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Challenge Claims

Posted by Kevin on January 15, 2012 under Bankruptcy Blog | Be the First to Comment

If you file a bankruptcy under Chapter 7 and the case has assets to distribute (not a no asset case) or you file a Chapter 13 case, creditors are required to file a proof of claim to participate in the bankruptcy.

The burden is on the creditor to file before the bar date and provide sufficient backup to justify the claim.  In today’s marketplace, however, many claims are sold to hedge funds or other companies for pennies on the dollar.  In many cases, these claim purchasers do not have any backup to support their allegation that they have a claim.  If challenged, the claim can be expunged and the creditor is SOL.

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Bankruptcy & Foreclosure- Related?

Posted by Kevin on February 22, 2011 under Bankruptcy Blog | Be the First to Comment

Of course, they are related.  People who cannot pay their mortgages are likely to be people who are having trouble paying other debt, like credit cards.

But, I am talking about strategy.  Some of the same arguments that are being used by the cutting edge foreclosure defense attorneys were actually used first by bankruptcy attorneys.

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