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What is the Personal Financial Management Course (Debtor Education)?

Wednesday, May 22nd, 2013

Debtors are required to complete an instructional course in personal financial management as a condition for receiving a discharge.  This course is in addition to the credit counseling requirement.  When the personal financial management course is completed, the debtor must file Official Form 23 – Debtor’s Certification of Completion of Instructional Course Concerning Personal Financial Management. If you and your spouse filed a joint petition, both of you must attend the course and both of you must file an Official Form 23.  Official Form 23 should NOT be filed when you file the petition.  It must be filed within 45 days of the first date set for the Meeting of Creditors.  If Official Form 23 is not filed, the court may close the case without a discharge.  If you then file a motion to reopen the case to allow the filing of Official Form 23, you must pay the full filing fee due for filing such a motion. Read More

What happens to my workers’ compensation case if I file bankruptcy?

Wednesday, May 22nd, 2013

Pursuant to California Code of Civil Procedure section 704.160, Workers Compensation benefits are exempt from bankruptcy proceedings.

Bank foreclosures fall 27% as compared to last year. What does this mean?

Wednesday, May 22nd, 2013

It was reported today that bank foreclosures fell 27% nationally as compared to February of 2011. What does this mean. If you have been paying attention to this mess lately you may have seen that there has been an ongoing investigation by state and federal authorities of the banks handling of foreclosures and loan modifications. Last week the Attorney Generals of all 50 states, the Justice Department, the Department of Housing and Urban Development and FTC presented a 27 page list of demands upon the banks addressing their botched practices and seeking penalties from $5 billion to $20 billion.  It appears that while the banks are negotiating with the authorities they have put a hold on many foreclosures.  Neither side has indicated what their time table is to get this matter resolved or how they plan on distributing the penalties. Read More

U.S. House of Representatives votes to end Home Affordable Modification Program

Wednesday, May 22nd, 2013

Yesterday the House of Representatives voted to end the Home Affordable Modification Program claiming that it was a failure.  The conclusion that HAMP has been a failure is probably accurate considering that only one billion of the 30 billion dollars allocated by the government to help troubled homeowners has been used.  Banks are claiming the failure is the fault of homeowners inability to get them their paperwork or make their trial payments.  This has not been my experience.  Rather than throwing the baby out with the bath water, Congress should look into ways to improve the program. Luckily it does not appear likely that the Senate or the President would vote to end HAMP. Read More

Settlement with banks regarding foreclosure misconduct to drag on for months.

Wednesday, May 22nd, 2013

Yesterday was the first settlement discussions between the major mortgage services and the Department of Justice and the Attorney Generals of all 50 states regarding the banks misconduct concerning foreclosures and loan modifications. The government is seeking penalties of up to $25,000 billion and allowing homeowners to sell their homes for less than they are worth.  Unfortunately, it sounds like the settlement discussions are moving at the same pace as many Americans request for a loan modification or a short sale.  A spokeswoman for the Department of Justice following the discussions stated that reaching a settlement with the banks will take “months”. Lets hope something can be done before it is too late for many Americans. Read More

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