New Slip in Housing Prices Undercuts Fragile Optimism- NYT

“Just as the economy is finally beginning to strengthen, the real estate market is showing new signs of deterioration.”

click here for the full article

At the Law Office of John Rogers, of the clients and potential clients that we see on a daily basis, we are not seeing any increase in housing value and we continue to see foreclosures filed at an increasing rate.

Fortunately, Chapter 13 bankruptcy does an offer an option for folks to save their home when the mortgage company refuses to work with you and does file a foreclosure.  We would be happy to discuss this option with you.

The Law Office of John Rogers can be reached at johnrogers@glasgow-ky.com or toll-free 1-888-651-9353 or visit our website at www.bankruptcy.ky

Did U.S. Bankruptcy Laws Exacerbate the Housing Crisis?

In an interesting article in the Wall Street Pit ,the authors argue that the 2005 changes to the bankruptcy law led in part to the recent housing crisis:

The financial crisis of 2008 and the current recession were triggered by the bursting of the housing bubble and the subprime mortgage crisis that began in late 2006/early 2007 (Reinhart 2008). But US personal bankruptcy law also played an important role.

“In 2005, major reform of US bankruptcy law sharply increased debtors’ cost of filing for bankruptcy. This caused a sharp reduction in the number of filings. Because credit card debts and other types of unsecured debt are discharged in bankruptcy, filing for bankruptcy loosens homeowners’ budget constraints and makes paying the mortgage easier. Thus the 2005 reform set the stage for an increase in mortgage defaults by making bankruptcy less readily available.”

full article

Credit card notices are worth reading-The Dallas Morning News

An article worth reading from The Dallas Morning News:

“Credit card companies are starting to send out notices to their customers on how new credit card rules will affect them.

I’m collecting the ones I’ve received, and they’re worth reading, even if it’s the last thing on your mind.

It’s important to read them because they represent the meat of the federal Credit Card Accountability, Responsibility and Disclosure Act of 2009 that will take effect Feb. 22.

The sweeping law includes restrictions on over-the-limit fees, the marketing of credit cards to adults under 21 and dramatic changes in how issuers can impose interest rate increases.

When you get the notice from your card issuer,there are parts worth noting”

click here for the full article

John Rogers, Attorney at Law Comments on NACBA, National Association of Consumer Bankruptcy Attorneys

“I first joined NACBA many years ago and was incredibly impressed with the quality and amount of useful information I would gain at the annual conventions and seminars. Like all of us, I had attended many bankruptcy seminars over the years, but the bulk of the content at those seminars had nothing to do with my practice. The intricacies of chapter 11’s and workouts somehow didn’t interest me!  When I attended my first NACBA seminar, I thought I had died and gone to heaven.  I couldn’t believe such a resource existed and I had not known about it. A consumer bankruptcy practitioner would be foolhardy not to join NACBA”

-John Rogers, Attorney at Law

Law Office Of John Rogers

The law office of John Rogers  is located in Glasgow, Kentucky, and focuses its practice in the area of bankruptcy.  We limit our bankruptcy practice to Chapter 7 bankruptcy, often called straight bankruptcy, and Chapter 13 bankruptcy, a reorganization process that typically allows debtors to keep their property by making monthly payments that are distributed to creditors by a bankruptcy trustee. Our bankruptcy practice is limited in order to provide individual debtors the best representation. Our firm represents debtors in the United States Bankruptcy Court for the Western District of Kentucky, Bowling Green Division, and we have filed more bankruptcies in this division than any other single attorney currently practicing.

Are you considering debt relief through a consumer credit counseling service ? You may be surprised to learn that they can do more harm than good to your credit. Many times, bankruptcy is a better option, and we will be happy to sit down with you and thoroughly discuss your personal situation in order to help you decide what is the best solution to your financial problems. In analyzing your particular situation, we always consider if there is an alternative to filing bankruptcy. The decision to file bankruptcy is a difficult choice for many people to make. A bankruptcy will affect your future credit. Therefore the decision must be carefully made.

If you decide that filing for bankruptcy protection is in your best interest, you want to retain as much of your property, while at the same time obtaining relief from your debts. Without an experienced bankruptcy lawyer guiding you through the bankruptcy process, your property and the discharge of your debts may be at risk. Our firm believes that the best way to represent you is to personally know you, your situation, and your reason for considering bankruptcy.

Take a few minutes to look through our site and get to know us. Then contact us for the quality advice and legal representation you deserve. We look forward to a successful partnership.

NACBA Member of the Month for April 2007 – John Rogers, Attorney at Law

NACBA’s April Member of the Month and Kentucky State Chair John Rogers, is a solo practitioner in Glasgow, Kentucky – a small town in south central Kentucky with a population of about 15,000. The bankruptcy district serves 18 rural counties; it is not unusual for John’s clients to drive as far as 1 ½ to 2 hours to come to his office, which is located in the middle of the district.

John is especially well known for a case that changed the operation of the bankruptcy court in his district. Several years ago, the chief judge at the time had instituted a standing rule that certain time limits applied to filing of lien avoidance motions. Thus, if a case closed, and a judgment lien was discovered later, the case could not be re-opened to avoid that judgment lien. This was, as John notes, unfair to the unfortunate debtor who discovered the judgment lien, so John found a case to appeal that issue and had the standing rule overturned by the U.S. District Court. Now, lien avoidance motions can proceed upon the reopening of cases. Harvey v. Flener, 245 BR 834.

