Here, in ITT Financial Services v. Arthur Suydam, 151 B.R. 436, the debtor owed more than $3,900 to ITT Financial Services on a loan secured by various items of personal property, including a Pentax Camera and lens, snowblower, color television set, VCR, stereo system, a gun, power saw and an electric guitar. The initial debt […]

A Chapter 13 bankruptcy debtor attempted to confirm a plan that provided for 40% repayment on unsecured student loans and only 8% repayment on all other unsecured loans. The debtor created two classes of unsecured loans and provided unequal repayment between the student loans and all other general unsecured creditors. Often, if the debtor can […]

Court orders collection against non-filing bankruptcy codebtor allowed to the extent that said creditor was not paid through the plan.   Debtors filed a Chapter 13 bankruptcy. Prior to filing a Chapter 13 bankruptcy, debtors borrowed money from First Interstate Bank of Texas and Suzanne’s father cosigned for the debt. Debtors’ Chapter 13 repayment plan proposed a […]

Credit Union Board Members Suit against Credit Union. Nevada Federal Credit Union held a regularly scheduled meeting and voted 5-2 not to renew the employment contract of Robert Street, its then President and CEO. After obtaining legal advice, a second meeting was convened, at which time the same vote was reiterated. The Board indicated that they […]

CHAPTER 7 DISMISSED DUE TO DEBTOR’S SUBSTANTIAL ABUSE In this case the court dismissed debtor’s Chapter 7 bankruptcy after discovering that only 76% of the debts scheduled were “consumer debts” and that the debtor had sufficient income to support a Chapter 13 repayment plan. The Bankruptcy Code permits dismissal of a case if the debtor has committed […]

MortgagesNew Michigan Foreclosure Laws Effective July 5, 2009 By Charles R. Harroun Attorney at Law Jul 6, 2009, 06:43 The New Michigan Foreclosure Laws give Michigan homeowners approaching foreclosure a 90-day window to remain in their “primary residence” and potentially work out a resolution with their lender. These new laws are intended to help financially […]

BankruptcyFalse Financial Statements = Nondischargeable Judgment By Charles R. Harroun, Attorney at Law Feb 29, 2004, 04:20 FALSE FINANCIAL STATEMENTS RESULT IN NONDISCHARGEABLE JUDGMENT AGAINST DEBTOR In the cases of Pittsburgh Police Federal Credit Union and Allegheny County No. 1 Federal Credit Union v. Eric Lundy (U.S. Bkcy Court, W.D. Pennsylvania, Case Nos. 93-21173-BM & […]

BankruptcyFalse Financial Statements = Nondischargeable Debt By Charles R. Harroun, Attorney at Law Feb 29, 2004, 06:01 NONDISCHARGEABILITY: FALSE FINANCIAL STATEMENTS Here, in In re Watson (C.A. 10 [Okl.], 1992, WL 37668), debtor was introduced to a bank by a known customer, who had an ongoing relationship with the bank, and the known customer verbally […]

BankruptcyCourt Denies Reopening of Bankruptcy Case By Charles R. Harroun, Attorney at Law Feb 29, 2004, 06:13 COURT DENIES REOPENING OF BANKRUPTCY TO INCLUDE ADDITIONAL CREDITORS Debtors filed a Chapter 7 bankruptcy, were discharged and the case closed. Slightly more than one year after the case was closed, debtors submitted a motion to reopen the […]

BankruptcyCredit Card Debts in Bankruptcy By Charles R. Harroun, Attorney at Law Feb 29, 2004, 06:43 CREDIT CARD CHARGES AND DISCHARGEABILITY IN BANKRUPTCY Debtor, Joseph Mickel, applied for and received a Visa credit card from Bethpage Federal Credit Union with a credit limit of $1,000. Within a six month period, charges were incurred on the […]