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     New Bankruptcy Means Test Criteria Goes Into Effect November 1, 2010   The figures that you need to use for the means test change periodically.  The last change was on March 15, 2010.  The recent changes actually make it slightly harder to qualify.  However, the difference is relatively small so that it should hardly matter for most Long Island consumers.   In order to automtically pass the bankruptcy means test your income must be less than the median income in the state where you live.  For New York residents, it will be slightly more difficult for some families to qualify for Chapter 7 bankruptcy than last year.  For those seeking to file for Chapter 13 bankruptcy, some families will have to pay slightly more each month.   The figures u Read more…

| Tags: 2010, Bankruptcy Means, Bankruptcy Means Test, Means Test
Posted October 27, 2010 by Amelie Hampton under Bankruptcy Articles

The New York Times reported last week that student loan debt has risen again in the U.S. – apparently, those who graduated in 2009 had an average of $24,000 in student loan debt, up six percent from the amount for 2008’s grads.

The numbers come from a group called the Project for Student Debt, which collects data and advocates for student rights in matters of educational debt.

Student Loans in Bankruptcy

There are a few reasons why mounting student loan debt has gotten so much attention in recent years:

• High unemployment: The high unemployment rate that has plagued the country since shortly after the housing market collapsed in late 2007 is one reason why serious student debt is a troubling trend. The Project for Student Debt reports that the unemployment rate for 2009 college graduates was 8.7 percent, the highest such rate in the group’s records. Natur

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| Tags: Again, Creeps Again
Posted October 27, 2010 by Amelie Hampton under Bankruptcy Articles

There are various ways in the report, your purpose can help you obtain a credit report on loan and free to enjoy the confidence of all major financial institutions and banks. There are many advantages that actually can report freely associated. Some of the benefits that credit reports can be attached to the report, and regular monitoring may be listed below. How manyknowledge of the same?

Well, actually not many are aware of the benefits of the credit report. credit report regularly to assess because it may happen that a person to forget the relationship between a few months you may have signed for FREE. So, for the update, you must adjust to stay. Periodic review of the report may actually help in detecting errors. With the growing threat of identityTheft and other types of financial fraud, it is imperative to provide regular reports credit scores. Check your free credit score regularly?

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| Tags: Credit Report, Report
Posted October 26, 2010 by Imogen Lay under Credit Report

Chapter 13 bankruptcy can strip a second mortgage on your primary residence, and Chapter 13 can cram down to market value mortgages on investment property. Properties rented for income are investment assets subject to cram down. The debtor cannot cram down or in any other way alter the terms of a first mortgage on his primary residence. Another bankruptcy attorney suggested the following pre-bankruptcy planning for people intent on keeping their “upside down” primary residence.

Here’s the plan. The future bankruptcy debtor moves out of his homestead and lists it for rent. The debtor rents his former home on a short term lease. Meanwhile, the same debtor moves into a rental apartment or rental home. Then, the debtor files Chapter 13 bankruptcy and lists his former residence, now a rental property, as an investment property. He files a motion to cram down the first mortgage on the former homestead to current value and strip the second mortgage. Assum

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| Tags: Homestead Property, Property
Posted October 26, 2010 by Brayden Laura under Credit Report

  We’ve all seen the news inundated with stories these past two weeks about the widespread problems with the foreclosure process, not only here in New York, but across the country.   Now, New York’s Chief Judge, Jonathan Lippman, essentially said “enough is enough” with the sloppy and often incorrect papers that many foreclosure attorneys are filing on behalf of their mortgage and banking industry clients.   This week he imposed a new court rule directing attorneys for mortgage lenders to take certain steps to make sure the papers they file are accurate.  Effective immediately, foreclosure attorneys must engage in due diligence to verify the information contained in the documents that they file in foreclosure cases in New York.   This new verification requirement is a court rule as opposed to a law promulgated by the legislature, and lawyers can be severely sanctioned for non-compliance.   The N Read more…

| Tags: New York, York
Posted October 20, 2010 by Amelie Hampton under Bankruptcy Articles

Parents often set up their own checking accounts with a “pay on death” instruction so that when they die the account will automatically transfer to their child without probate. The bankruptcy law state that any property you inherit within six months of filing Chapter 7 bankruptcy is drawn into your bankruptcy estate and paid to your creditors. This week I had a new bankruptcy client who was named on their parents’s POD account, and we discussed what would happen to their parent’s money if their parents died soon after this client filed Chapter 7.

Although I have never encountered a case where a debtor received a post-filing POD account, I do not think such account would be part of the bankruptcy estate because the child would not have acquired the money as part of an inheritance. The parents would have conveyed to the child during the parents’ lifetime a revocable future interest in the account. Technically, the debtor’s future interest, although subject to revocation, is the debtor’s asset at the time they file. A parents’ PO

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| Tags: Account, Account Paid
Posted October 20, 2010 by Brayden Laura under Credit Report

In all, Internet Radio and TV advertised, and saturating newspapers reported services, the report will help you get your personal credit. This is the end result I have no personal experience with these services, when you load required, they are free for the that do not know what you get for it.

As you probably know, you have the right to view your personal credit> Report free detection of the three agencies every 12 months. Note that I said three times FREE. You did not pay anything if you look online. It ‘easy to get, but you do not by any of the advertised sites. Instead, you go to a site that is not advertised. It ‘s the official site Annualcreditreport.com get your free credit reports.

The process is very simple. Go to the previous page, selectYour condition and answer questions. Select all three credit bureaus and get in each report. Be sure to print on each report and they go with a fine-tooth comb.

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| Tags: Personal Credit, Report
Posted October 20, 2010 by Imogen Lay under Credit Report

Five years ago one of my clients bought a new home pre-construction while he lived in his then current Florida homestead. The builder told him the new home would take 18 months to build. The builder finished early, in 12 months, and wrote my client a letter saying the home was soon complete and that under the construction contract he must purchase the new home in 30 days. The client had not yet put the existing home on the market (in the old days, it took only a month or two to sell a house). So, the client closed on the new home, then put the old home on the market. Three months after moving he sold the old home. He used all the sales proceeds to reduce the principal balance of the new mortgage on the new house. Now, he wants to file Chapter 7 bankruptcy and asks whether transferring the sales proceeds to the new house is a fraudulent transfer.

When the debtor moved to the new home he moved his homestead. The hold home ceased to be an exempt homestead property when the debtor moved in to the newer home as his principal residence.

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| Tags: Homestead, Homestead Fraudulent
Posted October 17, 2010 by Brayden Laura under Credit Report

According to the Federal Trade Commission, and Equifax each year you are entitled to a free credit report from each of the three major credit bureaus experience, Trans-Union. Budget family, a report every four months or so, the sight of their trademarks without paying a penalty for too many requests.

Straight from the source: The Federal Trade Commission website states:”Only a site called,fill orders for the annual free credit report from annualcreditreport.com right of the government is entitled to. Other websites that claim to offer “free credit reports”, “free credit scores” or “free credit monitoring are not part of the statutory annual report free credit program.”If, after singing along with melodies catchy, listen carefully, at the end of the most popularSpot, you hear the disclaimer ,”… with registration at Triple Advantage”, a subscription service. <

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| Tags: Credit, Credit Report
Posted October 17, 2010 by Imogen Lay under Credit Report