Category Archives: Chapter 13 Bankruptcy
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One of the major benefits of filing a Chapter 13 case is the ability to modify (cram-down) a loan on a motor vehicle. Circumstances vary by case, but when a client has purchased a vehicle and has signed a standard “Retail Installment Contract”, generally the interest rate and principal balance can be modified (cram-down) and… Read More »
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A recent bankruptcy court decision illustrates a common forbearance problem. After missing three consecutive mortgage payments, debtors entered into a Mortgage Forbearance Plan (MFP) with their lender. The plan provided for reduced mortgage payments for six months. The court found that “the parties anticipated that at the end of the six months, the lender would… Read More »
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The Atlanta Journal-Constitution recently reported that, in 2011, the state of Georgia suffered the fourth highest rate of foreclosures in the U.S. Of course, not every default on mortgage payments results in a foreclosure notice and not every foreclosure notice results in an actual foreclosure of the home. Some homeowners have been able to prevent… Read More »