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December 5, 2009

Back on the Job

Well, my son and I got back from Washington on Wednesday night.  I had two hearings on Thursday which took the whole day and phone call after phone call on Friday.  Today and tomorrow I can get some work done.  I have 14 chapter 11s going on right now and will probably file another on Monday.  They are virtually all individuals trying to save real property.  About half are trying to save their homes, half have additional pieces of real property they purchased in the last few years when loans were easy to get.  The properties are always underwater. The debtors have tried extensively to get a "loan mod" prior to coming to me.  The retainers I get are usually small and the paperwork huge.  My most common statement to my exasperated clients is "GM filed the same chapter 11 that you filed."  It is my sense that the judges are getting a little exasperated also with the number of cases filed by people who simply cannot afford the property they have and will not accept that - they are hoping that a delay will somehow help.  In the chapter 11 bankruptcy arena, I rarely see aggressive efforts by the banks - and I am no fan of banks.  Most banks in chapter 11 wait a few to several months before taking action to get relief from stay and finish the foreclosure, even if they are not getting monthly payments.  It may be because they are so busy, or the few firms that do the work in bulk are so busy, or because they too are hoping that a delay will somehow help to get the loan caught up or paid.  The tragedy is that the chapter 13 limits are not increased.  If the secured debt limit was increased to $2 million, my 14 cases would become two or three.  I'll post the Circuit Court of Appeals Cases for the past two weeks today and tomorrow.   Thanks for continue to follow my blog.  JH  

December 5, 2009 in Current Affairs | Permalink

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