The tax exemption for mortgage forgiveness ends December 31. This exemption removed any taxes on money that a bank forgives after a foreclosure, deed-in-lieu of foreclosure or a short sale. A bankruptcy also removes these taxes if the bankruptcy is filed prior to the taxes becoming due on your tax return. Another way to avoid [...]

NO!! You cannot be arrested for not paying your debts.

bankruptcy, stopping judgments, benefits of bankruptcy

DOMA (Defense of Marriage Act) does not cause a same-sex bankruptcy to be dismissed

Student Loan Discharges in Bankruptcy

Due to the decline in housing prices in a rarely used bankruptcy technique has begun to get additional use. The process of “lien stripping’’ involves a homeowner filing under Chapter 13 (“payback plan”) asking the Bankruptcy Court to turn a secured second mortgage into a unsecured debt. This would eliminate monthly payments on the second [...]

Dear NACBA Member, No doubt you have seen media reports about H.R. 3808, the “Interstate Recognition of Notarization Act,” which would have required every state to recognize notarizations that are made lawful by any single state. This bill, first introduced in 2005 by Rep. Robert Aderholt (R, AL), was passed by the House earlier this [...]

How Conflict of Interest Leads to Foreclosure When a mortgage is taken out by a homeowner through a bank the homeowner is often unaware that the bank merely acts as a middle man. Banks will often collect monthly mortgage payments and pass them along to large lenders such as mutual funds. When banks create a [...]

What to Expect at a Bankruptcy Meeting of Creditors (aka 341 Meeting) A 341 meeting is something that debtors filings for Chapter 7 bankruptcy in any state will face. It is a meeting that occurs with you, your spouse if they are also filing, your attorney and an attorney appointed by the court to review [...]

Increase in Bankruptcy Filings There has a been a drastic increase in the number of consumers filing for bankruptcy in the first six months of 2010. This increase is seen in most of the 50 states but is most prevalent in the southwestern and southeastern portions of our nation. While these areas of the country [...]