BANKRUPTCY, FLINT BANKRUPTCY, FLINT BANKRUPTCY ATTORNEY, LAWYER EXPLAINS SECURED DEBTS IN BANKRUPTCY.

April 7, 2011

BANKRUPTCY, FLINT BANKRUPTCY, FLINT BANKRUPTCY ATTORNEY, LAWYER EXPLAINS SECURED DEBTS IN BANKRUPTCY.

A Flint Bankruptcy debt is a secured debt if you will lose identified property real or personal when creditor payments are not made. How is a bankruptcy secured debt made. These debts are created when you the debtor sign a loan giving the bankruptcy creditor what is called a “ security interest” in your property. Most often these are home or car loans. Bankruptcy security interests are also created when a creditor files a lien which stops future sales.

Bankruptcy Lawyer Terry R. Bankert talks about these and other Bankruptcy issues on his popular  site http://www.nojokebeingbroke.com

 and http://www.attorneybankert.com writings on bankruptcy.

FLINT OR BAY CITY BANKRUPTCY SECURED DEBTS .

a. Tax liens in BANKRUPTCY- The taxing authority must record the liens against your property. Often these authorities are the IRS or state and local government. When in Bankruptcy Check to see if they have.
basmati Law created liens in BANKRUPTCY- Often these are called mechanics, materialmans or contractor liens. The creditor can assert or file a lien. When in bankruptcy check to see if they have.
c. Judicial liens in Bankruptcy- when the creditor loses a lawsuit they get a judgment. The creditor must record this judgment to create a lien. In Bankruptcy check to se if this was done.
d. In BANKRUPTCY personal loans from banks and credit unions or finance companies. You will have pledged valuable personal property such as a vehicle, or other property as collateral This  property can be repossessed if you don’t make the payments.
e. In BANKRUPTCY store charges with security agreements. The norm is that credit card buys on a credit card are unsecured. Some stores like J.C.Penny’s and Sears claim to retain a security interest in all hard or durable goods. Often these stores make their customers sign a security agreement when charges are made.
f. In BANKRUPTCY loans for RV’s, motorcycles, tractors, boats, and cars.
g. SECOND MORTGAGES IN BANKRUPTCY- If you do not pay this obligation to a bank or a finance company they will take your house under foreclosure.
h. MORTGAGES IN BANKRUTPCY- As you know these are loans on your home purchase or refinance. If you fail to pay the lender can take or foreclose on your home.

A Flint or Bay City bankruptcy attorney lawyer will help you deal with these debits and eliminate some. If you have question contact Bankruptcy lawyer Terry R. Bankert Terry@attorneybankert.com
810-235-1970 or http://www.attroneybankert.com
My law firm is called a debt relief agency that helps you file for bankruptcy. (feds made me say that) Get your free consultation today. 810-235-1970

Advertisements

BANKRUTCY FORCLOSURES, FLINT BANKRUPTCY PENSION LOANS

March 31, 2011

BANKRUPTCY;DID YOU KNOW? Your automatic stay does not keep your employer from taking your income to repay a pension,ERISA-qualified pension.
FLINT BANKRUPTCY;DID YOU KNOW ABOUT FORCLOSURES?

Your mortgage holder gets title back to a property through the forclosure process when you default on your payments. Your filing of a Flint Bankruptcy will stop these pesnding forclosure proceedings.

If you have questions about PENSION LOANS OR FORCLOSURES and Bankruptcy please set a free appointment with Bankruptcy Attorney Terry R. Bankert 810-235-1970 or through his web site at

http://www.attorneybankert.com


FLINT BANKRUPTCY AND DIVORCE SUPPORT

March 30, 2011

IN YOUR FLINT DIVORCE most orders and proceeding will continue. Contact Flint divorce/bankruptcy attorney Terry Bankert if you have questions. The automatic stay that stops collection actions against you , and the phone calls, when you file for bankruptcy will nnot stop in the following .

In what are called domestic proceedings the following are continued.

A. The setting and collection of current child support and alimony.

B. The collection of back child support and alimony from property that is not in the bankruptcy estate.

C.The determination of child custody and visitation.

D.A lawsuit to establish paternity.

E. An action to modify child support and alimony.

F.Proceedings to protect a spouse or a child from domestic violence.

