A proposal to save Santa Rosa homes – without a cramdown

By Richard Koman, Sonoma County-Santa Rosa-Petaluma bankruptcy and debtor attorney ("We are a debt relief agency") Back in 2009, Congress considered trying to save homes by changing the bankruptcy laws to allow judges to "cram down" homeowners' principal balance on their primary residence. Great idea, which passed the House but died in the Senate. America being what it is, bankruptcy judges can cram down principal on lots of goodies, like vacation homes, but not the roof over your head. Since Congress is apparently not going to challenge the banks on this inequity, the National Association of Consumer Bankruptcy Attorneys has a radical new proposal that just might work for troubled homeowners in Sonoma County and around the country.

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