Congeni Law Firm Legal News
State law exempts certain assets from seizure by creditors or bankruptcy trustees. The intent is to ensure that borrowers retain basic items necessary to live -- example, furnishings, clothes, tools necessary for work, etc. Some states also use exemptions to encourage entrepreneurs to invest and start businesses in their state. For example, the states of Florida and Texas exempt the full value of...Read More
Bankruptcy clients are occasionally surprised upon being advised that all assets and recent transfers must be listed as part of their bankruptcy case. Clients sometimes innocently believe that certain assets are inconsequential or that pre-bankruptcy planning, including asset transfers, are not pertinent to their bankruptcy case. When choosing your New Orleans bankruptcy attorney or attorney in...Read More
Single asset real estate (SARE) debtors typically are commercial entities formed to own and operate income producing real estate like apartment buildings, strip malls or office buildings. “Cramdown” describes the tool that enables Chapter 11 debtors to confirm a plan notwithstanding the objections of an entire class of creditors. A perquisite to cramdown is the acceptance of at least one...Read More
Your home construction loan has expired and the Bank won’t convert it to a standard 30 year mortgage: Is Bankruptcy an option?
Chapter 13 bankruptcy is designed for individuals who’ve defaulted on their home mortgage. It provides a powerful tool for catching-up past-due payments on standard, 30 year mortgages. Homeowners may take 3 - 5 years to repay the past-due installments. Upon completing the case, the homeowner emerges from Chapter 13 current on their mortgage. What if the loan is not a standard 30 year...Read More