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Posted on Wednesday, 18th August 2010 by Toby Duncan

Chapter 13 bankruptcy is being used increasingly to modify first and second mortgages on primary residences. Chapter 13 permits debtors to strip off a second mortgage on an upside down property, and a new mortgage mediation program in the Orlando bankruptcy court gives debtors the opportunity to mediate a mortgage modification soon after they file a Chapter 13 bankruptcy. Keep in mind that a Chapter 13 debtor has the option to at any time convert a Chapter 13 to a Chapter 7 liquidation at any time (with minor restrictions).

I received a question by email which I want to address because I suspect other people have the same idea.

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Posted on Monday, 16th August 2010 by Lucy Hales

Got several credit cards and decided to go on a shopping spree. Big deal, it is an unsecured debt after all. I can not be sued for credit card debt, there is no collateral, what they going to do to me? That was the topic of conversation among three dummies in their 20s that I overheard in the car repair shop. Recent immigrants, rather fresh of the boat. When I tried to explain them that unsecured debt doesn’t mean that repaying such a debt is optional, they looked at me like I was insane. I went quite patiently on, saying – you sign a contract with credit card issuers when you apply for the credit cards, which specifically states various ways to collect the unsecured debt, including turning it over to a collection agency and taking you to court.

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Posted on Saturday, 14th August 2010 by Toby Duncan

There is the well-known proverb that, to a carpenter everything in the world looks like a nail. Or, surgeons want to operate to cure any and all ailments. The same is applicable to some bankruptcy attorneys. I assisted a couple with asset protection last year. The couple faced joint liability from a failing business investment. They had $150,000 liquid cash, and they were expecting another $200,000 from the proceeds of a real estate sale. I explained that they would lose the cash in bankruptcy. I advised them to spend down the cash and possibly invest in a new homestead which would be exempt I they were sued.

Since my advice, the creditor sued and obtained a judgment against the couple.

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Posted on Friday, 13th August 2010 by Eden Fryett

The Wisconsin-based aerospace company Rocketplane had a plan to send tourists into space and lead the way in one of the more unique tourism industries.

That dream will not likely be realized now, however, as the company has filed for Chapter 7 bankruptcy, along with its CEO.

Rocketplane filed for Chapter 7 bankruptcy last month, according to The Oklahoman. It had recently relocated its operations to Wisconsin from Oklahoma. In the 2009 move, Rocketplance closed its Oklahoma City headquarters and left its hangar at the Oklahoma Spaceport located in Burns Flat.

The company listed as assets the patented intellectual property dealing with the design of aircraft that would be able to take tourists into space, as well as some structural components.

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Posted on Thursday, 12th August 2010 by Lucy Hales

There are basically two types of debt reaging and several important points about each to know. We will cover both in details. The first type is when the lender is reaging debt on consumer request. If you have a past due account, you can request the creditor to reset it anew. Reaging a delinquent account amounts to your creditor setting the account due date back to current. If you missed a few credit card payments and your creditor agrees to reage your account, then the missed payments are gone. Not all lenders reage past due accounts.

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