Just when I thought that most of the pain from the mortgage lending bubble of a decade ago was behind us, we arrive at a painful milestone. Those 10 years-interest only loans from 2006 and 2007 are resetting. Instead of being interest only, they now move to principal and interest. And the balance originally borrowed […]
Worthless Mortgage Liens Keep Homeowner At Risk
The client originally had his choice of bankruptcy chapters. He could file Chapter 7, get quick relief, and put “everything” behind him. Or his could file Chapter 13, propose a plan that would strip the mortgage lien and pay the taxes that wouldn’t be discharged in Chapter 7. He chose 7, and briskly got a […]
Creditor Must Pay If It Loses A Bankruptcy Fight
The game isn’t very fair when the players are mismatched. Though bankruptcy court is hardly a game, it’s been unfair when it comes to attorneys fees for the winning party. California law provides that when a contract allows one party their fees if they prevail, the other party got their fees if they won. So, […]
Audited? Did You Tell The State Tax Authorities?
We’re all about sharing these days, aren’t we? So, did you share with the state tax authorities the outcome of your IRS audit? While telling the Franchise Tax Board that you owe more taxes to the feds may seem like inviting trouble, you gain by doing so. How? You set those taxes owed to California […]
Second Best Reason To Contribute To Retirement Fund Even If You’re In Debt
We’re not used to applauding those who are second-best. But I’m going to try. The second-best reason to make regular contributions to your IRA or 401(k) is that even if you file bankruptcy you can continue saving for retirement. Whooo hooo! Courts have struggled with whether payments into retirement plans are reasonable and necessary living […]
Surefire Ways To Tell Scammers From Private Tax Collectors
Private debt collectors are going back to work for the IRS. You know those debt collectors: the ones that generated the most complaints to the FTC this year? The ones that get a cut of what they collect? The ones that aren’t subject to the same discipline as IRS employee? Those collectors. They’ll be […]
Where Do I File My Bankruptcy Case?
Remember the kid’s geography game, Where in the World is Carmen Sandiego? Clues took players all around the world to stop a gang of thieves. When it’s debt you want to stop, if you’ve moved around in the past two or three years, the rules of the game are not child’s play. Two issues are […]
Your Home Loan May Be Excluded From Homeowner Bill of Rights
Homeowners whose loans were originally made by a federally chartered savings bank are excluded from protections of HBOR, a federal judge has ruled. Dual tracking is back on the rails California Homeowners Bill of Rights, enacted January, 2013, prohibited dual tracking of mortgages: that is, the lender could not simultaneously consider a loan modification and prosecute […]
Why Bankruptcy Cases Go Down The Drain
I watched dozens of Chapter 13 bankruptcy cases get dismissed in a single afternoon in court recently. Dismissed. Tossed out. Ended. The usual reason was that the debtor had not taken seriously the requirement that all their tax returns be filed within 45 days of the commencement of the case. Regardless of the debtor’s need […]
Ten Essential Nuggets For Creditors in Bankruptcy Notice
You’re looking at bankruptcy official form B9. It arrived in your mail because someone has filed bankruptcy and listed you as a creditor on the schedules of a newly filed bankruptcy case. Most likely, the debtor owes you money or you have an open claim of some sort against the bankrupt. Your rights against the debtor […]
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