Got private student loans? I’ve got good news and bad news. Bad news first. Private Student Loans Inflexible Private student loans have no built in mechanisms for deferment and forbearances, like government-backed loans do. There are no income based repayment plans, as there are with federal student loans.’ No “outs” for disability or schools that close […]
Protect Your Credit After Equifax Security Breach
Half the US population may be affected by the hacking of credit reporting agency Equifax. I’m in that group along with 143 million other Americans. Stolen were names, addresses, dates of birth, and Social Security numbers. Some credit card numbers were also lifted. Everything an identity thief needs to ruin your financial life. Equifax is […]
Foreclosure: The Unseen Hazards
It’s not the foreclosing creditor that really threaten California homeowners. It’s the forces that follow foreclosure. The junior lender and the tax man can deliver truly punishing blows to a family losing a home. Cut-off Junior Lienholders Californians enjoy the protection of the one action rule governing foreclosures. A creditor who conducts a non judicial […]
Bank Has No Remedy After Foreclosure
Facing foreclosure is bad enough; worrying about your exposure afterwards is worse. Breathe deeply. California laws shield homeowners from further collection by a lender who has foreclosed. Understanding Foreclosure Sales To understand California’s protections for homeowners, you have to understand how a typical foreclosure sale works. The deed of trust, given to the lender when […]
Cut Tax Liens Down to Size
Tax liens are no match for Chapter 13 when it comes to cutting the lien down to its real value. On paper, a tax lien can quickly become huge. In bankruptcy however, a lien is no bigger than the value of the assets it attaches to. While in Chapter 7, liens pass through bankruptcy without […]
New Tool For Homeowners Against Mortgage Lender Mistakes
Pstt! Homeowners. Bankruptcy Lawyers. We’ve been handed a new tool for dealing with problems with mortgage lenders. Or maybe the courts are just showing us how to use some tools we’ve accumulated. Tools to make sure that homeowners who emerge from Chapter 13 are right and square with their mortgage lender. Scott v. Caliber (Bankr. […]
All Star Soapbox Posts For 2017 – The Readers’ Favorites
We’re half way through the year here on the Bankruptcy Soapbox. Let’s take an All Star break and single out the best performing posts so far this year. Strikingly, the team is all veterans. Not a single post written in 2017 cracked the top ten. Nor did the two topics that animate me the most, […]
Tax Trap When You Settle Debts Outside Of Bankruptcy
Debt settlement has a hidden tax consequences no one ever discusses. If you own a home, debt settlement can bite you in the asset down the road. That’s because debt forgiven outside of bankruptcy gets deducted from the basis of your home. Result: more potentially taxable capital gains on sale. That’s the killer reason […]
Homestead Law Little Protection For California Seniors
Home equity makes up most of the net worth of California seniors. Most are house poor. Lots of equity, little in liquid assets. But unless you take a very expensive reverse mortgage, that equity may as well be under lock and key. You can’t pay the monthly expenses from value in real estate. When expenses […]
Google & Me
Google and BankruptcyInBrief share a birthday, I’ve learned. I’m sure you saw the similarities in a flash. The Mercury News reports that Google was founded in 1998, the same year I bought a book and set out to make a web site about bankruptcy. I knew nothing about programming, and less about web design. But I knew that […]
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