G.Witholding of income to collect child support.

H.reporting of overdue support to credit bureaus.

I.The interception of tax refunds to pay back child support.

J. Witholding, suspension, or restriction of drivers license and professional license as leverage to collect child support.

If you have questions see  Http://www.nojokebeingbroke.com

or call 235-1970
TOPIC BANKRUPTCY:EASTERN DISTRICT OF MICHIGAN BANKRUPTCY COURT. BANKRUPTCY FLINT ,ATTORNEY POSTING BY Flint Bankruptcy Lawyer Terry R. Bankert 810-235-1970.[Comments of Flint Bankruptcy lawyer Terry R. Bankert ,810-235-1970 ,in bracket or CAP headlines. If you have bankruptcy questions call today-810-235-1970 this article presented in a SEO format see, http://www.nojoketobebroke.com ]


CAN YOU KEEP INSURANCE PROCEEDS IN BANKRUPTCY?

March 28, 2011

CAN YOU KEEP PROCEEDS FROM INSURANCE IF YOU ARE IN BANKRUPTCY?

TOPIC BANKRUPTCY:EASTERN DISTRICT OF MICHIGAN BANKRUPTCY COURT. BANKRUPTCY FLINT ,ATTORNEY POSTING BY Flint Bankruptcy Lawyer Terry R. Bankert 810-235-1970.[Comments of Flint Bankruptcy lawyer Terry R. Bankert ,810-235-1970 ,in bracket or CAP headlines. If you have bankruptcy questions call today-810-235-1970 this article presented in a SEO format see, www.nojoketobebroke.com  ]

source___________________________________/
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
SOUTHERN DIVISION – DETROIT
In re: Pauline Marie Darr, Case No. 09-63229
Chapter 7,Debtor. Hon. Walter Shapero, Signed on March 24, 2011
_______ ___________________________/

OPINION ON DEBTOR’S MOTION TO RETAIN INSURANCE PROCEEDS
The matter before the Court is Debtor’s Motion to Retain Insurance Proceeds (Docket
No. 86). For the reasons set forth in this opinion, Debtor’s Motion is denied.

BACKGROUND-BANKRUPTCY FILED 07-27-09 CHAPTER 13
Pauline Darr (“Debtor”) filed her Chapter 13 petition on July 27, 2009. She filed her
Chapter 13 Plan on August 11, 2009 and the Order Confirming Plan was entered on December
22, 2009 (Docket No. 47).

DEBTOR ASKED TO KEEP MOLD DAMAGE CLAIM TO HER HOME
On July 19, 2010, Debtor filed a Motion to Retain Insurance
Proceeds to Repair Residence (Docket No. 60), seeking permission to retain the proceeds of an insurance claim covering her residence, totaling $2,750.38, which arose out of remediation of
 old and water damage.

CHECK MADE OUT TO DEBTOR, DEBTORS SIGNIFICANT OTHER AND MORTGAGEE

The proceeds emanated from a check issued by the entity adjusting the
claim, which was delivered to the Debtor and was made payable to Debtor, her significant other, and the mortgagee of her manufactured home residence, Green Tree Serving, LLC (“Green
Tree”).

MORTGAGEE JUST WANTED TO KN OW THE MONEY WOULD BE SPENT WISELY

Green Tree responded to Debtor’s Motion, seeking a method by which they could be assured that the repairs would be timely made and that the disbursement of funds could be monitored.
ALL PARTIES AGREE TO A PROCESS

A hearing was set and eventually the parties stipulated to the entry of an Order Regarding Insurance Check (Docket No. 68), dated August 12, 2010, which essentially provided for the following:
(1) The check would be endorsed by the payees and the check’s proceeds would be
deposited in Debtor’s attorney’s trust account, with the funds to be disbursed therefrom as further provided in the order.
(2) Debtor would produce to her attorney and Green Tree certain documentation regarding the claim, including the adjustor’s itemized statement of the damages and a contractor’s estimate to remediate the damage. Incident to receipt of such, the
attorney would issue a check to the Debtor for 50% of the proceeds.
(3) Debtor was to have the repairs completed within thirty (30) calendar days of receipt of those funds, following which she was to produce proofs and certification of completion. If Green Tree found such to be satisfactory, the remaining 50% of the proceeds would be released to the Debtor.
DEBTOR HAD LEFT THE HOME

