Can I Keep My IRA if I Declare Bankruptcy?

The Supreme Court says Individual Retirement Accounts are not protected from creditors in bankruptcy proceedings if the accounts are inherited.

Bankruptcy Audits Are Back

Bankruptcy audits are back, and it’s best to be prepared.

Mortgage Forgiveness Tax Exemption ends December 31

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 […]

CAN I BE ARRESTED IF I DON’T PAY MY DEBTS?

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

When is filing bankruptcy a cheaper more effective option?

bankruptcy, stopping judgments, benefits of bankruptcy

DOMA will not cause a same-sex joint bankruptcy to be dismissed

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

Discharging Student Loans

Student Loan Discharges in Bankruptcy

What is “Lien Stripping” in Bankruptcy? (or can I really get rid of a second mortgage?)

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 […]

NACBA’s Position on the “Notary Legislation”

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

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 […]