Eternal vigilance is the price of freedom. It’s also the price of freedom from old debts, as my former bankruptcy client learned. He was about to close escrow on a new home a couple of years after his discharge. But the sale came to a screaming halt when an old, discharged debt reappeared on his […]
Why Creditors Should Get Less in Chapter 13
Spending every dollar they make, and then some, is often how our Chapter 13 clients got into financial trouble. Yet Chapter 13, as practiced, validates the practice of continuing to spend 100% of each month’s income during the life of the plan. In doing so, we, as a society, squander the chance to use Chapter […]
At Risk Of Arrest For Not Paying Your Debts?
This fake arrest warrant is wrong in so many ways. Repeat after me: we don’t jail people for debt. More on scams and scammers We’re from the IRS and we’re here to help Phone tip to avoid arrest
Mix Old Debts & Good Faith Payments For Bad Results
Old debts don’t live forever. The shell of the debt may hang around, like this mummy, but inside the shell, the debt is dead. But just like a bad mummy movie, old, dead debt can be brought back to life. All it takes is an attempt on your part to be honorable , or an attempt by […]
The Collection Call That Terrifies
Nothing strikes terror in someone behind on their bills like a debt collector call to their family. Sheer terror. It works, too. That fear is second only to a wage garnishment for bringing people to see a bankruptcy lawyer. The only flaw in the collector’s strategy in contacting your family about your debts is that […]
Credit card “overspending” parallels housing crisis
Forbes has compiled a list of cities where credit card spending is highest. My scan of the list suggests that this list is simply another version of the areas of the country where housing is in trouble. Homeowners with outsized mortgage payments rely on credit cards to make up the difference needed to support the […]
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