in its proof of claim charges that had been discharged in the debtor’s prior Chapter 13 case. In making its decision, the court noted that the creditor refused to amend the proof of claim unless the debtor agreed…
Does the Collection of Does the Collection of Postpetition Attorney’s Fees by a Condominium Association Violate the Discharge Injunction?
The 6th Circuit Court of Appeals (BAP) held that attorney’s fees incurred by the condominium association in connection with a post-discharge sheriff’s sale of the debtor’s unit became “due and payable” postpetition. As a result, the fees were not discharged and the association’s attempt to collect the fees from the debtor did not violate the…
Does a Post-Discharge Sheriff’s Sale of a Debtor’s Condominium Unit Violate the Discharge Injunction?
The 6th Circuit Court of Appeals (BAP) held that the condominium associations scheduling of a post-discharge sheriff’s sale of the debtor’s unit to get a new paying homeowner into the unit did not violate the discharge injunction. The court rejected the debtor’s argument that the sale was a disguised in personam collection of a discharged…