Tag: boca raton bankruptcy

Supreme Court Declares 2nd Liens Can't be Stripped in Chapter 7 Bankruptcy

Banks win out after the Supreme Court ruled on Monday. They state that homeowners cannot rid themselves of a second mortgage by filing for bankruptcy protection. All nine Supreme Court justices unanimously agreed that filing for Chapter 7 bankruptcy will not void a junior mortgage lien. This is when the amount owed by the senior

Personal Bankruptcy Petitions Drop in March

Personal bankruptcy petitions have dropped 16 percent between February and March throughout South Florida. This is according to the Sun-Sentinel with data that the U.S. Bankruptcy Court released in March in Miami. In February, South Florida residents filed 2,389 new bankruptcy petitions; but only 2,008 files in March. Personal bankruptcies have lowered by 32 percent,

Reset of Loans Causes Increase in Home-Equity Payments

As interest-only periods expire on loans begun during the housing bubble era, 3.3 million homeowners will be facing higher payments during the next four years on home-equity lines of credit, according to RealtyTrac. The Heloc loans that totaled $158 billion are requiring principal paydowns beginning this 2015 through 2018. There is a rising threat over

‘70s Pop Star Files Bankruptcy

The 64-year-old former teen idol pop star David Cassidy has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Fort Lauderdale where he owns a waterfront property. Furthermore, David Cassidy reported debts included credit cards bills of almost $40,000, a mortgage of nearly $300,000. And, a substantial amount in accountant and attorney fees.

Landlords Gain As Demand For Rental Properties Increase

In a report provided by the U.S. Census Bureau in Washington, D.C. the number of rental properties that are inhabited by renters grew by 2 million last year. The number of available rental properties has fallen 7 percent in the fourth quarter; the lowest it has been since 1993. Since the job market has picked

Bankruptcy Attorney Suspended for Overcharging Clients

The biggest bankruptcy attorney in Pennsylvania is now under accusations of overcharging hundreds of his clients. And, misspending thousands of dollars. One victim, Sharon Kaluzny, had to file a Chapter 13 bankruptcy after a tough divorce. Moreover, caring for sick parents forced her to close down her hair salon in 2006. Ms. Kaluzny paid Mr.

Reality Star Sent To Prison For Bankruptcy Fraud

A cast member of the Real Housewives of New Jersey, Teresa Giudice, has begun serving her 15-month sentence for bankruptcy fraud. Mr. and Mrs. Giudice plead guilty to hiding assets from bankruptcy creditors. And, for submitting fraudulent loan applications to retrieve $5 million in mortgages and construction loans. Mr. Giudice also pleaded guilty to failing

Medical Debt Affects A Large Portion of Americans

In a new report of compiled data provided by the Consumer Financial Protection Bureau, close to 20 percent of U.S. shoppers are in debt. This is due to unpaid medical bills. The bills that insurance companies and hospitals are providing seem to confuse many Americans. That is, those for the cost of their treatments. This

Bank of America Fights to Keep Second Mortgage From Being Void in Bankruptcy

In a few days, the Supreme Court will make a determination; whether homeowners who have filed bankruptcy are eligible to nullify a second mortgage. This is assuming that the property’s market value is lower than the amount owed on the first mortgage. Bank of America appealed twice to the Supreme Court. They were proclaiming that

Valueless Junior Liens are Allowed to be Stripped Away from Debtors

 During the recession property values were so high. And, obtaining credit was almost as simple as getting something out of a vending machine that many owners took out two and even three mortgages. However, when the market crashed and the surplus ended, many were left swimming upstream without a paddle. With such a large amount