Relief For Struggling Homeowners
August 8, 2008
For homeowners who are afraid that they will lose their home, some help is on the way. President George W. Bush signed the new housing law last week that Congress passed to help homeowners stay in their homes.
Excerpt from the Savy Consumer article in the Fort Worth Star-Telegram article by Teresa McUsic
“David O’Brien Jr., executive director of Housing Opportunities, a housing-counseling service, says he is ‘guardedly optimistic’ that the new law will help homeowners facing foreclosure today.
Key to avoiding foreclosure is letting your lender know as soon as your financial problems begin, O’Brien said.
‘The earlier you diagnose the problem and seek some kind of help, the better off it’s going to be,’ he said.”
The law also provides benefits to first-time home buyers, property-tax payers and senior citizens who are getting reverse mortgages.
Barack Obama Vs. John McCain on Bankruptcy Reform
July 28, 2008
In recent campaign stops Senator Barack Obama, United States Presidential hopeful, has addressed his concerns about bankruptcy law and criticized Senator John McCain’s position of “siding with banking industry lobbyists” and failing to support steps which Senator Barack Obama claims would help senior citizens and families who are desperate to pay medical bills or stop home foreclosures.
Senator Barack Obama is now proposing bankruptcy reform which would eliminate paperwork, means tests and credit counseling to expedite the bankruptcy process. In addition, Senator Barack Obama would like to create a minimum homestead exemption for qualifying individuals which would allow them to keep some of their home’s value.
Obama’s criticism of John McCain follows McCain’s vote of the Bankruptcy Abuse Prevention Consumer Protection Act (BAPCPA) of 2005, which critics claimed favored credit card issuers, car loan lenders and mortgage companies and was used to take more money from the consumer. Senator John McCain however, called the bill “…an important step toward a fair and balanced approach to restoring personal responsibility to our federal banking system.”
Seventy-four senators voted for BAPCPA and 24 senators voted against the measure. Barack Obama opposed the measure claiming “…. I think they were bad ideas, because they were pushed by the credit card companies, they were pushed by the mortgage companies, and they put the interests of those banks and financial institutions ahead of the interests of the American people. And this is typical.”
Senator Barack Obama has made bankruptcy a campaign issue in recent campaign stops. In a recent speech outside of Atlanta he criticized Senator McCain by saying “He [McCain] would continue to allow the banks and credit card companies to tilt the playing field in their favor, at the expense of hardworking Americans.” And “Like the president he hopes to succeed, Senator McCain does not believe the government has a real role to play in protecting Americans from unscrupulous lending practices.” McCain spokesman Tucker Bounds countered all Barak Obama’s attacks by noting that eighteen democrats and John McCain were all part of a bipartisan effort by the Senate to create a comprehensive bankruptcy bill.
Barack Obama Vs. John McCain on Bankruptcy Reform
July 24, 2008
In recent campaign stops Senator Barack Obama, United States Presidential hopeful, has addressed his concerns about bankruptcy law and criticized Senator John McCain’s position of “siding with banking industry lobbyists” and failing to support steps which Senator Barack Obama claims would help senior citizens and families who are desperate to pay medical bills or stop home foreclosures.
Senator Barack Obama is now proposing bankruptcy reform which would eliminate paperwork, means tests and credit counseling to expedite the bankruptcy process. In addition, Senator Barack Obama would like to create a minimum homestead exemption for qualifying individuals which would allow them to keep some of their home’s value.
Obama’s criticism of John McCain follows McCain’s vote of the Bankruptcy Abuse Prevention Consumer Protection Act (BAPCPA) of 2005, which critics claimed favored credit card issuers, car loan lenders and mortgage companies and was used to take more money from the consumer. Senator John McCain however, called the bill “…an important step toward a fair and balanced approach to restoring personal responsibility to our federal banking system.”
Seventy-four senators voted for BAPCPA and 24 senators voted against the measure. Barack Obama opposed the measure claiming “…. I think they were bad ideas, because they were pushed by the credit card companies, they were pushed by the mortgage companies, and they put the interests of those banks and financial institutions ahead of the interests of the American people. And this is typical.”
