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Special Report on

Bankruptcy Car “Cram-Down” Rules

bankruptcy car cram down rules special research report Photo by i204.photobucket.com
discusses various actions and proposals by economists, government officials, journalists, and business leaders to address the subprime mortgage crisis and broader economic crisis of 2007-2010.
REVIEWS AND OPINIONS
Chapter 13 Bankruptcy and Cars: Life is a Highway
.  One of the things you can do is “cram down” a vehicle.  It sounds a little violent, and I’m sure it feels that way to an auto lender. Here’s how it works .  Let’s say you owe $20,000 on your car, but it’s worth only $10,000.  You can value the car at $10,000 and pay that amount as the secured claim.  The other $10,000 becomes an unsecured debt and might only be paid a few pennies on the dollar.  You crammed the loan down to $10,000. However, there’s one important limitation to your ability to cram down the vehicle.  If you obtained a loan to purchase the vehicle within 910 ... market research, surveys and trends
Chapter 13 Bankruptcy and Cars: “Life is a Highway”
Filing a Chapter 13 bankruptcy lets you do things you couldn’t otherwise do in a Chapter 7 bankruptcy. One of the things you can do is “cram down” a vehicle. It sounds a little violent, and I’m sure it feels that way to an auto lender. Here’s how it works. Let’s say you owe $20,000 on your car, but it’s worth only $10,000. You can value the car at $10,000 and pay that amount as the secured claim. The other $10,000 becomes an unsecured debt and might only be paid a few pennies on the dollar. You crammed the loan down to $10,000. However, there’s one important limitation to your ability to cram down the vehicle. If you ... market research, surveys and trends

SURVEY RESULTS FOR
BANKRUPTCY CAR “CRAM-DOWN” RULES

Senate likely to kill mortgage 'cram-down' bill today | Money ...
A bill to allow judges to unilaterally rewrite mortgage terms for strapped borrowers who file for bankruptcy protection looks like it’s headed for defeat in the U.S. Senate. The so-called mortgage cram-down bill is part of the Obama administration’s efforts to stem the foreclosure wave. But amid fierce opposition from lenders, key Democrats in the Senate remained opposed or undecided as debate on the bill began today. From Bloomberg News : Sen. Richard Durbin of Illinois, sponsor of the legislation, said it has taken "months and months of heroic efforts" to seek support from the banking industry and credit unions, and New York-based industry trends, business articles and survey research
Seismic Effects of the Bankruptcy Reform
after BAR was 12.6 percent higher than the average subprime foreclosure rate over all states over ... under bankruptcy.5 BAR prohibits cram-down for cars owned less than 910 days. ... buy a good new car for the price of a bad ―used‖ car. ..... credit will adjust to take account of the new bankruptcy rules. ... industry trends, business articles and survey research
RELATED NEWS
IN RE CORMIER
The issues presented in this Chapter 13 case raise important questions regarding the interplay between the rights of mortgage holders and those of financially-strapped property owners seeking relief under the Bankruptcy Code. At a time when the soaring foreclosure rate has left a backlog of bank-owned properties, and both owners and banks often choose to simply walk away — leaving abandoned homes and buildings to blight and burden their neighborhoods, cities, and towns — the inadequacy of existing state and federal laws to provide meaningful, responsible solutions becomes distressingly obvious. Yet, judges are ... market trends, news research and surveys resources
IN RE GONCH
O'Connor, O'Connor, Bresee & First, P.C. Michael Jude O'Connor, Esq. Attorneys for the Debtors. Albany, NY. Miller & Dubuc, P.C. John M. Dubuc, Esq. Attorneys for General Motors Acceptance Corp. Albany, NY. ROBERT E. LITTLEFIELD, Jr., Chief Bankruptcy Judge Currently before the court is the objection by creditor General Motors Acceptance Corporation ("GMAC") to confirmation of the Chapter 13 plan filed by Jonathan and Jennifer Gonch ("Debtors"). At issue is the appropriate measure of the value of a motor vehicle for purposes of the § 1325(a)(5)(B)(ii) cramdown provision. [ 1 ] The court ... market trends, news research and surveys resources

INFORMATION RESOURCES

TOWARD A MIDPOINT VALUATION STANDARD IN CRAM DOWN: OINTMENT FOR ...
ter 13 cram down valuations,5 ambiguity in the Court's definition of ... creditor's collateral from a decline in value during the bankruptcy. ..... Note, however, that the vehicle in Rash was not the debtor's car, used for personal reasons .... In some jurisdictions, local rules govern the initial valuation of a ... technology research, surveys study and trend statistics
Testimony
Chairman Whitehouse, Ranking Member Sessions, and distinguished members of the Subcommittee, thank you kindly for inviting me to address bankruptcy reform in light of the worsening foreclosure crisis. I will share with you my experience of foreclosure in bankruptcy from the perspective not of an academician, but of a "country-lawyer" practitioner in the trenches. In my general trial and transaction practice, I represent consumers and creditors in Chapter 7 and Chapter 13 bankruptcy cases. Before 2006, it was common in Chapter 7 and 13 cases to advise financially overwhelmed debtor clients to surrender late-model cars and ... technology research, surveys study and trend statistics
REAL TIME
BANKRUPTCY CAR “CRAM-DOWN” RULES
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QUESTIONS AND ANSWERS
WikiAnswers - Bankruptcy Law Questions including "Renter owes us a ...
The US Bankruptcy Code that determines which debts may be discharged and which obligations will remain after a person or organization is deemed insolvent Total questions 14900 Renter owes us a large amount in back rent if he files bankruptsy will his back rent be forgiven? Unfortunately, yes. He has to claim it as an outstanding debt against the backruptcy action. If he fails to claim it, then you... What does the name becca mean? Becca is short for Rebecca and means 'to tie; to bind' How do you stop double finance charges from mortgator after chapter 13? You can thank the corporate-owned politicians in Washington who ...
How will the new mortgage bailout help homeowners facing foreclosure?
A To let struggling homeown ers renegotiate their mortgages with lenders in order to get more favorable interest rates - and hopefully keep paying off the loans to avoid foreclosure and the loss of their homes. Q Does it help everybody? A The program will cover those keeping current on their payments but in danger of falling behind, as well as those already in foreclosure. But homeowners whose home values have tanked too far may have trouble renegotiating with their lender even with the new incentives in place. Rules prevent lenders from refinancing if the mortgage reaches more than 80 percent of the value on a home. But under ...