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Author Archives: Kathleen Munden

10 Things Every Lawyer Should Know About Bankruptcy: #4 Most People Keep All of Their Property

Published on February 18, 2010 by Kathleen Munden

One of the many common bankruptcy myths is that a debtor in a bankruptcy case will lose much of their property. Recently, one of the financial “experts” on the Today Show stated that in a Chapter 7 bankruptcy case, “you lose all of your property except for your retirement accounts.” Now, millions of people believe [...]

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10 Things Every Lawyer Should Know About Bankruptcy: #3 Claims May Be Lost If Not Pursued

Published on February 17, 2010 by Kathleen Munden

If you have a client who is listed as a creditor in a bankruptcy, the debt may be discharged automatically, even if it falls into one of the categories of non-dischargeable debt. If a debtor lists your client’s claim as a general unsecured claim, it could be discharged unless your client asserts his or her [...]

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10 Things Every Lawyer Should Know About Bankruptcy: #2 List It Or Lose It

Published on February 16, 2010 by Kathleen Munden

If the debtor in a bankruptcy case fails to list a lawsuit or possible claim in which they are the plaintiff, they may lose the ability to proceed on that claim. For example, if a debtor has a personal injury lawsuit pending and fails to list it as an asset in the bankruptcy case, they [...]

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10 Things Every Lawyer Should Know About Bankruptcy: #1 Stay Means “Stay”

Published on February 15, 2010 by Kathleen Munden

If you receive notice that an opposing party in your litigation has filed bankruptcy, you should immediately stop what you are doing in the case and contact the debtor’s bankruptcy attorney. The moment a bankruptcy case is filed, an “automatic stay” goes into effect, protecting the debtor from most forms of prosecution, including suits for [...]

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Consumer Alert: FinallyFast.com

Published on December 22, 2009 by Kathleen Munden

As many of you in the Dallas area may have seen lately, a company called “FinallyFast” is heavily advertising on television. Their product is a program that they promise will speed up your computer by clearing out the junk files that accumulate on computers over time.
You would think that as a bankruptcy lawyer, I would [...]

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Discharging Student Loans In a Bankruptcy Case

Published on December 21, 2009 by Kathleen Munden

Student loans can only be discharged in a bankruptcy case by obtaining a favorable ruling in an adversary proceeding, which is essentially a mini-lawsuit filed within the bankruptcy case. Courts use the factors set out in Brunner v. NY State Higher Educ. Serv. Corp., 831 F.2d 295 (2nd Cir. 1987) to decide if a discharge [...]

Categories: Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy Comments (1) »

Fannie Mae Introduces “Deed For Lease” Program

Published on November 6, 2009 by Kathleen Munden

Home foreclosure is one of the biggest fears our Dallas and Fort Worth bankruptcy clients face. Potential foreclosure is often the triggering factor in causing people to contact a Dallas bankruptcy attorney. Now the federal government has taken a small step forward in helping homeowners attempt to avoid foreclosure.
In a bid to avoid an overload [...]

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What Happens To My Car In a Chapter 13 Bankruptcy?

Published on October 20, 2009 by Kathleen Munden

When you file a Chapter 13 bankruptcy case, you must propose a plan to repay your creditors. Usually, your unsecured creditors (such as credit cards, personal loans, medical bills, and other debts for which no collateral is pledged) will be discharged without any payment. However, if you want to keep your secured assets, such [...]

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What Happens To My Car When I File a Chapter 7 Bankruptcy?

Published on October 19, 2009 by Kathleen Munden

When you file a Chapter 7 bankruptcy case, all creditor actions, including repossession of vehicles, is prohibited. In fact, if your vehicle has been repossessed shortly before the case is filed, it may be possible to force the creditor to return it. However, if you wish to keep your vehicle, you must bring the payments [...]

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Failure By Mortgage Companies To Modify Mortgages May Reawaken Bankruptcy Cramdown Legislation

Published on October 15, 2009 by Kathleen Munden

According to an article in the Journal of the American Bankruptcy Institute, the failure by mortgage companies to pursue voluntary modifications of mortgages may renew the push to allow judges to modify mortgages within bankruptcy cases. Since the “Home Affordable Mortgage Program” (HAMP) went into effect in March 2009, only about 360,000 homeowners have [...]

