Comments for Chicago Bankruptcy Attorney – Lakelaw – Real Estate Lawyer Chicago

Comment on I Just Spent A Large Tax Refund – Can I Still File for Bankruptcy? by John O'Connor

John O'Connor — Sun, 17 Apr 2011 21:44:45 +0000

Good post, paying back money to family members before filing bankruptcy can cause major headaches, it’s one of the biggest pitfalls debtors unknowingly stumble into. As far as the tax refund issue is concerned, a good rule of thumb is keep an eye on where the money was spent. Of course, you want to keep good records, but you also want to make sure you’re not making luxury purchases. Money spent on groceries, mortgage payments, bills etc. is fine. Purchasing a flat screen TV might raise some eyebrows. Use common sense.

Comment on Legal Helpers Debt Settlement Sued by Lisa Madigan by Janis Callow

Janis Callow — Thu, 07 Apr 2011 16:13:48 +0000

I too was fooled by Legal Helpers Debt Resolution. They bilked me out of $7000.00 that should have gone to my creditors. I started getting suspicious when I began to ask questions and was getting a run around. I started with them April 2010 foe $1093.00 a month I paid to them until November 2010. I was going to be sued by one of my creditors and asked a free clinic lawyer for advice. They told me to forget about Legal Helpers as it was a scam. I then contracted with an attorney in Washington State to proceed with bankruptcy. I do not want this company to get away with this behavior and anyone elses money. I will contact a law firm in Washington State as I believe they are filing a class action suit.

Janis F. Callow

Comment on Mortgage Foreclosures & Loan Modifications by Arnold Kaplan is no longer of counsel with Lakelaw | Chicago Bankruptcy Attorney – Lakelaw – Real Estate Lawyer Chicago

Thu, 07 Apr 2011 04:00:58 +0000

[...] Mortgage Foreclosures& Loan Modifications [...]

Comment on Should I Reaffirm My Mortgage in Bankruptcy by David Leibowitz

David Leibowitz — Wed, 06 Apr 2011 09:51:38 +0000

An assignment of debt may need to be recorded to be enforceable in court – at least in some courts – for example, consider Ibanez in the Supreme Judicial Court of Massachusetts.

This is not necessarily true in every state.

The PSA may well require assignment of the note in a timely manner. However, that is mostly to protect the tax status of investors in notes secured by the pool of mortgages. Mortgage borrowers may not necessarily have standing to raise such an argument.

The process of conveyance of the mortgage as a matter of record is not considered a matter of “perfection” in most states. In most states, possession of the note as a holder carries with it the rights of the original mortgagee. The mortgagee may, in many states, be required to also demonstrate an assignment of the mortgage in order to enforce it.

The MERS system was designed to get around this requirement. Whether MERS will be upheld as a systematic way to evade recording requirements remains to be seen.

Thank you for your comment on Lakelaw’s blog.

Comment on What is a Single Asset Real Estate Case? (First in a Series of Three) by David Leibowitz

David Leibowitz — Fri, 21 Jan 2011 21:26:12 +0000

Your case would be a single asset case if you filed a chapter 11. However, you really ought to consider the possibility of filing a chapter 13 case, which is much more favorable to a consumer debtor such as yourself. Single asset real estate cases are for entities which own a single building like a hotel or an apartment building, for example.

Comment on Should I Reaffirm My Mortgage in Bankruptcy by David Leibowitz

David Leibowitz — Fri, 21 Jan 2011 21:24:27 +0000

In Illinois, an assignment is not required to be recorded for the debt to have been properly perfected in the first case. However, the person foreclosing does have to prove up their assignment in able to foreclose.

Comment on Should I Reaffirm My Mortgage in Bankruptcy by Linda Venturella

Linda Venturella — Thu, 20 Jan 2011 19:53:24 +0000

Can a “mortgage debt” be considered an unsecured debt like a credit card bill if the debt was never properly assigned (secured)? How much time is a bank given to record an assignment? I believe they are required by law and by the PSA agreement to record a note and an assignment publicly in a timely matter. Doesn’t this process of conveyance insure and perfect the collateral lien?

Comment on What is a Single Asset Real Estate Case? (First in a Series of Three) by Donna

Donna — Wed, 19 Jan 2011 06:27:53 +0000

I have been in foreclosure for the last two years trying to modify my loan and was denied 09/18/10. I filed chapter 7 on 12/09/10. I went to the creditors meeting today with out what seems to be a problem. My question is: since my sole income was made from my in home child care business for the last twenty years and because I have had sale dates for the last year or so keeping me from conducting my business…do I have a case for “single asset real estate” chapter 11 so I can keep my home? And if so, how do I do this before the discharge date on my chapter 7 filing? Please advise ASAP!

Comment on Will my bankruptcy be approved? by Will bankruptcy wipe out my debts? Some debts are not dischargeable. | Chicago Bankruptcy Attorney – Lakelaw – Real Estate Lawyer Chicago

Tue, 04 Jan 2011 21:00:10 +0000

[...] The main reason to file a bankruptcy case is to discharge, eliminate and wipe out debt. And of course, as we have explained in previous posts, in bankruptcy, an honest debtor can get a fresh start through the discharge in bankruptcy. [...]

Comment on Will my bankruptcy be approved? by I gave my bank a financial statement – is this a problem? Your debt may be non-dischargeable. | Chicago Bankruptcy Attorney – Lakelaw – Real Estate Lawyer Chicago

Sat, 01 Jan 2011 21:33:57 +0000

[...] For more information about discharge in bankruptcy, click here [...]