With the announcements that several national banks are halting home foreclosures and 50 state attorneys general and the District of Columbia have launched an investigation into falsified signatures and other paperwork improprieties, the mortgage industry can officially be declared a mess. But what does that mean for bankruptcy practitioners trying to help clients navigate through the Chapter 13 process?
WASHINGTON - A decline in Chapter 13 bankruptcy filings in West Tennessee, which might look like a welcome trend, may instead reflect the inability of some debtors to file for relief because they're unemployed, some observers said Tuesday. In Chapter 13, the so-called wage-owner bankruptcy, filers must have an income to gradually repay their debts and, if they don't have one, many are just giving up, Memphis lawyers familiar with the situation said.
A Chapter 13 debtor who had no loan or lease payments was still entitled to deductions for expenses associated with his vehicles, the 1st Circuit Bankruptcy Appellate Panel has ruled in reversing judgment. Chapter 13 of the Bankruptcy Code now requires those with above- median incomes to pay their "projected disposable income" to unsecured creditors for an "applicable commitment period" of 60 months.
A Chapter 13 debtor had standing to file an adversary proceeding to avoid a lender's lien on her manufactured home, the 6th Circuit Bankruptcy Appellate Panel has ruled in affirming judgment. The debtor filed for Chapter 13 protection after Countrywide initiated foreclosure proceedings on her manufactured home.
The application of regional means testing to Chapter 13 debtors didn't violate the Constitution's requirement for uniformity in bankruptcy laws, the 6th Circuit has ruled in affirming a dismissal. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 amended Chapter 13 to require a bankruptcy court to means test debtors to determine the availability of funds for unsecured creditors. If a debtor's current monthly income is below the median family income of a similarly sized family in the debtor's state of residence, his "disposable income" is determined by more generous exclusions than if he is above the median.
DAYTON -- Allen H. Elijah, president and CEO of the United Way of the Greater Dayton Area, on Tuesday filed for personal Chapter 13 protection in U.S. Bankruptcy Court. Elijah said the filing stems from his separation and pending divorce. "This has nothing to do with my ability to do my job," he said.
A bankruptcy judge did not have the discretion to confirm a Chapter 13 plan that failed to comply with the Bankruptcy Code's "hanging paragraph," the 6th Circuit has ruled in affirming a decision denying confirmation. Under 11 U.S.C. [section]1325(a), a Chapter 13 debtor who still owes money on an automobile may elect to keep the vehicle and "bifurcate" the creditor's fully secured claim into a secured portion, representing the present value of the vehicle, and an unsecured portion. However, the Bankruptcy Abuse Prevention and Consumer Protection Act added a "hanging paragraph" to [section]1325. The hanging paragraph has generally been interpreted to prohibit bifurcation with respect to a vehicle purchased by the debtor within 910 days of filing for bankruptcy.
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