Chapter 13 bankruptcy does stop foreclosure, but does not force changes in the first mortgage on a home in which you live. So, if your home is worth a lot less than you owe on the first lien, and you have no second mortgage, it...
A discharge is what you want when you file bankruptcy, Chapter 7 or Chapter 13 or Chapter 11. The discharge, in effect, takes your name off your debts. Committing fraud or lying on your schedules or in bankruptcy court or a related proceeding is one...
There is over $1.4 trillion in student loans out there and repaying can be tough, or, impossible, even if you have to file bankruptcy. Many people took out loans believing that the income from the job they got due to the degree the loans paid...
OK, maybe longer than a week to get back to this topic. Myth #6 From Barry Paperno in USA Today: “You can’t get a credit card or loan after bankruptcy.” One of the most asked questions by prospective clients. First, there is NO reason to...
Bankruptcy myths, an evergreen topic I return to, riffing off of Barry Poperno’s credit.com piece. Myth #1 Is your credit better after filing bankruptcy? He says no. I tell clients, you are a better credit risk after wiping out the debts you cannot pay, than...
That’s right, when, not if. Bankruptcy filings follow debt. Debt goes up, bankruptcy goes up. Is Debt Going Up? In a word, yes. Ben Steverman, Claire Johnson and Jennifer Surane in Bloomberg news: Spending on U.S. general purpose credit cards surged 9.4 percent last year,...
It is not often I can share good news in either of my blogs. (The other being on Student Loans) But today is a good day! I see pay day loans with many of my bankruptcy clients, who are maxed out on their credit cards,...
Robert Morris, yes, the university is named after him, inspired our first bankruptcy laws. You do not want to be this type of inspirer. Three Years In Prison For Not Paying Your Debts? Sounds beyond harsh. What did Mr. Morris do? If you stay in...
OK, some celebrities and (formerly) rich folk file bankruptcy. I blog about some of them here. I have not personally filed a case for anyone famous. That I know of. You might think poor people file bankruptcy. But, no point in filing bankruptcy, unless you...
A little behind informing you, so, catching up on Bankruptcy News. Credit Card Delinquencies Ah, looking behind the statistics. But overall, across all commercial banks, including the largest banks with the largest credit-card loan balances outstanding, the delinquency rate was 2.54% (not seasonally adjusted). This...