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 […]
Credit Scores Trend Upward After Bankruptcy
After bankruptcy, credit scores go steadily up, says a 17 year study released by the Consumer Financial Protection Bureau. Got that? Go UP. Every year. Importantly, credit scores start improving the same year that the bankruptcy is filed. Think on that for a moment. Creditors and their shills shout that bankruptcy trashes your credit score; […]
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 […]
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: understand the situation fully. How you got into debt Before you choose a get-out-of-debt path, understand where you’ve come from. Until […]
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 […]
New California Bankruptcy Exemptions
Californians filing bankruptcy got some new exemptions to protect their assets on January 1, 2023. Plus, we will see the triennial inflation increases in April, 2023. California has its own set of exclusively bankruptcy exemptions, as an alternative to the standard state law exemptions. California opted out of the Bankruptcy Code’s exemptions, in favor of […]
How Chapter 13 Saves You Money
Why should I file Chapter 13 if I have to pay all my creditors in full? Because, I said, even a 100% repayment plan under Chapter 13 saves you money. This client had a fistful of equity in a home; that equity made a Chapter 13 the required choice of chapter for the man. But […]
Best New Bankruptcy Insights Of 2019
As we wave goodbye to 2019, we asked what issues grabbed you in 2019? Or, at least, what bankruptcy issues caught your attention? So, we tallied the traffic numbers from this calendar year and assembled this list of the top 10 new posts here on Bankruptcy Soapbox in 2019. Take a look, and see if […]
2019 Reader Favorites From Bankruptcy Soapbox
It’s always fun to see which posts spoke to readers of Bankruptcy Soapbox during the year. There’s lots to choose from. After all, we touch on law, personal finance, small business issues, and some just basic matters of operating in this economy. Here, starting with number 10, and working up to your favorite post, are […]
Do It Yourself Bankruptcy Software Is A Trap
Good intentions and a good education are apparently not enough for Upsolve to get the means test right. Upsolve describes itself as a non-profit, created by Harvard Law School graduates, whose mission is to “help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost.” Admirable, so far. Until […]
