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07

Sep 2019

Announcement: What to Expect at Your Bankruptcy Hearing

Posted by / in Blog, Virginia Bankruptcy, Weekly Posts /

What to Expect at Your Bankruptcy Hearing

For most people, your only bankruptcy hearing is what’s called the “meeting of creditors.”  (We almost never actually have creditors show up. We can also call it your “trustee hearing.”)

Here’s a video that explains where to go, best places to park, what to bring and what questions you’ll be asked.

I’ll be there as your lawyer, but you can review this video to know what to expect.

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28

Mar 2020

Required fine print notices

Posted by / in Weekly Posts /

I’m required to give you three legal disclosures

Now that most consultations are by phone and zoom, I’m posting these on my webpage. 

The first disclosure

This first disclosure tell you that you have four choices under the bankruptcy law.

  • Chapter 12 is only for farmers, and fisherman. I’ve never done a farmer
  • Chapter 11 is for business people like Donald Trump.  I’ve never done Donald Trump
  • Chapter 13 is a payment plan through the bankruptcy court.
    • If you are behind on your mortgage, Chapter 13 can give you time to catch up.
    • If you owe taxes, Chapter 13 can give you time to pay without more interest or late fees.
    • If you are making too much money to file Chapter 7, chapter 13 pays your debts over five years.
    • If your house would get sold in Chapter 7 bankruptcy, Chapter 13 can save the house.

Those are my explanations. the required notice explains them somewhat differently.  That notice is here.

That notice also remind me if you lie to the bankruptcy court, you can go to jail.

The Second Disclosure

The second disclosure reminds you again to tell the truth. And it also tells you that you may be subject to audit. (The bankruptcy law calls for an audit of one case out of every hundred. Sometimes there’s no money in the budget, so they skip the audits; sometimes they do them.)

Here’s that second disclosure.

The Third Disclosure

The most important part of the third disclosure is that your lawyer is required to give you a price and tell you what he’ll do.

For Chapter 7 bankruptcy, my work schedule and payment schedule is here.

The third disclosure also includes an unhelpful list of the steps in a bankruptcy case.  Here it is.

 

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26

Mar 2020

Can’t Make Your Chapter 13 payments?

Posted by / in Blog, Chapter 13 Bankruptcy, Weekly Posts /

The Big Bailout Helps If You have to Skip Chapter 13 Payments

The big bailout law, just passed, includes some slack for people in Chapter 13. If you can’t make your Chapter 13 payments, we can ask the bankruptcy judge to add up to 24 months to your payment plan. Before that law was passed, if you got permission to skip some payments, you had to catch up in the months that are left.

How Will This Work Out?

I don’t know yet how this will work out. I’m thinking it over and talking with other, smart bankruptcy lawyers, while we try to see the best way to use this law.

If you can’t make your Chapter 13 payments, we can ask the bankruptcy judge to add them on to the end.

 

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24

Mar 2020

Bankruptcy Trustee Hearings Postponed Due to Virus

Posted by / in Blog, Virginia Bankruptcy, Weekly Posts /

The Bankruptcy Court is Alexandria is Postponing the Trustee Hearings.

Because of the corona virus, bankruptcy hearings in Alexandria VA scheduled up through April 10 are postponed. (I’m guessing the rest of April will get postponed, too.)

Postponed Until When?

There’s no news on when they will be reschedule, or how.

Some courts have adopted call-in hearings. No word on that here.

What do I need to do?

The bankruptcy trustees are still nagging us to get the bank statements in on schedule. So if you haven’t sent us your bank statements or your 2019 tax papers, please send those in to your paralegal.  And I’m guessing they will want you to send in a proof of your drivers license and social security card. So take that picture now, so you have it. (Or scan, if you have a scanner.) 

Don’t forget to take the second class.

And if you haven’t yet, don’t forget to take the second class, at Moneysharp.

 

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23

Mar 2020

Many Foreclosures Get a Virus Hold

Posted by / in Blog, Weekly Posts /

The Federal Government is Pausing Foreclosures on Mortgages They Control.

Last week the Federal Housing Finance Agency announced a 60 day pause on foreclosures on mortgage loans the government controls. Those are mortgage loans controlled by Fannie Mae or Freddie Mac.  (Fannie and Freddie were government backed, private businesses. The government bailed them out during the housing crisis in 2008, and they are still pretty much government run.)

Are you wondering if this applies to your mortgage?

Both Freddie and Fannie have websites where you can see if they own your loan.

Here’s the Freddie lookup.

Here’s the lookup for Fannie.  

Foreclosure notice

In March, the government announced a 60 day foreclosure pause, on mortgages the government controls.

Does this apply to any other loans?

The 60 pause also applies to loans backed by the FHA–Federal Housing administration. There doesn’t seem to be any one place you can look up whether your loan is an FHA loan.  I sometimes see it on some credit reports. (Sometime’s isn’t much help.) Your closing papers when you financed the house are supposed to show that somewhere. And I guess you can call your mortgage servicer and ask.

 

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NORTHERN VIRGINIA BANKRUPTCY LAW OFFICES