Discharge Of Second Mortgages In Bankruptcy

An Explanation Of The Mechanisms Of Lien Stripping By Jay Weller One tool used by knowledgeable Bankruptcy Attorneys is a process called Lien Stripping. Lien Stripping in Bankruptcy permits the Bankruptcy Attorney, on his Client’s behalf, to eliminate or Discharge Second and Lesser Mortgages, meaning other than the First Mortgage. In order to Lien Strip a Second Mortgage, the Fair Market Value of the Debtor’s Homestead must be less than the Balance of the First Mortgage. In such a circumstance, the result is that the Read More +

In Re Lisowski: Florida Bankruptcy Court Decision Grants Separate Exemption For Mobile Homes

In Re Lisowski: Florida Bankruptcy Court Decision Grants Separate Exemption For Mobile Homes An Opinion By The Great Bankruptcy Judge, The Honorable Paul M. Glenn By Jay Weller A 2008 United States Bankruptcy Court Decision by the Honorable Paul M Glenn, held that Florida’s Modular Home Exemption which permits Debtors who own a mobile home that is used as their Residence, and is located on leased land, does not implement the Florida Homestead Exemption, but is a separate Exemption, and can be applied under the Read More +

The Coming Crisis – Part Vii

Pension Plans And The Detroit Bankruptcy    The Centre for Retirement Research (CRR) report found that in the United States, the States pensions for its employees are 27% underfunded. The total amount of obligations that are underfunded amount to about one trillion dollars. To calculate the one trillion dollar shortfall, CRR used the mathematics used by most States wherein the State uses an annual discount rate of 7.5% to 8%. The discount rate is an assumption that the pension plan monies that are invested will Read More +

The Coming Crisis – Part Vi

Pension and Health Plans in Detroit This is part VI in our series on the Detroit bankruptcy, and pension and health plans for governmental retirees. The approach to the bankruptcy in Detroit has important significance not only to the city of Detroit and its inhabitants, but to the bond market that finances much of many American cities efforts, and to pension plans and other benefits that governmental retirees receive nationally. Detroit is the largest city in the United States to ever file for bankruptcy. The Read More +

The Coming Crisis – Part V

Pension Plans And The Detroit Bankruptcy Please refer to the earlier parts of this series to better understand the context of this article. The City of Detroit is in bankruptcy. Detroit is probably one of the most visible of the cities in the United States that have entered or filed bankruptcy proceedings. The primary issue confronting Detroit and many other large cities are the unrealistic pension and medical benefits with its police, fire and other governmental unions, negotiated with the governmental agencies or politicians that Read More +

The Coming Crisis – Part Iv

Pension Plans And The Detroit Bankruptcy    This is Part IV in the series on Pension Plans And The Detroit Bankruptcy: The Coming Crisis. Please refer to the prior articles in the series for context. Another possible victim of the bankruptcy plan offered by the city of Detroit is its treatment of individuals with lawsuits against the city. Jessie Payne, a 72 year old Detroit resident. Ms Payne was making her way to a doctors appointment when a Detroit city bus plowed her over, causing Read More +

The Coming Crisis – Part Iii

Pension Plans And The Detroit Municipal Bankruptcy Please read the preceding articles of this series on pensions plans and the Detroit municipal bankruptcy to gain a better context and understanding of this article.    The plan proposed by the city of Detroit in its municipal bankruptcy in late July of 2014, was accepted by approximately 82% of the Police and Fire Retirement System and by about 73% of the General Retirement System retirees and current Detroit employees. The majority of bondholders disapproved of the bankruptcy Read More +

The Coming Crisis – Part Ii

Pension Plans And The Detroit Municipal Bankruptcy Please read Part I of this series on Pension Plans and Municipal Bankruptcy to gain a better context for this and the following blog articles on Municipal Bankruptcy, Detroit, and the coming crisis in governmental pension plans.    According to the Chicago Tribune, the City of Detroit proposed a plan to US Bankruptcy Judge Steven Rhodes, in Detroit, that would adjust the approximately 18 billion dollars in debt acquired by the city. The debt acquired by the City Read More +

The Coming Crisis – Part I

Pension Plans And Municipal Bankruptcy    Detroit is in Bankruptcy. Detroit is Bankrupt. As of the date of this article, August 19, 2014, Detroit is the debtor in a municipal bankruptcy. Not only individuals or persons, or corporations, can file Bankruptcy. Cities can also file bankruptcy, and seek its benefits and protections. A major issue in the Detroit Bankruptcy, and a major reason for its bankruptcy, is the pension benefits and medical benefits promised to the civil servants of Detroit, both present and retired. Those 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 +