Will the 2009 Bankruptcy Law, If Passed, Lessen Foreclosures
As a Board Certified Consumer Bankruptcy Attorney who also defends mortgage foreclosure cases for consumers, I was asked whether the proposed 2009 Amendments to the Bankruptcy Code, Helping Families Save Their Homes In Bankruptcy Act, will prevent foreclosures or cause more foreclosures and then will it prevent bankruptcy filings or cause more bankruptcy filings?
These are very interesting questions. Let's start with what I would like to see. I would like to see the Helping Families Save Their Homes In Bankruptcy Act passed quickly. This amendment has been lagging around for a long time. The National Association of Consumer Bankruptcy Attorneys has been pushing for this amendment for longer than I can remember. Likewise, I would like to see the bill re-written to add a couple more consumer friendly provisions. What I don't want to see is our congressmen and women getting too cozy with the mortgage industry. Ask yourself these questions:
Why is Citibank so close to this legislation?
Why would they endorse it?
How much has the federal government given to them so far?
Is there anything in it for them, when this bill passes?
These questions must be answered, but never will be.
So, if we start with the premise that this legislation passes in some meaningful form, then we will have to consider what impact it will have. That will be the subject of the next blog. Sorry. I do have to work.
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, and Naples and has expansion plans for Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog.