Previous to the entry of that Order, Debtor had (a) vacated the residence, and (b) obtained a repair estimate of $4,506.00 from a contractor; and ©) had received the adjustor’s loss report detailing how the $2,750.38 amount of the check was arrived at. That stated calculation was:
Gross Repair Estimate $ 4,213.22
Less: Policy Deductible _$ 500.00
$ 3,713.22
Less: Recoverable Depreciation _$ 850.48
$ 2,862.74
Less: Non-recoverable Depreciation _$ 112.36
AMOUNT OF CHECK $ 2,750.38
(The subsequent entry of the August 12, 2010 Order also implies that Debtor did not then take issue with the indicated insurance settlement figure)

DEBTOR TO GET $3,600.86 FROM THE CLAIM
What that meant was that (1) the money initially available from the insurance company for remediation was the check proceeds of $2,750.38 and (2) Debtor would also receive the recoverable depreciation of $850.48 on completion. Thus, the total to be ultimately received by
Debtor from the insurer in respect to the claim was to be $3,600.86. Debtor would be required to personally bear whatever, if anything, it cost in addition to that figure to remediate the damage.
Debtor having supplied the required documentation,

DEBTROS ATTORNEY GAVE HIM $1,300

Debtor’s attorney issued a check to Debtor for roughly half of the proceeds, i.e.: about $1,300. Sometime in October 2010, Debtor turned that amount over to the contractor from whom she received the indicated estimate, with the idea that the contractor would then commence the repairs.

DEBTOR TOLD THE CONTRACTOR TO NOT START WORK!.WHODATHUNK

However, the Debtor, for reason, thereafter told the contractor not to start the repair work.
CHAPTER 13 CONVERTED TO A CHAPTER 7

In the meantime, in November 2010, the Debtor’s bankruptcy case was converted to a Chapter 7 case and Green Tree thereafter obtained a lift of the stay in reference to its mortgage on the manufactured home residence.

CONTRACTOR RETURNS MONEY TO DEBTOR

Sometime in December 2010, the contractor returned to Debtor the money she had paid him, less some $300.00 he retained for his time and efforts to date.

DEBTOR GIVES MONEY TO ATTORNEY TRUST ACCOUNT

Debtor then turned that money over to her attorney who deposited it in his trust account, where it now sits together with the remainder of the $2,750.38 the attorney had not previously disbursed. Presumably the amount in that trust account is $2,750.38 less the $300 or so which the contractor did not return to the Debtor.
GREENTREE GETS THE HOUSE BACK
So, the situation is that (A) Green Tree has obtained a lift of the stay with reference to the residence and presumably will exercise its rights under its mortgage and for some time Debtor has not lived there and apparently does not intend to do so;
NO REPAIRS WERE MADE TO THE HOUSE

(B) no repairs were ever made to the residence incident to the loss covered by the insurance check;
THE INSURANCE MONEY IS IN THE ATTORNEYS TRUST ACCOUNT
 (C ) the check/loss proceeds in the indicated amount are being held in Debtor’s attorney’s trust account, subject to this Court’s decision; and
COURT ORDER DID NOT ADDRESS ESCROWED ACCOUNT AMOUNT
(D) the August 17, 2010 Order did not state what would happen to the escrowed funds if the contemplated repairs were in fact not made.
 

DEBTOR ASKED THE COURT TO ALLOW DEBTOR TO KEEP THE MONEY

Debtor seeks to have some or all of those proceeds paid to her, as opposed to having them released to Green Tree, which seeks turnover to it of all of the funds.

DISCUSSION
In the Court’s view, given that the August 17, 2010 Order was not fully effectuated, the proper disposition of the funds must be determined by looking at both the Mortgage and the insurance policy involved.
INSURANCE REQUIRED AND ASSIGNED TO MORTGAGEE
The mortgage documents with regard to Property Insurance clearly
(a) require that the Debtor carry prescribed insurance coverage; and (b) assign to the mortgagee (in this case Green Tree) the proceeds of any insurance coverage on the manufactured home, the same to be applied to repair or restoration, or in lieu thereof, to the remaining unpaid balance due
under the mortgage.

