Your bankruptcy discharge is more than a piece of paper. It’s a federal court order prohibiting action to collect the discharged debt from you. And it has teeth. When creditors ignore a federal court order, it has unpleasant consequences. Or should have consequences. So, my call to debtors is to stop being prey to unscrupulous debt collectors. […]
What To Disclose In Bankruptcy Papers
If the headline drew you in, like the Geico gecko, you can complain you’ve been duped. There’s no decision involved: in bankruptcy papers, you disclose everything. Period. Disclosure is the price of the bankruptcy discharge. Shortchange the system by leaving out inconvenient facts and you risk both the omitted asset and the discharge. Understand the […]
Before You List Your Home For Sale: The Essential First Task
Selling your home? Before you list your home, before you interview a realtor, before you lift a paint brush, or clean a closet, you need to write a letter. A letter to the servicer of your mortgage. You want full disclosure of what charges, fees, expenses and other “stuff” they want to collect from […]
Bankruptcy Alphabet: O Is For Omitted
O stands for Omitted in my Bankruptcy Alphabet. Whether it’s creditors or assets that are left out, omissions can create trouble in a bankruptcy filing. So, O could also stand for Oops. When creditors are left out Omitted creditors usually create problems only for the person filing the bankruptcy. Bankruptcy works on notice, and, at […]
4 Easy Tips To Prepare For Bankruptcy And Beyond
Ready for life after bankruptcy? Even before your case is filed, you can start preparing for your life after bankruptcy. These four steps will probably make the bankruptcy case be smoother, too. Change banks Your money on deposit in “your” bank may not be solely yours. If you have a loan or other debt to your […]
Who To Pay When There’s Not Enough Money To Go Around
If you can’t pay your bills, the squeaky wheel should NOT get the oil… At least, not until you’ve assessed all the other demands for oil. That’s a quaint way of saying that your decisions about which of your creditors to pay when you can’t pay your bills should not be based on who is […]
What Happens If You Don’t Pay Your Debts
Overdue debts will not send you to jail. Please repeat: overdue debts will not get you jailed. Yet it is disturbing how many people fear that not paying their debts is criminal and might land them in jail. Relax: America abolished debtors’ prisons some 250 years ago. Can they put a lien on me? But jail is not […]
What Debts Were Discharged In My Bankruptcy?
After your bankruptcy, one of the hardest questions is figuring out just which debts were discharged. Eliminating debts was the whole point of filing bankruptcy. You’ve got a court order, but no list. You and your creditors understandably expect to find a single document telling them what debts are no longer enforceable and which survive the bankruptcy. No such […]
Your Right To Credit Reporting After Bankruptcy
You’ve finished your Chapter 13 and emerged from bankruptcy with your home loan current. But your credit report is a blank page as to your mortgage. The mortgage servicer isn’t reporting your payments to the credit reporting agencies [CRA’s]. Nothing. Nada. Crickets. So, even though you’re making regular payments, you’re not visibly rebuilding your credit. […]
Get A Bankruptcy Discharge Even Without Making All Your Payments
You can get a Chapter 13 discharge even without making all the plan payments you promised. There are hoops to jump through and facts to marshal to get that discharge, but it’s possible. The Bankruptcy Code provides for a hardship discharge in Chapter 13 to those whose failure to complete their plan is due to circumstances […]
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