“What debt collector threats should people be afraid of?” was the question my friend bankruptcy attorney Cathy Moran asked. To which I replied, “Afraid of? Pretty much none of them!” Because they’re mostly all empty threats. You’re not going to jail, They are not going to come get you, Your credit is not about to […]
We Live In An Economic House Of Cards
I’ve long said to bankruptcy clients that bankruptcy can’t fix an income problem, it can just ameliorate an outgo problem. In the last round of frantic bankruptcy filings a decade ago, one symptom seemed to be that too many families in the Silicon Valley couldn’t really afford to live a middle class life here. They […]
Debts You Can’t Wipe Out In Bankruptcy
Nineteen kinds of debt survive a bankruptcy discharge: but three stand out from the rest. Those three exceptions to discharge look, not at the kind of debt such as taxes, or support or student loans. Rather the exceptions look at how the debt arose. These exceptions prevent bad actors from escaping the consequences in bankruptcy. Bankruptcy is […]
You Can Make Debt Collectors Stop
You can make debt collectors stop. You don’t have to endure phone calls and threatening letters. In fact, you have a statutory legal right to be free from harassing debt collection. All it takes is a letter to the collector. We’ll show you how to write that letter and exercise your right. And, if you […]
Automatic Stay Has Exceptions: It Doesn’t Stop Everything
The automatic stay is the signature feature of American bankruptcy. Just by filing a bankruptcy case, a federal court injunction instantly prohibits your creditors from actions to collect a debt from you or your assets. But, there’s a whole list of actions that aren’t included in the stay. We forget that some kinds of lawsuits […]
Explaining The Increase In Monthly Mortgage Payments On Long Established Loans
Why has my mortgage payment increased so much? That’s the question I’m getting from lots of clients recently. Interest rates are creeping up on variable rate loans, but not dramatically. For most of those asking, it’s because the interest-only period of their home loan has run. Loans promised increased mortgage payments Borrowers forgot that lots […]
The Real Causes of Bankruptcy
The commentator 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. Mindless spending is seldom the cause of bankruptcy in […]
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 […]
How One Family Settled Huge Debt For Pennies
When he started the Chapter 13 trek, he owed $370,000 in personal loans and credit cards. As he completes his plan, he will have settled that debt for three cents on the dollar. No tax is due on the forgiven debt and no listed creditor can legally come back to try to collect the difference. […]
The Trouble With Your Social Security
The caller says your Social Security file is incomplete and without more information, your assets, as well as your benefits, will be frozen. Pretty terrifying if you depend on Social Security checks. Only, it’s not true. The caller isn’t from Social Security. Social Security can’t freeze your assets. Social Security doesn’t do business by phone. […]
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