Senator Barack Obama has made bankruptcy a campaign issue in recent campaign stops. In a recent speech outside of Atlanta he criticized Senator McCain by saying “He [McCain] would continue to allow the banks and credit card companies to tilt the playing field in their favor, at the expense of hardworking Americans.” And “Like the president he hopes to succeed, Senator McCain does not believe the government has a real role to play in protecting Americans from unscrupulous lending practices.” McCain spokesman Tucker Bounds countered all Barak Obama’s attacks by noting that eighteen democrats and John McCain were all part of a bipartisan effort by the Senate to create a comprehensive bankruptcy bill.
Senators reach deal on foreclosure legislation
May 20, 2008
Key senators announced Monday [May 19] a bipartisan agreement on the broad elements of a plan to avoid foreclosures and speed the refinancing of mortgages for roughly 500,000 troubled homeowners without taxpayers footing the bill.
Read the rest of the here.
With President Bush promising to veto a House of Representatives bill addressing the foreclosure crisis, the Senate is stepping in with their own legislation. Both the House and the Senate propose ways to stem the housing market collapse; however, the Senate has program funding coming from Fannie Mae and the Federal Housing Administration rather than taxpayers. The program allows for voluntary refinancing of qualifying mortgages to help stem the foreclosure crisis.
Bush’s Bankruptcy Legacy: Three Years And Nearly 1.5 Million Bankruptcy Filings Later
May 13, 2008
On the eve of the three-year anniversary of president Bush’s controversial bankruptcy bill becoming law, data show that in the last two years nearly 1.5 million individuals filed for personal bankruptcy. The new data further questions the merits of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
The rest of article is here.
With consumerbankruptcies continuing to rise due to credit card debt and rising foreclosures, it’s important to know you aren’t alone. Financial disasters can happen to anyone for any reason. If you are considering filing for bankruptcy, discuss your case with an experienced bankruptcy attorney today to see what options are available to you.
City of Vallejo, California Declares Bankruptcy: Will More Cities Follow?
May 8, 2008
Rarely do cities of a decent size declare bankruptcy, but that is exactly what the city of Vallejo, California, home to more than 100,000 people is doing. Hurt by falling property tax revenues, a stagnant economy and the failure to renegotiate key deals with unions, the city of Vallejo was left with little choice. The questions now are: How will this bankruptcy affect residents and business owners in the city? And is this city’s bankruptcy just a glimpse of what is to come?
Read the full article here.
With so many individuals also facing financial disaster because of the housing bust, it’s not difficult to see how a city may also fall victim. Financial disasters can, indeed, happen to anyone at any time, and for any reason. If you find yourself in the same situation as Vallejo, CA, please, contact a bankruptcy attorney today to discuss your options. It may not be too late to save your home.
Bankruptcy Trustee Sues McDermott Will for Malpractice
April 17, 2008
A bankruptcy trustee for Saint Vincent’s Catholic Medical Centers of New York has sued McDermott, Will & Emery for legal malpractice, charging that partners at the Chicago-based law firm “put their personal relationships and selfish economic concerns above the interests of the charitable institution they were entrusted to protect.”
Read the full article at Law.com HERE
Also occurring recently, a judge barred a bankruptcy law firm from collecting ANY fees (would have been millions) in a case due to “putting their own concerns in receiving fees over the concern of providing good counsel to the client.”
As bankruptcy attorneys, we represent a debtor before his or her creditors and in doing so must uphold the highest ethical and professional standards. There is nothing wrong with getting paid to do your job, but your job must be done as it should be, and to the best of your ability.
Mentally Ill Defendants Can Represent Themselves?
March 27, 2008
What happens when a mentally ill defendant is declared competent to stand trial and the decides he wants to represent himself at his trial?In Indiana, he gets denied that Constitutional right and the resulting case makes its way to the U.S. Supreme Court. The high court held oral arguments yesterday in the case Indiana v. Edwards. For the time being it appears more likely than not that a mentally ill defendant declared fit for trial will not be granted the right to self-representation. However, as Justice Scalia so poignantly put it, “If a defendant can be allowed to plead guilty, he or she should also be allowed to make the less serious decision in favor of self-representation.”It will be interesting to read the Court’s opinion on this one, when it’s issued.
