CPR has its place when human life is involved. Human life is precious. But when what’s dying is the legal right to collect a debt? Not so fast. You don’t want to breathe new life into an old debt that is legally dead. Yet you can do that, unintentionally reviving a debt that is legally […]
Which Debt Collector Threats Should You Be Afraid Of?
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… we’ll send you to collection we’ll sue you we’ll ruin your credit we’ll have you arrested we’ll have you deported we’ll take your house we’ll […]
What Happens To Liens In Bankruptcy?
While most liens survive a bankruptcy discharge, some liens get wiped out. Think of mortgages, tax liens, and judgment liens. Each of them is a lien, but some get different treatment in bankruptcy. Some liens can even be reduced or eliminated . Lien basics A lien gives the creditor holding the lien an interest in […]
How To Save Your House With Chapter 13 Bankruptcy
Saving 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, […]
Reduce Your Tax Hit By Filing Bankruptcy Rather Than Settling Debts
Settle your debts outside of bankruptcy and you may be bitten by taxes you didn’t expect years later. Yet, everyone I talk to would rather cut a deal with their creditors than file bankruptcy. It’s universal. But here’s the killer reason why bankruptcy alone protects homeowners from a unexpected tax consequence down the road. Debt […]
The Real Causes of Bankruptcy
The columnist who equated debt problems with irresponsibility nearly caused me to melt down, right in my office. Irresponsibility, he said! The idea that people who find themselves with bills they can’t pay got in that mess through flighty behavior or self absorption is sooooo wrong. The real causes of bankruptcy Mindless spending is seldom […]
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, […]
Bankruptcy Debtors Entitled To Monthly Mortgage Statements
Servicers must now send monthly mortgage statements to borrowers in bankruptcy under a new CFPB rule effective April, 2018. Thus ends, we hope, years of uncertainty and indifference, rooted in the automatic stay and a homeowner’s ongoing obligation on their mortgage after bankruptcy. The earlier version of the rule, adopted in 2014, allowed servicers […]
Out of Luck If You Skip A Creditor?
So, you slipped up and left a creditor out of your bankruptcy schedules. Can you add an omitted creditor after the fact? In the fateful words of a careful lawyer, it depends. Depends on when the amendment is made and what chapter you’ve filed. And the effect of adding a creditor varies. Let’s walk through […]
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