GREENTREE WAS THE INSURED

The insurance policy involved in this case, which covers the loss involved,
among other things, names Green Tree as an insured.

DEBTOR SAYS MONEY CANNOT FIX PROPERTY SO DEBTOR SHOULD KEEP IT

Debtor argues that she should be entitled to all or part of the funds at issue because the
funds are insufficient to fully restore the premises and fully pay for the loss; that she did not have the funds to pay the difference; and that she continued to pay lot rent until the stay was lifted, and that she needs the fund to get back on her feet.

LOOK TO THE POLICY

While all of that might be so, such cannot alter the meaning and purport of the referred to provisions of the mortgage and insurance policy.

It was clear in the first place, whether Debtor fully appreciated it or not, that she was going to have to bear some of the cost herself (unless the contractor agreed to accept the check proceeds as full payment for the entire remediation). Furthermore, as indicated, the stipulated Order
pertaining to the disposition of the funds is silent on what was to happen if the provisions of the order were not carried out and the repairs were never made. That necessarily left the disposition
of the matter to the cited provisions of the relevant documents.

GREENTREE GETS THE PROCEEDS
Accordingly, Green Tree is entitled to all of the funds involved. Green Tree should prepare and present an order which requires the Debtor and Debtor’s attorney to forthwith turn over to it all of such funds. Debtor and Debtor’s attorney do not have any responsibility to turn
over the amounts deducted by the contractor before he returned the remaining balance to the Debtor and she thence turned it over to her attorney, because the Court has concluded the
circumstances do not warrant requiring them to do so.
—END

If you have bankruptcy questions please call Terry R Bankert at 810-235-1970 , email terry@attorneybankert.com

, web page http://www.attorneybankert.com


WHEN IN BANKRUPTCY YOU MUST GET A CREDIT COUNSELING CERTIFICATE BEFORE YOU FILE

March 24, 2011

DID YOU KNOW IF YOU ARE IN BANKRUPTCY you must file a motion for approval of the certification, serve it on all parties, and file a certificate of service.

BANKRUPTCY posting by Bankruptcy lawyer Terry R. Bankert.UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION (DETROIT),In re: Chapter 13,Carlos B. Oxholm, Case No. 11-46348 Debtor. March 15, 2011 Hon. Phillip J. Shefferly

ORDER DENYING DEBTOR’S EX PARTE MOTION FOR
EXTENSION OF TIME TO FILE CREDIT COUNSELING CERTIFICATE

BANKRUPTCY FLINT ,ATTORNEY POSTING BY Flint Bankruptcy Lawyer Terry R. Bankert 810-235-1970.[Comments of Flint Bankruptcy lawyer Terry R.Bankert ,810-235-1970 ,in bracket or CAP headlines. If you have bankruptcy questions call today-trb.810-235-1970]

DEBTOR FILED 03/01/11

On March 9, 2011, the Debtor filed this Chapter 13 case.

MOTION FILED 03/1/2011

On March 11, 2011, the Debtor filed a motion (docket entry no. 8) seeking an extension of time to file a certificate of budget and credit counseling.

DEBTOR SAYS NO CREDIT COUNSELING BEFORE FILING.

The motion does not cite any Bankruptcy Code section or rule, but explains that the Debtor did not obtain budget and credit counseling prior to filing the bankruptcy petition
because of exigent circumstances.

DEBTOR WANTS EXTENSION

The Debtor’s motion requests that the Court grant the Debtor
an extension of time to file the certificate of budget and credit counseling on an ex parte basis.

BANKRUPTCY CODE SAYS YOU CAN ASK

Section 109(h)(3)(A) of the Bankruptcy Code permits a debtor to

[1]obtain a waiver of the requirement of obtaining budget and credit counseling pre-petition,

[2]provided that the debtor files a certification that complies with § 109(h)(3)(A).

[3]The Bankruptcy Court for the Eastern District of Michigan has a specific local bankruptcy rule that sets forth the procedure for filing a motion under § 109(h)(3)(A).

CREDIT COUNSELING CERTIFICATION

Local Bankruptcy Rule 1007-6 is entitled “Credit Counseling
Compliance.” Local Bankruptcy Rule 1007-6(a) provides that

[]a debtor filing a certification under § 109(h)(3)(A)

[]must file a motion for approval of the certification, serve it on all parties, and file a certificate of service. Further,

[]the local rule provides that parties in interest have
14 days within which to object to the motion.

