Just being a consumer is enough to put you on Congress’s bad side when it comes to bankruptcy. How do I know? I read the “reformed” bankruptcy code where the means test discrimination is blatant. Only those individuals whose debts are primarily consumer debts have to prove that they aren’t abusing the bankruptcy laws. The […]
Dead Debts Haunt Home Purchase
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 […]
Facing Foreclosure? Your Kids Can Cope
I talk with clients about walking away from underwater houses day after day. * Yet despite the pain and the roadblocks, these clients express reluctance to move because of the impact on their children.> It’s our home, they intone. It’s as though there can be only ONE home, and it’s this piece of real estate. They imagine […]
The Struggle To Surrender Underwater Real Estate
How difficult it can be to surrender real property in bankruptcy when you have no hope of paying for it. After all, the lender takes a mortgage on the property so they can take it from you if you don’t pay. My client’s bankruptcy plan said he would make no payments on the rental’s mortgage […]
Terminate Cell Phone Penalties in Bankruptcy
I’m accustomed to advising those on the verge of filing bankruptcy about big ticket debts like mortgages, student loans, and back taxes. I was surprised when a client, resigned to letting her house go to foreclosure after the bankruptcy, was absolutely delighted to know that she could free herself from her unhappy relationship with Verizon Wireless […]
Zombie Debt is Naughty, Not Nice
Despite his bankruptcy discharge, my former bankruptcy client has just been bitten by naughty credit reporting, and the interim results aren’t nice. When several years passed since the bankruptcy, my client thought he’d caught and controlled the old and the inaccurate credit reporting. Four years after the discharge was entered, a mortgage servicer has just […]
Free Retirement Advice By Professional Advisor Comes Up One Tool Short
The 65 year old woman featured in the newspaper’s Money Makeover series got a free review of her financial situation by a professional financial advisor. Over her working lifetime, she’s been the source of financial support for an extended family, including her aged mother and a disabled sister. Her aid to her family has come […]
Car Crazy In Bankruptcy Court
My client wants to keep paying on his car after bankruptcy. The lender wants my client to keep paying on his car after bankruptcy. Yet it took an afternoon in court for a hearing set by the judge on approval of my client’s reaffirmation agreement with the car lender to get everyone what they wanted. What […]
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