High court rules 2nd mortgages can’t be voided in bankruptcy

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Under some circumstances, a bankruptcy court may not only delay or stop a foreclosure process, but actually declare a mortgage to be void, relieving the debtor of the obligation to continue making any mortgage payments. Bankruptcy courts can eliminate or reduce the amount you own on second mortgages in some.

The debtors sought bankruptcy protection under Chapter 7 and asked the court to void (or "strip off") the second mortgages. The bankruptcy court granted the motions. Bank of America appealed to the U.S. 11th Circuit Court of Appeals in Atlanta, which upheld the bankruptcy judge’s decisions.

In a conventional bankruptcy, derivatives would get priority as creditors before current and retired municipal workers. Fortunately, the rules governing Chapter 9. And unlike investors, they can’t.

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Bankruptcy Options. Liquidation bankruptcy results in a discharge of debt so that the filer no longer is liable for repayment. Property of the filer is "liquidated" and then sold, to pay off as much of his or her unsecured debt as possible. Debts that remain after the liquidation generally are discharged. The goal of reorganization bankruptcy,

The debate peaked in Virginia in the late 1980s, with high-profile cases drawing outrage. going to find its relief in a criminal court. . . . The criminal justice system cannot fill the void. You.

Bankruptcy Court Voids Mortgage for Failure to Include an Interest Rate. The bankruptcy court held that the mortgage statute mandatorily requires all the elements found in the text. To comply with the statute, the amount of the principal debt, the underlying interest rate, and the maturity.

Then, for the second time in three years. If Falcone, who heads the firm’s executive committee, can’t persuade them to extend the deadline, LightSquared could file for bankruptcy and wage war.

Cramdown Controversy #2-Will I “Succeed?” posted by Katie Porter Our active readers at Credit Slips already started debating the second controversy about the pending cramdown legislation: is the failure rate of chapter 13 too high to make mortgage modification in. Continue reading

How to Discharge a Second Mortgage in chapter 13 bankruptcy. For a homeowner with multiple mortgages, a Chapter 13 bankruptcy can be critical in keeping a property. In some situations, a judge will order that a second mortgage be removed.