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THE CONSUMER BANKRUPTCY LETTER |
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In This Issue:
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January 10 2005
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TAX DISCHARGE PROGRAM IN JANUARY!
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From BankruptcyBooks.com
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FEATURED SITE #3 Accurint.com
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HEADS-UP ON RECENT CASES
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PERENNIAL REFORM BILL COMING BACK
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REFORM BILL PREDICTED TO BE BACK EARLY THIS YEAR
INFORMED SOURCES tell us that the consensus in Washington is that the bankruptcy reform legislation that has failed repeatedly in recent years to be enacted into law, will be re-introduced in Congress soon.
These sources tell us the bill is expected to move quickly through the House, barring other legislative issues taking priority, most likely before April.
Then the fight will shift to the Senate. With its rules, the majority cannot force issues as easily or as quickly - 50 votes are needed to break a filibuster. And, there is no indication that Sen. Schumer has given up on his "poison pill” provision that many Senators who support the bill find repugnant.
At the outset of the 109th Congress, sources give the bill a 60/40 chance of favor of it passing and becoming law (by being signed by the President).
If that does not happen by the end of the first session, 2005, and the bill carries over into 2006, then it becomes 50/50.
In this connection another source, Susan Jones with CNSNews.com reported that Sen. John Cornyn's office said likely business in the weeks ahead, in addition to tsunami relief, includes class action reform and bankruptcy reform. But no Senate bills will be introduced before Monday, Jan. 24.
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REFINANCING OF HOMES BRINGS INCREASE IN FORECLOSURES
Refinancing in America skyrocketed 35 percent from 1993 to 2001, but from 2000 to 2003, foreclosures also climbed 45 percent. Many economists suggest that with volatile real estate and money markets, pinning all of your financial future on your house isn't much different than taking a spin at the local casino.
"There are people in this world who want to take that kind of gamble, but that's not what most Americans want to do with the place they live," says Warren.
And the high stakes don't stop with loans. A recent study by October Research shows 55 percent of appraisers say they've felt 'uncomfortably pressured' to overstate property values, and 46 percent of those say they were asked to inflate the value by 11 to 30 percent.
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THE TWO-VOLUME SET: Morgan King's
THE FUNDAMENTALS OF CHAPTER 7 LAW & PRACTICE
834 pages
THE FUNDAMENTALS OF CHAPTER 13 LAW & PRACTICE
584 pages
Each is a 3-ring binder for easy use of forms and checklists, and includes a CD containing the text in pdf format with a search ability, for easy research and location of issues in the text.
Each contains chapters on law, procedure, case handling, and a chapter on compensation and ethics. The issues are treated in the order that they would ordinarily arise in handling a case: basic concepts, eligibility, preparation of the petition and schedules, the meeting of creditors, then frequently encountered issues such as substantial abuse, fraudulent transfer, preferential payments, estate property, exemptions, lien avoidance, treatment of claims, and etc. The Chapter 13 book has a separate chapter on crafting plans.
If purchased separately, they would come to $258.
Purchased together they are only $199.95!
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Consumer bankruptcy attorney Rooker Feldman had been climbing the steep mountain, seeking The Great One, the monk who sits at the peak. Finally he arrived, and there sat The Great One.
"Oh Great One,” beseeched Feldman, “I represent debtors in consumer bankruptcy cases. I wish to know, what is the meaning of my retainer fees?"
The Great One, gazing into the far-away ether, spoke:
“Here today, gone tomorrow.”
“But, Oh Great One,” muttered Feldman, “granted, my retainer fees will be gone tomorrow, where do they go?”
The Great One, gazing deep into the eternities, spoke:
“Disgorged.”
“So,” said Feldman, “I can never count on keeping my retainer fees?”
“All that glitters,” responded The Great One, ”is not gold.”
“But,” sputtered Feldman, “It's not fair!”
“Easy Come, Easy Go,” responded The Great One.
Feldman couldn't make any sense out of The Great One's answers. Finally, he gave up and started back down the mountain.
Meanwhile, at the top of the mountain, The Great One gazed enigmatically into the distance.
“Debtors' attorney!” he snickered. “A fool and his money are soon parted.”
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PUBLISHED BY KING BANKRUPTCY MEDIA FOR BANKRUPTCY PROFESSIONALS 7080 Donlon Way Suite 222 Dublin California 94568 (925) 829-6460. Morgan D. King, Editor.
© King Bankruptcy Media 2004 CONTACT US AT editor@bankruptcymedia.com
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