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Published: Sat, 18 Nov 2017 06:46:39 +0000

Last Build Date: Sat, 18 Nov 2017 06:46:39 +0000

 



Stripping a 2nd Mtg in Bankruptcy

Sat, 24 Oct 2009 10:52:19 +0000

stripping a 2nd mortgage lien in a chapter 13 bankruptcy in order to reduce the debtors' payments over the life of the plan Annotations: Stripping a Second Mortgage in Bankruptcy      New: Motion to Avoid Secure Lien and Strip Second Mortgage  by Victoria Ring, CEO of 713Training.Com    When I first learned of a Motion to Avoid Secure Lien and Strip Second Mortgage I was doing a petition review for an attorney. I was told that many courts are requiring that the attorney file a Motion to Avoid Secure Lien along with the Chapter 13 Plan if they intend to propose a stripped mortgage due to unsecure equity.    The attorney I was doing the bankruptcy petition review for did not have a copy of the Motion so I conducted online research to find the pleading for her. During my research I found that there is not one specific Motion that is used for all fifty states. Instead, it is a pleading with a variety of different titles, making it difficult to find. This of course is due to the fact that the government is still debating the issue regarding the mortgage industry at this period in our history.    During my research I found an excellent article on the USFN website written by attorney Ken Plott of Lundberg & Associates. Due to copyright infringement I do not have permission to reprint the entire article for you. However, I can quote the following facts from Mr. Plott’s article:    1. Bankruptcy Code 11 U.S.C. Section 1322(b)(2) provides that a Chapter 13 plan may modify the rights of secured creditors, with the exception of     2. The courts determined that the standard language in a trust deed or mortgage about does not jeopardize the anti-modification provision.    3. The U.S. Supreme Court in Nobelman v. American Savings Bank, 508 U.S. 324 (1993), analyzed the interplay between Section 1322(b) and Section 506(a) and determined that bifurcation was not proper as it would modify the rights of the secured creditor in contravention of Section 1322(b)(2). However, the court did not address the impact of Section 506(a) upon Section 1322(b)(2) when there is absolutely no value remaining in the collateral securing the claim.    4. It is fair to say that a majority of the jurisdictions now allow a wholly undersecured claim to be stripped and treated as an unsecured claim in a Chapter 13 plan. Some jurisdictions allow this to be done with a provision in the plan while others require an adversary proceeding to comply with Bankruptcy Rule 7001(2), a proceeding to determine the validity, priority or extent of a lien.    To read the entire article titled: “Bankruptcy Update: Reflections on Lien Stripping” online, visit:      http://www.usfn.org/AM/Template.cfm?Section=Home&SECTION=Article_Library&TEMPLATE=/CM/HTMLDisplay.cfm&CONTENTID=11893        For another excellent article about lien stripping, visit:      http://www.lienstripping.com/facts.php        For more information and to purchase your TEMPLATE now, visit:      http://www.713training.com/shop/cart.php?m=product_detail&p=114 Tags: chapter 13 law lawyer bankruptcy consumer[...]



10 things for Ch 13 Counsel to Know

Sat, 24 Oct 2009 10:41:25 +0000

10 Questions that Ch. 13 Counsel should be able to answer

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  • 1.   What is the number one reason most people cannot get their Chapter 13 Plans to balance when a second mortgage has been stripped? 
      

    2.   What is the name of the Motion that attorneys must use when stripping a second mortgage in a Chapter 13 Plan? 
      

    3.   In the preparation of the bankruptcy petition, how are unsecured portions of secure liens provided for on the Means Test as well as the Debt Classification? 
      

    4.   What are some quick tips to matching up Schedule I to the Means Test in order to reduce deficiency notices from the Trustee's office? 
      

    5.   What is the suggested wording for Item 17 of Schedule I and Item 19 of Schedule J which, if eliminated, normally will cause deficiency notices from the Trustee's office, resulting in a loss of time for the law firm? 
      

    6.   What are some quick tips regarding exemption selections and how not to commit unauthorized practice of law if you are a non-attorney? 
      

    7.   How do you know if a motor vehicle is eligible for a cram down and how is it properly recorded on the bankruptcy petition? 
      

    8.   What are some questionable expenses that attorneys need to be aware of before the petition is filed?  Non attorneys need to know this also in order for them to bring their attorney's attention to these questionable expenses. 
      

    9.  Although attorneys make the ultimate decision, what are some things non attorneys need to be aware of so they can assist their attorneys in making the best decision possible? 
      

    10.  Why is it important to document the benefits to the debtor for the Chapter 13 Plan?  Knowing this information will significantly increase the profits for a law firm as well as improving the rate at which debtors stay in their Chapter 13 Plan. 




How The Average U.S. Consumer Spends Their Paycheck - Visual Economics

Sat, 11 Jul 2009 22:22:44 +0000

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  • (image)






ABC News: Manufacturing Sector Contracts Again in Feb.

