After millions of people have lost their homes to foreclosure, many analysts expected the nation to be littered with neighborhoods blighted by vacant homes. While many neighborhoods are indeed suffering the negative effects of foreclosure blight, a surprising number...
Year: 2010
Chapter 7 and 13 Personal Bankruptcies Surge in Central Florida
New data from the U.S. Bankruptcy Courts shows a substantial increase in people in Central Florida filing for Chapter 7 and Chapter 13 personal bankruptcy. About 8 percent more individuals filed for Chapter 13 in the Middle District of Florida than did last year....
Would Banks Rather Just Foreclose Than Offer Loan Modifications?
Considering the losses banks take on foreclosures and the substantial government incentives being offered for them to make loan modifications, it's not clear why banks aren't moving faster to help troubled homeowners. "It's just, they (the bank) can't, can't, can't,"...
Florida Lawyer in Chapter 7 and 11 Bankruptcy Accused – Part II
A well known Myrtle Beach attorney and real estate investor, Harry Pavilack is facing simultaneous Chapter 7 and Chapter 11 bankruptcy cases. Three banks, Wells Fargo Bank, Atlantic Bank & Trust, and First Federal Savings & Loan of Charleston, forced Pavilack...
Florida Lawyer in Chapter 7 and 11 Bankruptcy Accused – Part I
In this two-part series, we will discuss the shocking case of a Florida lawyer facing dueling Chapter 7 and Chapter 11 bankruptcies, one of them filed as an involuntary petition by his creditors. A court-appointed financial examiner has accused the attorney of...
Justice Department Joins Bankruptcy Trustees in Foreclosure Probe
A unit of the Justice Department, the U.S. Trustee Program, is now using its role as a watchdog to pressure lender-side foreclosure law firms and mortgage processing companies to make sure foreclosure proceedings are handled properly. Chapter 13 bankruptcy trustees...
Bernanke: Federal Reserve Now Probing Foreclosure Mess, Paperwork
Federal Reserve Board Chairman Ben Bernanke announced Monday that federal regulators are now investigating whether banks have engaged in practices that have led to systemic problems in the foreclosure process. The Fed is also looking into what effect foreclosures and...
Some New FTC Rules on Credit Card Debt Settlement Now in Effect
The Federal Trade Commission has put new rules into place to protect consumers from certain practices by credit card debt settlement firms. Primarily, the new rules ban all up-front fees by debt settlement firms. However, the intent is to broadly guarantee that...
Chapter 13 Bankruptcy Trustee Sues Three Foreclosure Companies
A new wrinkle has come up in the massive, nationwide problems with the foreclosure process that are becoming known as "Foreclosure-Gate." A pair of Mississippi homeowners who lost their home to foreclosure, then filed for Chapter 13 bankruptcy, are suing two...
Credit Card Debt Causing More Elderly People to File Bankruptcy
A new study by a professor at the University of Michigan Law School found a disturbing new bankruptcy trend. Our nation's seniors are increasingly saddled with unmanageable levels of credit card debt -- and it's sending them into bankruptcy. According to Professor...