Supreme Court To Hear Challenge To 2005 Bankruptcy Law
June 23, 2009
Changes to bankruptcy law passed in 2005 have made it more difficult and more expensive to file bankruptcy. Passed in an effort to prevent abuse of the bankruptcy system, the law restricts the advice that attorneys can give to their clients about incuring more debt before they file bankruptcy.
The U.S. Supreme Court has agreed to hear a challenge to the law that argues it violates the First Amendment.
Robert J. Milavetz, a 73-year-old Minnesota lawyer, says that the provisions of the law that forbid an attorney from advising a client to incur new debt before filing bankruptcy effectively prevents attorneys from recommending that a client buy a car so that they can get to and from work or refinance a home to pay down credit card debt.
Many constitutional experts agree that the part of the law restricting the type of advice an attorney can give a client is probably in violation of the constitution. Since it is unehtical for an attorney to advise a client to break the law, they shouldn’t be telling clients to abuse the bankruptcy system in the first place.
It will be interesting to see what action the court takes on the matter.
Foreclosure Postings Top Record In DFW
June 19, 2009
In Tarrant County, foreclosure postings for July sale topped 2,000. Dallas County has 2,579 homes threatened with foreclosure.
Addison-based Foreclosure Listing Service (FLS) says that lenders reposting homes that had been previously posted but not sold at auction.
Postings are up over 60 percent in Tarrant, Collin and Denton counties over last July’s number. Dallas County’s number grew at just 56 percent, according to FLS.
Homeowners facing foreclosure have some options that can stop the sale at auction. Filing Chapter 13 bankruptcy stops proceedings on a foreclosure and can allow homeowners to repay back payments over a 3 to 5 year period.
What to Expect at Your First Bankruptcy Consultation
June 16, 2009
Wondering what to expect when you meet with a Financial Advisor at Higgins and Associates? The following video describes the process for clients who are thinking of filing bankruptcy:
Considering Bankruptcy? You Are Not Alone
June 12, 2009
Have your bills become too much of a burden on you and your family? Are you struggling to make ends meet? You aren’t alone. A recent blog post about statistics from U.S. Bankruptcy Courts shows that the number of filings continues to rise.
Bankruptcy protections can clear your unsecured debt and help you to stop foreclosure on your home. If you are having financial difficultuies, contact us for a free consultation. We will review your situation and explain the benefits of Chapter 7 or Chapter 13 bankruptcy.
Medical Bills Caused More Than Half Of Bankruptcies Filed In 2007
June 4, 2009
A report set to be published in the American Journal of Medicine in August, but already online, shows that more than 60 percent of personal bankruptcies filed in 2007 could be attributed to medical bills.
The study also says that over 75 percent of those who filed for bankruptcy because of medical bills had health insurance when they became ill.
One of the author’s of the report, Associate Professor of Medicine at Harvard University Dr. Steffie Woolhandler, said that large co-pays, prescription drug costs and high deductibles were among the factors that contributed to driving those with health insurance into bankruptcy court.
The study reiterates what most bankruptcy experts have been saying for years. Most American families are one medical crisis away from bankruptcy.
Dallas Bankruptcy Process — What to Expect at Your Bankruptcy Consultation
June 2, 2009
What should you expect when you come to Higgins and Associates for your Bankruptcy Consultation? This short video explains the bankruptcy process for people filing bankruptcy in Dallas Fort Worth.