Won’t Bankruptcy Ruin Credit? is a question I get all the time. Well, nobody with great credit calls me about bankruptcy. True, they might have good credit when they call, because they are still current on their debts, though just laid off. Or just ran...
Which affect mortgages in bankruptcy, hence, this blog post. The CFPB issued final mortgage regulations in a number of areas. We will discuss: mortgage statements et al in bankruptcy.
USA Today has an article about Bankruptcy Myths. Their first one strikes me as a Mythical Bankruptcy Myth, so here we go. Bankruptcy Myth #1 If you don’t have negative information on your credit report prior to bankruptcy, you will have a higher post-bankruptcy credit score than if your report contained negative information prior [...]
If you don’t want to file bankruptcy, the first thing to do is keep track of your spending. However, most people do not. U.S. adults aren’t nearly as concerned as they should be with how they’re doing financially. Though 60% claim they keep track of how much they exercise they get and 51% regularly check [...]
Common threat from unscrupulous debt collectors (but I repeat myself) “I have a warrant for your arrest here, to send to the District Attorney (which we do not even have here in Michigan) unless you pay this now.” Well, jail is for criminals, awaiting trial or convicted/just arrested, and civl cases are for money judgments, [...]
It’s that time of year, we file our tax RETURN and hope for a big tax REFUND. Just one of my pet peeves, that people call returns refunds. In Chapter 7 or Chapter 13 bankruptcy, you have to provide the trustee with copies of your last two years’ tax returns. What About Refunds? Tax refunds [...]
After paying over 17 million dollars to his creditors, Michael Vick’s Chapter 11 bankruptcy case is finally over.
I get complaints that some of my blog pictures are, well, crude, so in lieu of a crude bankruptcy cramdown picture, I selected a nice one of me. Bankruptcy Cramdown There are lots of what we lawyers call “terms of art” in bankruptcy, or whatever field of practice applies. In bankruptcy, a cramdown is paying a [...]
Bubbles don’t end well, remember the real estate bubble that burst in 2007-2008? Debt Bubbles A (debt) bubble is an economic cycle characterized by rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset and driven by exuberant market behavior. Uh, yeah, [...]
Having to file bankruptcy is frequently the result of not knowing how to handle personal finances. Every test, quiz, whatever that I see shows the same thing: financial illiteracy. “If we extrapolate these results across the 240 million adults residing in the US, we can estimate that – collectively – lack of financial knowledge cost [...]