Mon, 02 Mar 2009 21:36:49 +0000

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  • Manufacturing Sector Contracts Again in Feb.

     
        
     

    Manufacturing index contracts for 13th straight month, but at slower pace than expected

     
           
     
       
      By CHRISTOPHER S. RUGABER AP Economics Writer
    WASHINGTON March 2, 2009 (AP) 
     
      The Associated Press   
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     A private measure of the nation's manufacturing sector contracted for the 13th straight month in February, but at a slower pace than expected.

     

     The reading suggested to some economists that the decline of the ailing factory sector could be bottoming out, though they expect a recovery is still far in the future.

     

     The Institute for Supply Management, a trade group of purchasing executives, said Monday its manufacturing index actually rose to 35.8 from 35.6 in January. Analysts had expected a drop to 33.8, and a reading below 50 indicates the sector is shrinking.




Kirkland & Ellis Seeks Fee of $18.50 a Minute for Bankruptcy Work | ABA Journal - Law News Now

Fri, 30 Jan 2009 20:32:54 +0000

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  • Kirkland & Ellis Seeks Fee of $18.50 a Minute for Bankruptcy Work

     

      Posted Jan 28, 2009, 08:09 am CST
     
    By Debra Cassens Weiss

        

    Kirkland & Ellis has requested a fee of $1,110 an hour in a corporate bankruptcy, a possible record amount, according to one expert.

      

    The hourly rate breaks down to $18.50 a minute, Bloomberg reports. The law firm is seeking the fee for its representation of titanium dioxide-maker Tronox Inc.

      

    Two other law firms are seeking nearly as much, requesting hourly rates in excess of $1,000, according to the story. They are Sidley Austin, in the restructuring of the Tribune Co., and Skadden, Arps, Slate, Meagher & Flom, representing Circuit City.

      

    Bankruptcy law professor Lynn LoPucki of the University of California at Los Angeles told the wire service that fees for lawyers and other professionals in bankruptcy cases are growing at four times the rate of inflation.

      

    “As the economy gets worse, the bankruptcy lawyers are charging more,” LoPucki told Bloomberg. “It seems that each month one sets a new record for hourly billing rates. $1,110 is, to my knowledge, a record for the debtor’s bankruptcy counsel.”




Illinois Northern Bankruptcy Live System

Wed, 27 Aug 2008 21:22:10 +0000

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  • 06/11/2008(image) 12No Asset Report - Trustee has examined the debtor in accordance with Sec 341(d) of the Bankruptcy Code. The Trustee has neither received any property nor paid any money on account of this estate, and after diligent inquiry into the property of the estate, believes that there are no assets to be administered for the benefit of creditors. (Grochocinski, David) (Entered: 06/11/2008)



AppleInsider | New software would let iPhones access iTunes libraries from anywhere

Fri, 08 Aug 2008 12:23:00 +0000

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  • New software would let iPhones access iTunes libraries from anywhere

     
     

    By Katie Marsal

      Published: 09:00 AM EST 

      A new version of Apple's iPhone Software could provide iPhone and iPod touch users with access to their home computer's entire iTunes media library while on the go without having to first download those media items through a traditional sync, a new company filing has revealed.




Supreme Court Debt Collection Ruling Means More Work for Lawyers | ABA Journal - Law News Now

Mon, 04 Aug 2008 20:19:04 +0000

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  • Supreme Court Debt Collection Ruling Means More Work for Lawyers

     

      Posted 5 hours, 39 minutes ago
    By Debra Cassens Weiss

     

    Lawyers are preparing for an onslaught of collections lawsuits after a U.S. Supreme Court ruling allowing plaintiffs to sue to recover unpaid debt, even if they don’t have a financial stake in the outcome.

      

    Dallas lawyer Craig Jordan told the Houston Chronicle he is already seeing about 10 times the number of collection lawsuits against credit card holders than there were three years ago. Many of the suits are filed on behalf of those who own debt that has been bundled and resold to investors who hope to collect the money.

      

    Richard Alderman, a consumer law professor at the University of Houston, said the resold debt is changing the nature of collection. "What companies used to let slide, now more and more debt collectors are buying the permission and ability to go after the money and are getting more aggressive," Alderman told the Chronicle.

      

    The 5-4 Supreme Court ruling, Sprint v. APCC, held that collection companies had standing to sue on behalf of pay phone providers even though any recovered cash would go to the providers.




Critical-Life-Data.com | Life Management System - Being Prepared

Mon, 04 Aug 2008 02:53:51 +0000

Critical-Life-Data.com provides a systematic way to gather and maintain critical personal informaiton for use in the event of an emergency, injury, or end-of-life situation. This company makes it easy to secure, organize, and retrieve the informaiton that could save you and your loved-ones precious time and money.