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Top 10 List of Consumer Complaints

Published on October 13, 2009 by Kathleen Munden

According to the National Association of Attorneys General, the top three topics for consumer complaints to state attorney general offices are debt collection, auto sales, and home repair/construction. Complaints regarding credit cards tied for fourth place with complaints regarding goods and services provided over the internet.
Complaints concerning predatory lending and mortgage practices were sixth, with [...]

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Pre-Paid Utility Meters Pose Danger to Consumer Rights

Published on October 9, 2009 by Kathleen Munden

Traditionally, utility service has been extended on credit, remained connected until a serious delinquency occurred, and would not be disconnected during severe weather or where elderly  or sick individuals were in the household. Pre-paid meters are now being introduced in several states, including Texas, and require cash up front to obtain and maintain service. When [...]

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Housing Crash Not Yet Over

Published on October 6, 2009 by Kathleen Munden

Amherst Securities Group analysts predict that the crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market. The “huge shadow inventory” reflects mortgages already being foreclosed upon or now delinquent and likely to be, which compares to 1.27 [...]

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Democrats Seek To Move Up Credit Card Reform Deadline

Published on October 1, 2009 by Kathleen Munden

Representatives Carolyn Maloney (D-N.Y.) and Barney Frank (D-Mass.) are proposing legislation that will advance the implementation date to December 1, 2009, for the regulations limiting credit card interest rates and fees. The regulations, approved by Congress and signed into law earlier this year by President Obama, were scheduled to take effect on February 22, 2010. [...]

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Find Out Who Is Really Calling You

Published on September 15, 2009 by Kathleen Munden

If you are receiving calls from debt collectors, telemarketers, or scam artists from a toll-free number, you can find out who those callers really are and read notes from other people who have had experience with those callers. The website 800Notes allows you to enter the phone number that has called you, and link into [...]

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Debit Card Overdraft Fees On the Increase

Published on September 14, 2009 by Kathleen Munden

A few years ago, if you tried to use your debit card and had insufficient funds in your bank account, the transaction would be denied. Eventually, banks realized that allowing the transactions to go through and charging overdraft fees for the transactions could  generate enormous fees. To increase such fees even more, banks typically [...]

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New Federal Program Addresses Short Sales of Homes

Published on September 10, 2009 by Kathleen Munden

National Mortgage News reports that the major mortgage servicers are preparing for the Treasury Department to roll out a short sale program and they are signing up vendors that specialize in handling these difficult real estate transactions that help troubled homeowners avoid foreclosure.
Loan Resolution Corp. chief operating officer Travis Olsen said one of the top [...]

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Option ARMs Expected to Lead Next Wave of Foreclosures

Published on September 3, 2009 by Kathleen Munden

Since February 2009, default and foreclosure rates on option adjustable rate mortgages have passed those of subprime mortgages, which led the initial wave of foreclosures. Option ARMS accounted for $750 billion in mortgages between 2004 and 2007, and they remain at risk, especially because many are not eligible for refinancing.
About one-third of option ARMS are [...]

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What Can I Expect At My Chapter 7 Trustee Meeting?

Published on September 1, 2009 by Kathleen Munden

Normally, the only meeting or hearing a Chapter 7 debtor must attend is the “341 meeting,” also called a creditor’s meeting or trustee meeting. Section 341 of the U.S. Bankruptcy Code requires that the meeting be held “within a reasonable time” after the case is filed. In the Northern District of Texas, which covers the [...]

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“Cash For Clunkers” Program Deemed a Success

Published on August 31, 2009 by Kathleen Munden

The Transportation Department states that the Cash For Clunkers program succeeded in putting 690,114 more fuel-efficient vehicles on the nation’s roads. The entire $3 billion dedicated to the program was spent in an effort to retire older gas-guzzlers and stimulate vehicle sales.
One auto analyst called the program a success, after his research showed that [...]

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