Threats are the tools of the trade of debt collectors. Why not? Fear is effective to get people to do stupid things. That’s why debt collectors use it. Pay up or… Terror shuts down rational thinking and upends priorities. As a bankruptcy attorney, I meet lots of people because they’ve panicked. A debt collector has threatened […]
What The Fool Got Wrong About Filing Bankruptcy
The famous poem begins, “how do I love thee? let me count the ways”. But what if it’s not love that we are counting, but loathing? Let me count the ways I loathe the Motley Fool’s article asking should I file bankruptcy? The Fool’s underlying assumption is that people in debt flock to bankruptcy as […]
Your Tax Refund Is Exposed In Bankruptcy, Unless…
The prospect of a tax refund makes most of us light up even when we haven’t even calculated what the refund might be. But if you’re thinking of filing bankruptcy before you actually see Uncle Sam’s check, take a minute to plan. Your right to that refund is property of your bankruptcy estate even if […]
How One Family Settled Huge Debt For Pennies
Almost everyone wants to settle debt rather than file bankruptcy. But how about settling debt using bankruptcy? Here’s how one family pulled it off. When they started the Chapter 13 trek, they owed $370,000 in personal loans and credit cards. As they completes the plan, they will have settled that debt for three cents on […]
Your Tax Refund In The Crosshairs In Debt Collecting Season
Who knew that there was a season for debt collecting? Debt collectors see your tax refund as easy pickings. My friend and colleague attorney Mike Cardoza does. See what he says. The beginning of the year through about the end of March is the big season for debt collection! Why? Because collectors are pretty sure that […]
What You Think About Chapter 13 Is Dead Wrong
The difference between bankruptcy’s Chapter 7 and Chapter 13 is often expressed this way: Chapter 7 is a liquidation proceeding Chapter 13 is a repayment plan And therein lies the biggest misconception about Chapter 13: 13 does not necessarily repay everything you owe. It’s a repayment plan alright, but not necessarily a 100% repayment . […]
California Homestead Exemption: The Truth Isn’t What You Think
“They can’t take my house, whatever happens. Right?” The young man in my office “knew” how the California homestead works: he insisted that his home was exempt as a California homestead, even if he filed bankruptcy. He “knew” that credit card debt was dischargeable. And that “knowledge” lead to his conviction that , in bankruptcy, […]
It Takes More Than Bankruptcy To Save Your House
Protecting your house from foreclosure ranks high on the list of reasons people file Chapter 13. The automatic stay stops foreclosures; Chapter 13 gives you time to fix the problem. Powerful stuff. But the stay and more time, alone, aren’t enough to save the day if you run afoul of other rules, written and unwritten, […]
Inherited Homes Now Come With Full Measure Of Consumer Rights
Half a loaf is what you too often got when you weren’t the original borrower on a home loan. No mortgage servicing rights under Federal law came title to the property. Whether you inherited the property or it was awarded to you in a divorce, you get shortchanged by the mortgage lender. Even with a […]
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