In a follow up to our previous articles here and here, another exception to the anti-modification rule is for early maturing loans – any loan that matures before the final payment comes due under the bankruptcy plan is not subject to the anti modification rule. A home mortgage loan matures on the date the last [...]
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March 12th, 2013
Lien Stripping and Chapter 13 Bankruptcies
Filed under Houston Bankruptcy Information, UncategorizedLien Stripping Another major exception to the anti modification rule is “lien stripping” – a process which allows the court to approve a plan that completely erases the obligation to pay all secondary mortgages and junior liens, leaving the homeowner responsible to pay only the first mort-gage. The junior liens that can be eliminated include [...]
Curing Past Due Mortgage Payments in Chapter 13
Filed under Chapter 13 Houston, Mortgages, UncategorizedCuring Past Due Payments While Maintaining Ongoing Mortgage Payments At least fifty percent (or more) of all Chapter 13 bankruptcy cases are filed with the primary intent of saving a home from foreclosure. The Chapter 13 process is especially helpful in allowing individuals to repay past due mortgage payments in a bankruptcy plan over a [...]
Mortgages and Chapter 13 Bankruptcy in Houston – Anti-modification Exceptions
Filed under Chapter 13 Houston, Uncategorized, Weber Law FirmGeneral Exceptions to the Anti-Modification Rule There are three major exceptions to the anti modification rule that we discussed in a previous article. Each of these exceptions can help a home owner to reorganize their home mortgage debt and save their home from foreclosure by filing a Chapter 13 bankruptcy case. These exceptions permit a [...]
February 19th, 2013
Anti-Modification Rule Relating to Loans on a Homeowner’s Principal Residence As a general rule, a Bankruptcy Court may not approve a bankruptcy plan filed in a Chapter 13 bankruptcy case that modifies the terms of a mortgage loan on a homeowner’s main residence. This is known as the “anti-modification rule.” Examples of forbidden loan modifications [...]
Chapter 7 Bankruptcy in Houston Compared to Chapter 13 – What’s the Difference?
Filed under Chapter 13 Houston, Chapter 7 Houston, Uncategorized, Weber Law FirmIn 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act was signed into law by President G.W. Bush. This was the “bankruptcy overhaul” bill that was long sought after by lobbyists in the credit card and lending industries, essentially making it more challenging for individuals to file Chapter 7 bankruptcy and discharge their debt. One [...]
June 26th, 2012
Prior to January 2012, the rules relating to the discharge of tax debts in bankruptcy cases were relatively straight forward. Bankruptcy Code §§ 507(a)(8) and 523(a)(1) provide that income tax debts can be discharged in bankruptcy if the tax in question meets the following requirements: Three Year Age Rule. More than 3 years must elapse [...]
Local Bankruptcy Filings Up 9.7% But Texas State and Local Bankruptcy Filings Still Rank the Lowest in the Country
Filed under UncategorizedA common client question is: Are bankruptcy filings increasing as a result of the downturn in the economy? The normal assumption is that bankruptcy filings must be increasing because of all of the national media reports about unemployment, the inability for businesses to obtain loans, and the general downturn in the economy. The clear answer [...]
April 10th, 2012
Activity Depicted in Operation Repo is Illegal in at Least 49 StatesThe Misconception About Repossession.Several popular realty television shows depict creditor attempts to repossess collateral after a consumer defaults in repaying the loan. One example is Tru TV’s “Operation Repo” which stars thug like characters repossessing vehicles through coercion, violence and physical confrontation. These shows [...]