Warning: virulent outbreak of do-it-yourself bankruptcies all around. Symptoms: panic over prospect of foreclosure Supposed remedy: file your own skeleton Chapter 13 bankruptcy Prognosis: enjoy the stay for about 2 weeks, followed by foreclosure relapse Homeowners facing foreclosure Three different would-be clients called in a 10 day period this month, facing foreclosure. And all three […]
Don’t Trust Anything Your Lender Says On The Phone
Don’t trust the loan servicer for a moment, was my advice to the client who was trying to track payments he’d made on his home mortgage . The mortgage industry has created an inhabited accounting swamp around your home; the lender’s representative lives in that swamp. Don’t turn your back on a carnivorous predator. I’m […]
Bouncing Back From Bankruptcy: The To-Do List
Recovering from bankruptcy isn’t hard. You’ve hurdled the debt chasm and finished your bankruptcy case. There’s a fresh start ahead. But where do you start on that fresh start? Consider this to-do list for bouncing back from bankruptcy. Keep on keeping on Whether your bankruptcy case was a Chapter 7, over and done in months, or […]
Has Your Social Security Number Been Suspended?
The latest variety of tax scam picked the wrong target when they called my fellow bankruptcy lawyer Wayne Silver. Your social security number has been suspended, claimed the caller. Having no identity is scary. What’s a guy to do without a Social Security number? It’s sad that we are reduced to needing a number to validate […]
7 Keys To Keeping Your House: Chapter 13 After You File
Filing Chapter 13 bankruptcy stops the foreclosure. You’ve protected your home, for the moment. Bankruptcy gets you a sheltered legal environment to address the problems with your mortgage. You heave a sigh of relief. But the fight to keep your house isn’t over, just because there’s a stay. You’ve just gotten through the first round. […]
What’s Wrong With Most Get-Out-Of-Debt Advice
Get-out-of-debt gurus too often miss the essential truth known to every carpenter. Measure twice, cut once Too many trite lists of tips to help you get out of debt miss the vital first step. Before you choose a get-out-of-debt path, assess your situation. Until you know how you got into debt, it’s hard to pick […]
Bankruptcy Drives Credit Score Surprise
Bankruptcy improved my client’s credit score, almost on the spot. Before bankruptcy, a miserable credit score was no surprise. This client reported a 498 credit score before he filed. What was surprising is that, three month after he filed bankruptcy, his score was 614! That’s a 116 point increase in his score in three months. […]
California Homestead Works In Other States, Too
California homestead law drives bankruptcy exemptions even for those who no longer live in California. Strange, when the homestead statute was state law originally written for Californians. Two things have expanded its reach: bankruptcy “reform” and the concept of extraterritoriality. The third driver, of course, is mobility: we seem much more likely these days to […]
Find The Right Cure for Your Debt Problems
Get-out-of- debt advice and sales pitches abound. Like this one. But too few get-out-of-debt gurus tell you that you need a diagnosis of your financial ills before prescribing the cure. Is the stomach ache indigestion or appendicitis? Is it temporary upset or a life threatening money pit? The answer makes a big difference in how […]
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