He promised to make it easier for people to stay in their homes, but extending judicial cramdown power over first mortgages never materialized.
Phoenix, AZ (PRWEB) September 28, 2012
Bankruptcy attorney Lawrence ‘D’ Pew of Mesa, AZ, has released the first segment of his timely new series re-examining candidate Obama’s promises of debt relief reform in “Marginal Successes, Revised Expectations, Broken Promises – A Presidency in Review.”
“Proposed Chapter 13 Bankruptcy Reform Fails the American Dream” is the first part of the series and examines Obama promises of giving bankruptcy judges cram-down powers over primary mortgages.
“This first segment,” says Mr. Pew, “takes on candidate Obama’s promise to change the bankruptcy laws. He promised to make it easier for people to stay in their homes, but extending judicial cram-down power over first mortgages never materialized.”
The cram-down power in Chapter 13 gives the bankruptcy judge authority to order modification of a junior mortgage, but not a first mortgage.
As Mr. Pew notes in Broken Promises, “we do not have the single most effective bankruptcy tool needed to help struggling homeowners... avoid foreclosure and stay in their homes. Without substantive judicial cram-down power, Chapter 13 is merely a speed bump in the Wall Street banks’ low road to foreclosure.”
For the complete Broken Promises series by Mr. Pew, call the Pew Law Center, PLLC, at 480-745-1770.
Lawrence 'D' Pew is an experienced tax, bankruptcy, and transactional lawyer. He is the founder and managing attorney of the Pew Law Center, PLLC, a leading Arizona tax and bankruptcy law firm focused exclusively on debt relief. With law offices in Mesa, the firm serves Arizona residents in the greater Phoenix area, including Scottsdale, Mesa, Tempe, Gilbert, and Chandler. A client-oriented law firm with a mission to always exceed client expectations, the Pew Law Center has helped over 2,000 people file for bankruptcy and eliminate over $100 million in debt.
Visit the Pew Law Center, PLLC, at http://www.PewLaw.com