I was going to write a scintillating post about FHA loss mitigation regulations and how they may or may not apply to defend (or just bog down) foreclosure proceedings. I would say that they make fascinating reading, but I try not to violate more than one of the Ten Commandements before lunch.

Anyway, I had almost forgotten something much more pressing. The Bankruptcy Code with its almost endless source of numbers — changes a few effective April 1. You would think that the Bankrutpcy software providers had paid for frequent updates to threshold numbers in the new act, but this set of changes has been around for a while. Evey third April since 1998 virtually all the dollar figures in the Code get a cost of living adjustment.

So, in addition to the change in median income figures and IRS allowables effective in February (you did update your software the first of last month if you do Bankruptcy work, right?); starting April 1, 2007 virtually all of the dollar amounts in the BK Code change. That includes the debt limits for Chapter 13, dollar values for Federal exemptions (no longer meaningless in Oklahoma), and the required monthly dividend to unsecured creditors necessary to flunk the means test. So, if you have a really close means test, hold off about 9 days. Here is the complete list, straight from the Federal Register. Cost of Living Adjustment to BK Code 2007

Oh, and don’t forget, that $1,000,000 cap on qualfiied retirement accounts — is now $1,095,000. Fortunately, in Oklahoma our retirement account exemption is unlimited, so this won’t effect my single parents raising kids on $8.50 an hour.

Oh, I’ll be out of town this weekend, but there should be something equally relevant and fascinating posted by Monday.

Elaine