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chapter 7: Bankruptcy Primer - 09/14/10 02:07 AM
1. The Automatic Stay of a Foreclosure: The filing of a bankruptcy case, whether Chapter 7, 11 or 13, gives rise to an automatic stay that will put a stop to a pending foreclosure or any other collection efforts, with some exceptions.
2. Lien Stripping: This is a commonly used term to describe when a bankruptcy court values real property for the purpose of determining if the first is partially undersecured and the second or third wholly undersecured. If the value of the residential property is less than the amount owing on the first, any other liens recorded against the … (0 comments)
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chapter 7: Short Sales - Warning! You May Cause Your Client to Fail the Means Test - 12/18/09 12:15 PM
A recent email to a client follows, and should be a fair warning to have clients consult with bankruptcy counsel before execution of short sale purchase and sale documents:
As a result of the short sale of your home before you file bankruptcy you will no longer have the contractually due amount owing to your first and second. As a result, when we calculate your eligibility for Chapter 7 relief (rather than Chapter 13 relief) we will not be able to deduct from your Annualized Monthly Income those monthly payments. As a further result, if your Annualized Monthly Income (calculated from … (32 comments)
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