27 Oct
Posted by admin as Bankruptcy
If you are in a Chapter 13 Plan in the Eastern District of Louisiana, which is the Bankruptcy Court for the Greater New Orleans area, the mailing address for the mailing of your Chapter 13 Plan payments has changed.
You should now send your Chapter 13 Plan payments to:
S. J. Beaulieu, Jr., Chapter 13 Trustee, P.O. Box 113, Memphis, TN 38101
Payment must be made by Money Order or Cashier’s Check.
In order to make sure that your payments are timely you should send them at least 7 days before the due date.
Also, be sure to write the Bankruptcy Case Number on the payment.
Mr. Beaulieu’s office will provide you with pre-addressed envelopes if you call the office at (504) 831-1313.
Ever wonder what the threshold is for the typical homeowner to dump their mortgage (and home)? An interesting New York Times article figures it out, claiming that there is indeed a “price for morality.” They researched mortgage holders and determined that when a mortgage exceeds a home’s value by less than 10%, rarely does the holder consider a “strategic default.” But when a home’s value declines to half of the mortgage amount, 17% of holders attempt to abandon it. The article went on to show some surprising information. Younger mortgage holders view strategic defaults less harshly.
Although strategic defaults are clearly a route used by some in their financial maneuvering, morality is not the only issue at stake. Strategic defaults mean credit scores drop precipitously and FICO organizations estimate it would take 7 years to rebuild a score that was 700 prior to a foreclosure. And getting
Your credit score like your Identification Code is the number that tracks your dealing with finance. In fact, the credit score helps banks to see whether or not you are eligible for getting a credit and what interest rate you can be offered if you get one.
If you are thinking of getting a credit, a loan or a mortgage, start with getting a copy of your credit report.
In fact the major bureaus that obtain the data on your credit report will provide on your request your credit report once a year free of charge. However, my advice is to get those reports thrice or four times a year, to be able to see the changes, manage your credits better and foresee any trouble. What is more, your credit report is the document that will help you manage your credit score.
Another thing to do is to subscribe to a credit monitoring service which will monitor your credit report for false or outdated information, and in addition they will send you your credit report together with your credit score on a monthly basis with no charge.
There really are few reasons which are good enough to justify rescheduling a bankruptcy meeting of creditors (or section 341(a) meeting). After all, the bankruptcy filing amounts to “making a federal case out of things,” and it just doesn’t seem right for the debtor to fail to make room in his or her schedule to show up to be examined by the trustee, as the law requires.
Bankruptcy trustees have been known to remark that the debtor chose voluntarily to file the bankruptcy case, and if the debtor wasn’t going to have time to appear for mandatory meetings, perhaps a better time should have been chosen to file the case.
Rescheduling the creditors meeting can mean additional attorney fees, inconveniencing the other parties involved, disrupting your lawyer’s schedule, and, worst of all, impressing people with how little the bankruptcy case might really mean to the debtor. Rescheduling will also result in extra court notices being served on the trustee and other parties in the case. Thus these parties are unnecessarily reminded of the case’s existence – and if they have been unsure about whether they should file objections to the case, a rescheduling of the creditors meeting might be just what they needed to help them decide to go ahead and object.
If the debtor has a real emergency, such as a serious illness or other circumstance making it impossible to attend, rescheduling the creditors meeting would normally be necessary. It is a simple matter for your bankruptcy lawyer to contact the trustee, inform him or her of the problem, obtain a new date for the meeting, and send out a notice of the rescheduling to the creditors and other parties in interest.
Yes, the meeting of creditors can be rescheduled, but it should done only as a last resort and only when absolutely necessary.