When you're completing Baltimore County bankruptcy schedules and forms, you have to answer whether any of your claims are contingent, liquidated, or unliquidated claims.  Unliquidated claims are also known as disputed claims.  The bankruptcy schedules and forms for Delaware, Maryland, Pennsylvania, or Virginia bankruptcies all ask you to provide this information.  So let's talk about what is involved with a disputed claim.We call it a disputed claim when there is a disagreement related to that liability and it's impossible for you and your creditor to agree upon the exact amount that is due under that claim.   When this happens, you and your lawyer together must figure out how the performing side has been damaged.  By accurately completing the bankruptcy schedule, you'll be able to go to court and present your evidence to the bankruptcy court and the trustee.  The court and trustee will determine the total amount of exposure that might be related to that claim. For more information, read What Is the Meaning of An Unliquidated (Disputed) Claim in a Maryland Bankruptcy?

Drescher Law
(posted 2 days 23 hours ago)

wells fargo
If you’re filing for bankruptcy, move your money out of Wells Fargo before you file – even if you don’t owe them any money.
It’s long been the practice of Wells Fargo to place what they call a “temporary administrative pledge” on bank accounts when the account holder files for bankruptcy. At that point, Wells Fargo will contact the Chapter 7 trustee to determine whether the funds are exempt or should be turned over to the trustee.
If the trustee tells Wells Fargo that the funds are exempt then the pledge is released. Until then, however, the funds are locked up and the person filing for bankruptcy has no access to the money.
As you can imagine, that doesn’t sit well with most people who are filing for bankruptcy. It’s not as if they’ve got a lot of extra cash sitting around as is, and locking up a bank account has the unfortunate effect of making it impossible to pay the rent and car loan, among other necessities of life.
In a decision handed down on August 26, 2014, the United States Court of Appeals for the Ninth Circuit held in the matter of In re Mwangi that the bank’s actions were perfectly legitimate.

(posted 2 days 23 hours ago)

Mark Fogarty has a nice write-up in National Mortgage News of a book chapter about duties to serve in housing finance that I wrote with Jannecke Ratcliffe for a volume entitled Homeownership Built to Last (Brookings/Joint Center on Housing Studies 2014).  It's a real pleasure to realize that someone has actually read our chapter! 

Credit Slips
(posted 2 days 23 hours ago)

When a debtor files Chapter 7 bankruptcy in California, the debtor will likely be requested to reaffirm their car financing debt.  Most consumer credit agreements for cars include a provision that defines filing bankruptcy as an act of default.  If the debtor is current on payments, and the only default is filing bankruptcy, this is known as “ipso facto” default.  Unlike some states, California does not have a law that prohibits a creditor from enforcing ipso facto default in a consumer credit agreement.  So a creditor, like Ford Motor Company, can enforce an ipso facto default in California.  In other words, the creditor can repo the car if the debtor files a chapter 7 bankruptcy and does not agree to complete and sign a Reaffirmation Agreement.

If the debtor signs a reaffirmation agreement that is approved by the bankruptcy court, the "ipso facto" default dissolves.  To execute a Reaffirmation Agreement in Chapter 7 means the debtor is agreeing that he/she will owe an outstanding balance on the car.  The order that discharges the debtor's other debts will not apply to the reaffirmed car loan debt.

Fresno Bankruptcy Law Blog
(posted 3 days 1 hour ago)

Retirement account planning can get a bit stressful when you first begin planning. There are so many options, and the legal jargon can go above our heads. It is very hard to figure out the difference between each type of retirement plan. What do all of the retirement plan definitions mean? Our Southeastern Wisconsin Retirement Account Planning Attorney is going to shed some light on the definitions of some retirement account plans.
Southeastern Wisconsin Retirement Account Planning Terms
Before we begin to describe some of the most popular retirement account plans, we need to provide you with a few definitions. The first is the term “tax-deferred” or “defer taxes”. You will hear this a lot. This means you won’t pay taxes on the money until you start withdrawing it. As a result, the retirement money you save will continue to grow faster over time. The next term is “IRA”. IRA stands for “Individual Retirement Account” and it is just that, a retirement account provided by financial institutions with tax advantages to help people save for retirement.

Wynn at Law, LLC
(posted 3 days 2 hours ago)

Good News:  Fannie Mae Announces New Shorter Waiting Period. Here’s the most important question for people who file bankruptcy because they can’t make their house payments:  How soon can I buy a house again? Since the housing crisis, there have been two waiting periods:  Two years after the bankruptcy; but three years after the house […]
The post How Soon After Bankruptcy Can I Get a Mortgage? by Robert Weed appeared first on Robert Weed.

Robert Weed
(posted 3 days 2 hours ago)

A bankruptcy trustee’s allegedly aggressive questioning of a debtor’s English-speaking skills is the subject of a complaint on file with a federal bankruptcy watchdog, a legal publication has reported.
The New York Law Journal Monday reported that consumer bankruptcy attorney William Ward Saxton filed a complaint against bankruptcy trustee John S. Pereira, accusing him of berating a debtor about her ability to understand English at a meeting in her bankruptcy case last month.
The NYLJ (subscription required) describes the letter thusly:
According to Saxton’s letter, when the debtor’s attorney during the July 16 hearing requested an interpreter for the client, a U.S. citizen, Pereira demanded to know how the debtor was able to pass an American citizenship exam if she did not understand English.
He also demanded to know how the debtor was able to communicate with her attorney and understand and sign a bankruptcy petition in English, the letter said. A friend of the debtor told Pereira that she explained everything to the debtor in Spanish.
Saxton wrote that Pereira moved to adjourn the case. But Saxton, who was awaiting his client’s case to be called, stood up and told Pereira that he could not adjourn and that he violated the debtor’s civil rights.
The NYLJ further quotes Mr. Saxton’s letter:

WSJ.com: Bankruptcy Beat
(posted 3 days 2 hours ago)

The difference between a contested matter and an adversary proceeding is relatively simple – a contested matter involves a contested request for relief in the context of the main bankruptcy proceeding (pursuant to Rule 9014 of the Federal Rules of Bankruptcy Procedure), while an adversary proceeding involves the filing of a complaint, commencing a separate proceeding governed by the “7000” series of the Bankruptcy Rules. What necessitates an adversary proceeding, and under what circumstances will a simple “contested matter” suffice? Strictly speaking, certain matters must be resolved in an adversary proceeding, rather than upon a motion in the main bankruptcy case. Such matters are listed in Rule 7001 of the Federal Rules of Bankruptcy Procedure and include (but are not limited to) proceedings to:

(posted 3 days 2 hours ago)

Many active-duty service members are unaware that they are eligible to postpone mortgage payments under the Servicemembers Civil Relief Act. A group of major financial services companies have pledged to improve communication about this option, according to the Financial Services Roundtable's Tim Pawlenty and John Dalton.

(posted 3 days 3 hours ago)

Stanziale v. Heico Holdings, Inc. (In re Conex Holdings, LLC), Adv. No. 13-50941 (CSS), 2014 WL 3883712 (Bankr. D. Del. Aug. 8, 2014)
In this short Memorandum Opinion, the Bankruptcy Court dismissed a chapter 7 trustee’s claims for breaches of fiduciary duties against certain officers and directors under Texas common and statutory law.  In doing so, Judge Sontchi held that the trustee failed to plead facts with any specificity as to how each officer and director breached his duties.  However, the Court allowed the trustee leave to amend his complaint within 30 days to allege more specific allegations. Read More ›
Tags: Fiduciary Duties, Pleading Standards

Delaware Bankruptcy Insider
(posted 3 days 4 hours ago)