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All consumer debtors contemplating Chapter 7 (full discharge) bankruptcy have to tackle the Means Test. Back in the distant days before 2005, this wasn’t the case – you could file Chapter 7 regardless of income. These days, some fairly complex calculations are involved to figure out if you have disposable income that could be used [...] Fannie Mae says it will crack down on homeowners who “walk away” from the mortgages on their underwater homes. Borrowers who have the means to pay on their loans but engage in “strategic defaults,” won’t be able to get another mortgage for seven years, according to news reports. In states that allow deficiency judgments [...] There’s a fascinating article on Avvo’s Naked Law site, titled 8 Reasons College Tuition is the Next Bubble to Burst. It’s of particular interest to me not only because I have a son about to enter 11th grade but also because the article implicates the 2005 “reform” of bankruptcy law in the Tuition Bubble. [...] Economists are predicting a steady but slow – very slow – economic recovery for Sonoma County, the Press Democrat reports. The good news: Job growth, corporate profits and housing affordability are up in Sonoma County. The bad: Sonoma continues to boast distressed real estate, government budget cuts and unemployment still above 10 percent In other [...] Sonoma County debtors with substantial income may be able to skip the means test if more than half their debit is “business debt.” The bankruptcy means test – created in 2005 – is meant to identify debtors who have enough nonexempt assets to pay their creditors. If you fail the means test, you may be [...] ABC News reports that BP itself may suffer a “top kill” as a result of the horrendous environmental disaster created by the explosion of the oil rig. BP might have thought itself safe because a Louisiana law limited liability to under a billion dollars, but Obama extracted a promise – in writing – from [...] |
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