A graduate of Eastern Kentucky University, the University of Kentucky College of Law, and the Program of Instruction for Lawyers at Harvard Law School, John has also have served for many years as the chairman of Kentucky’s Registry of Election Finance. That independent agency is charged with the enforcement of Kentucky’s campaign finance laws and the collection and dissemination of candidates campaign finance reports of money raised and spent. It regulates every candidate from local school board members to governor. John also chaired a statewide task force to consider, for the first time, changes to Kentucky’s campaign finance laws to make them more transparent and user-friendly. John has also been a champion of greater use of electronic filing of campaign finance reports. www.kref.ky.gov
While in college, John worked for United States Senator Ernest F. Hollings on the U.S. Senate Commerce Committee and assisted the Senator and his staff in some of the first floor debates in opposition to tort reform legislation.

In recapping his involvement with NACBA, John recollected “I first joined NACBA many years ago (too long to remember!) and was incredibly impressed with the quality and amount of useful information I would gain at the annual conventions and seminars. Like all of us, I had attended many bankruptcy seminars over the years, but the bulk of the content at those seminars had nothing to do with my practice. The intricacies of chapter 11’s and workouts somehow didn’t interest me! When I attended my first NACBA seminar, I thought I had “died and gone to heaven.” I couldn’t believe such a resource existed and I had not known about it. A consumer bankruptcy practitioner would be foolhardy not to join NACBA. I am currently honored to serve as Kentucky State Chair.”

John is active in his community as well, chairing the local library board and being very active in bringing the library into the 21st century with new technology.

Advice for NACBA members? “I would say to all NACBA members to stay as active as you can in NACBA to keep it as a viable support for us and our clients!”

-from NACBA website

Frequently Asked Questions about Bankruptcy – An Overview

Frequently Asked Questions about Bankruptcy

Q: Why are so many consumers filing bankruptcy?

A: Americans generally have overextended themselves by using too much easily accessible credit to finance overspending, combined with lack of savings. With no financial safety net, sudden crises such as medical emergencies, job losses or failed businesses, death or disability of spouses, or divorce can result in insurmountable debt. On average, a typical bankruptcy debtor is employed and middle-aged with a high school education and relatively low income.

 Q: What alternative courses of action are there to filing bankruptcy when facing overwhelming debt?

 A: Short of bankruptcy, a debtor may enter into mediation with creditors or negotiate workout agreements to extend due dates, lower interest rates, partially forgive debt, or alter other terms. A debtor may execute an assignment of property for the benefit of creditors (ABC), wherein the debtor puts assets in the trust of a neutral third party to pay creditors. A business debtor can sell the business, negotiating the satisfaction of debt as part of the deal. Other creative options to bankruptcy exist.

According to the Administrative Office of the US Courts, there were nearly 1.8 million bankruptcies filed in the year ending March 31, 2006, up from just over 1.3 million in the year ending March 31, 2001. By the end of 2009, it is estimated that almost 1.5 million bankruptcies will have been filed in 2009.  To help sort your way through the complicated maze of overcrowded bankruptcy courts, you need the assistance of knowledgeable legal advocates, with years of experience and demonstrated trustworthiness.

If you are facing financial problems, an experienced bankruptcy lawyer can explain bankruptcy options that can help you to get a fresh start on life and a return to financial stability. At the Glasgow, Kentucky, law office of bankruptcy attorney John Rogers, we have a thorough understanding of the realities faced by people entering into Chapter 7 bankruptcy or Chapter 13 bankruptcy. It is our goal to help our clients find realistic solutions to their financial problems.

 Bankruptcy – An Overview

Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble, and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor’s assets and liabilities, and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud, and most tax debt. The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors experience unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce, or illness. In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney, such as one from John Rogers, Attorney at Law in , Kentucky, to help you to assess your legal options.

 When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy, a legal proceeding in a federal bankruptcy court that allows the debtor to be relieved of some or all of his or her debts. Although in many ways bankruptcy can give a person a fresh start, it is important to remember that bankruptcy can also negatively affect his or her credit rating and make it hard to obtain credit in the future. The experienced lawyers at John Rogers, Attorney at Law in Glasgow, Kentucky can advise you as to whether bankruptcy may be the right move for you.

Commercial Bankruptcy

 Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts. Although bankruptcy provides a fresh start, bankruptcy can also have harmful credit consequences. Sometimes the bankrupt business even ceases to exist at the end of the court proceedings. A lawyer experienced in bankruptcy can advise business owners about whether bankruptcy is right for them.

Credit Counseling Requirement in Bankruptcy

In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a new bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about these new counseling requirements. Read More Surviving the Emotional Effects of Bankruptcy No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney can guide a debtor through the complicated legal, financial, and emotional maze of bankruptcy and steer him or her in the right direction for the future.

www.bankrupty.ky

Stress!

“I do not know about you but I am completely and totally stressed!  Why?  My clients are stressed, my judges are stressed, my trustees are stressed, our nation in general is stressed,  so I guess it is natural that I am stressed.  So why is there so much stress during the holidays?”

Read the rest of this blog post by Kansas City, MO Bankruptcy Attorney Rachel Lynn Foley

“Were You Naked When You Filed Your Bankruptcy?”

A lighthearted, but serious look at the importance of the careful listing of ALL of your assets, or things you own, when you file bankruptcy by Charleston Bankruptcy Lawyer Russell A. DeMott.

Be careful to list all property you own, or think you may own, when providing the information to your attorney.  If anything you own is not listed in your bankruptcy filing, if could jeopardize your bankruptcy discharge at the least, or at the worst, subject you to criminal penalties.

States’ jobless funds are being drained in recession

From the Washington Post:

“The recession’s jobless toll is draining unemployment-compensation funds so fast that according to federal projections, 40 state programs will go broke within two years and need $90 billion in loans to keep issuing the benefit checks.

The recession’s jobless toll is draining unemployment-compensation funds so fast that according to federal projections, 40 state programs will go broke within two years and need $90 billion in loans to keep issuing the benefit checks.”

full story here