Should I File For Bankruptcy? – Reasons Why Bankruptcy May Be Right For You

The decision to file for bankruptcy is a tough one no matter how you cut it. Going through the bankruptcy process takes time and money. Once a petition is filed, a person’s entire financial situation is a matter of public record and open to others. The process will take an emotional toll on the filer and his/her family and loved ones as well. So – again – the decision to file for bankruptcy is a tough one. One that should not be taken lightly and Read More +

Reaffirmation Agreements In Bankruptcy

The primary thrust of Chapter 7 Bankruptcy cases is to deal with consumer debts in such a manner as to ultimately “discharge” them – i.e. eliminate the obligation to pay certain types of debt and get a “financial fresh start”. While not all debts are subject to “discharge”, many of them – primarily “consumer debts” – are. There are some circumstances where a debtor opts to continue to service certain debts that may be otherwise dischargeable in Chapter 7 bankruptcy proceedings. Being involved in a Read More +

Ramifications Of The Supreme Court’s Lawless Decision In Bank Of America V Caulkett

MESSAGE FROM A BANKRUPTCY ATTORNEY IN CLEARWATER, FLORIDA PART TWO Jay Weller is a Bankruptcy Attorney in Clearwater, Florida. Jay Weller and Weller Legal Group have Law Offices in Clearwater, Port Richey, and Lakeland, Florida, and have filed over 40,000 Bankruptcies, since 1993. In order to understand this Article, please read Part One. What are the ramifications of the Supreme Court Decision in Bank of America v Caulkett? Why is its construction of the Bankruptcy Code important? Please note that the Supreme Court Decision in Read More +

Message From A Bankruptcy Attorney In Clearwater, Florida

THE SUPREME COURT DECISION IN BANK OF AMERICA V CAULKETT FURTHER ILLUSTRATES ITS LAWLESSNESS PART ONE Jay Weller is a Bankruptcy Attorney with Offices in Clearwater, Port Richey, and Lakeland, Florida. In Caulkett, the Debtor filed Chapter 7 Bankruptcy. The Debtor in Bankruptcy owned a Home with a First and Second Mortgage. The Fair Market Value of the Home was less than the Balance of the First Mortgage. The Second Mortgage, in terms of Bankruptcy, is Wholly Unsecured. Section 506(d) of the Bankruptcy Code provides, Read More +

The Rise Of The “foreclosure Rescue” Companies

   With the many millions of homeowners having difficulty with the terms of their mortgages, there has been created a large number of groups that portend to assist such homeowners in modifying their mortgages. While there are legitimate and well meaning participants, there are also a number of unscrupulous foreclosure rescue companies that are essentially scams. Such bad actors often make unsubstantiated promises such as guarantees that one can retain their home or receive a lower mortgage payment. Weller Legal Group and Jay Weller have Read More +

Chapter 13 Case Permits Cramdown Of Mortgages

Debtors In Bankruptcy in Tampa Area May Pay Only The Actual Value Of Their Homestead In Bankruptcy Provided Their Mortgage Terminates Before Five Years The 11th Circuit of the United States Court Of Appeals Ruled in American General Finance versus Richard W Paschen that the plain language of the Bankruptcy Code allows Debtors in Chapter 13 Bankruptcy to pay only the Secured Value or Fair Market Value of their Residential Property through the Chapter 13 Plan. The Unsecured portion of the Mortgage, which is the Read More +

Cramdown Of Mortgages On Principal Residences In Bankruptcy

Argument For Allowing Debtors To Pay Secured Value Of Homestead Through Chapter 13 Bankruptcy For Debtors who file Chapter 13 Bankruptcy, the Bankruptcy Code permits them to Cramdown or pay only the Secured Value of Fair Market Value of an Investment Property or Non Homestead Property through the Chapter 13 Bankruptcy Plan. However, Bankruptcy Code Section 1322(b)(1) states the “plan may modify the right of holders of secured claims, other than a claim secured only by a security interest in real property that is the Read More +

Current Landscape Of Loan Modifications And Foreclosures

Resets May Lead To Higher Loan Modification Defaults By Jay Weller According to The Mortgage Monitor Report by Black Knight Financial Services for February, 2014, about 95% of rate reduction modifications are still facing resets. Although Loan Modifications have been declining for more than a year, Loan Modifications through the Home Affordable Modification Program (HAMP), a program under the jurisdiction of the Federal Housing Administration, have been increasing, largely because of modifications the FHA made to increase eligibility of Homeowners. Black Knight Financial Services claims Read More +