[]If no timely response is filed, the certification shall be deemed satisfactory under § 109(h)(3)(A)(iii) without a hearing or further order.

[]The 11-46348-pjs Doc 12 Filed 03/15/11 Entered 03/15/11 14:46:56 motion must be accompanied by a notice that the deadline to file responses is 14 days after
service.

DEBTOR ASKED FOR EX PARTE, NOT ALLOWED IN RULES

The Debtor’s motion in this case seeks relief under § 109(h)(3)(A) of the Bankruptcy Code, but does not comply with L.B.R. 1007-6(a).

RULES SAYS JUDGES CANNOT LOOK EX PARTE

That local rule does not permit the Debtor’s
motion to be considered on an ex parte basis. Accordingly,

DEBTOR REQUES DENIED BUT DOOR LEFT OPEN TO DO IT RIGHT

IT IS HEREBY ORDERED that the Debtor’s motion (docket entry no. 8) for extension of time to file certificate of budget and credit counseling is denied without prejudice to the Debtor’s right to file and serve a motion that complies with L.B.R. 1007-6(a).
–END

If you have bankruptcy question please contact Flint Bankruptcy Attorney Terry r. Bankert P.C. 810-235-1970, http://www.attorneybankert.com

This law firm acts as a debt relief agency by helping you file for bankruptcy.


Its No Joke Being Broke.com contact a FLINT BANKRUPTCY ATTORNEY.

March 13, 2011

Bankruptcy is there to help you get a fresh start in your life or time to get your economic house in order. For a Flint Bankruptcy Attorney Call 235-1970

In order to file a bankruptcy, a debtor must file a petition for relief with the United States Bankruptcy Court for the district in which he or she resides.
Most common bankruptcy types—Chapter 7 (individual liquidation), Chapter 13 (individual reorganization) and Chapter 11 (corporate reorganization or high-income individual reorganization).
What are the differences?

In a Chapter 7, a Chapter 7 Trustee is appointed to oversee the debtor’s case. This happens automatically from the panel of Chapter 7 Trustees maintained by the Bankruptcy Court. All of the debtor’s non-exempt assets are “pooled” and turned over to the Chapter 7 Trustee to be liquidated and distributed to creditors. Often, a Chapter 7 debtor has no assets to be liquidated, making the case a “no asset” case with no recovery by creditors. In a Chapter 7 case, the Chapter 7 Trustee is responsible for objecting to claims, filing adversary proceedings to challenge the status of security interests, recover “avoidable” transfers, and paying creditors.

In a Chapter 13, a Chapter 13 Trustee is appointed from the panel of trustees to oversee the debtor’s case. The debtor proposes a plan to repay his or her creditors a certain percentage of their debts over a period of time (usually 5 years). The debtor must devote his or her “disposable income” to the repayment plan. In a Chapter 13, both the Chapter 13 Trustee and the debtor can object to claims filed by creditors.

In a Chapter 11 case, there is no trustee. Instead, the debtor remains in possession of its business or assets and is called the “debtor-in-possession”. Most often used for businesses, high-income individuals can also use this process to reorganize their debts and pay creditors. A chapter 11 debtor also proposes a plan for repayment of creditors, and creditors vote on the plan to determine whether it will be confirmed (i.e., accepted) by the Bankruptcy Court. A Chapter 11 case is a powerful tool that permits a Chapter 11 debtor to, among other things, assume or reject leases and contracts, object to claims and recover avoidable transfers made before the case was filed.
Also Chapter 12 (family farmer) and Chapter 9 (municipality) cases—these are much less common.
Once the bankruptcy case is filed, the debtor must file its schedules of assets and liabilities and its statement of financial affairs, which lists various transfers made by the debtor within certain periods of time as well as other financial information
The schedules permit the Trustee and creditors to review the debtor’s assets and the debtor’s idea of what claims will be asserted by creditors
The statement of financial affairs allows the Trustee and creditors to determine if the debtor transferred any assets to insiders within 1 year of the bankruptcy, paid any creditors within the 90 days before the bankruptcy, and gives a general picture of the debtor’s financial situation, including the last several years of income.