By Veronica D. Brown-Moseley, Boleman Law Firm, P.C. (Virginia Beach, VA) Many things can, and often do, change between the time debtors file a Chapter 13 bankruptcy petition and the end of their case. A variety of circumstances impact a debtor’s ability to afford their Chapter 13 plan payments, including but not limited to: medical problems, disability, loss of employment,...
Forced Vesting by Any Other Name – Just Might Work
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By Academy Staff
Those who have been around consumer bankruptcy for a while remember the halcyon days when a Debtor surrendered property in the Plan; Plan was confirmed; lender would foreclosure and file its deficiency claim; Debtor would complete the Plan; and obtain a discharge of all unsecured debts including the deficiency balance. Lenders were able to realize on the collateral with minimal problems; Debtors were able to get on with their lives; and Real Estate Agents were happy (after all, lenders had to hire someone to help dispose of foreclosed properties).
Then along came the great recession . . .
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