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'Software as a Service' (SaaS) Arrives (ABA's Law Technology Today)

Thu, 24 Jul 2008 15:59:33 +0000

Written by Gene Albert of LexBe .. friend and former advertiser on the pm blog

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  • Litigation 'Software as a Service' (SaaS) Arrives

       
     
     
     

    Should your firm consider using a SaaS litigation support application? Gene Albert discusses the benefits to small and medium-sized firms, and what firms should expect.

     
     
     

    New approach Offers Ease-of-Use, Low Cost and Less Onerous IT Demands

     

    Software as a service, or 'SaaS', refers to web-native software that the service provider both develops and supports. Customers do not buy the software but rather pay to use it, often on a monthly basis.  SaaS applications have become popular in a number of industries because of its ability to provide robust functionality while not requiring from the user an upfront investment for hardware or software, or ongoing support.
     
      While the SaaS acronym is new, the idea is not.  Lexis and Westlaw pioneered the online delivery of legal research in the 1980s.  What is new about SaaS is how it's done, with new applications designed from the ground up to work over the internet. Both established and new companies have begun offering litigation SaaS applications and promise law firms the ability to manage their litigation matters anywhere from a web browser.

     

    This article will discuss why firms might want to consider using a SaaS litigation support application, benefits of the SaaS approach for small and medium-sized firms, and what a firm should expect from a SaaS provider.

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VentureBeat

Sat, 12 Jul 2008 03:45:58 +0000

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  • (image)






timebridge

Tue, 17 Jun 2008 14:11:37 +0000

auto-scheduler for MS Outlook

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Too Many Choices, Too Much Content - ReadWriteWeb

Mon, 02 Jun 2008 00:29:42 +0000

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  • Drowning in Awesomeness

      

    The double-edged sword that comes with keeping abreast of all the latest developments in technology means that we're always aware of the latest and greatest applications and services to try...but it also means that we've tried all of them. Unlike the average user, who doesn't even bother creating a Facebook profile until several of their friends cajole them into doing so, technology early adopters are the first to sign up and create profiles on every service that launches.

      

    (image) Sometimes these services have value; if so, they trickle down to the rest of the world over time. For example, social networks like MySpace and Facebook changed the way people interacted online. Flickr made photo sharing fun, easy, and social. YouTube let everyone be a star. However, sometimes they're not so great after all, and they end up fading away into nothingness in that area we've affectionately dubbed the "deadpool."

      

    These failures don't seem to dampen our enthusiasm for trying the "next big thing," though. Every day, the web is filled with posts about this new app or that great service. When you think about it, it's really rather impressive that there are that many of them out there - enough to be written about in a seemingly nonstop fashion.

      

    For technology enthusiasts, it's not enough to just "try" the new apps and services though. If they're the next big thing (or so everyone says), we're supposed to jump on board and use them, use them, use them. Scoble even recently threatened to expose some of the so-called "A-Listers" for not being active enough, saying:

      
     

    "I thought about embarrassing most of the A listers on FriendFeed, because very few of them actually read that many blogs (I can tell, they rarely comment on, or link to, or FriendFeed with other people’s blogs)"







Tweet Clouds

Wed, 21 May 2008 02:31:05 +0000

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semantic tagging/tagging the semantic web

Wed, 21 May 2008 02:19:45 +0000

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Forecasters see weak economy, higher unemployment - Yahoo! News

Mon, 19 May 2008 08:58:39 +0000

Annotations: Forecasters see weak economy, higher unemployment                  By JEANNINE AVERSA, AP Economics Writer   15 minutes ago           WASHINGTON - First the good news: The worst of the painful housing slump and the credit crunch might come to an end this year. Now the bad: The economy will weaken further and unemployment will rise.   ADVERTISEMENT   height="250" frameborder="0" hspace="0" width="300" scrolling="no" bordercolor="#000000" vspace="0" marginheight="0" marginwidth="0" src="http://ad.doubleclick.net/adi/N3340.Yahoo/B2794188.2;sz=300x250;dcopt=rcl;click=http://us.ard.yahoo.com/SIG=14t83ole9/M=650958.12434565.12874989.1414694/D=news/S=8903535:LREC/_ylt=Aiy1Ljrsov_D.A46se7sQmBv24cA/Y=YAHOO/EXP=1211194662/L=pZno3UWTcuoQcLSARaIs0hG7Y44QuUgxQQYABC.i/B=oIW2PULEYrU-/J=1211187462286274/A=5308926/R=0/*;ord=1211187462286274?">    That's the latest outlook from forecasters in a survey to be released Monday by the National Association for Business Economics, also known by its acronym NABE. It will take time for any rays of light to poke through the economic clouds, though. A growing number of economists believe the country is on the brink of a recession or in one already, dragged down by all the problems in housing, credit and financial markets. Now 56 percent of the economists think the economy has started or will enter a recession this year. That's up from 45 percent in a survey in February. If there is a recession, it probably will be short and shallow, economists said. [...]



Property Maps

Thu, 15 May 2008 22:02:45 +0000

Sure the timing sucks, but this real estate site is amazing (practically every web 2.0 gimmick is used). Outstanding.

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