Americans are swamped in $1 trillion of credit card debt– will bankruptcy be the answer? Different Bankruptcy Chapters LIquidation, or straight, bankruptcy is what Chapter 7 is called. That is to wipe out debts. You get a discharge, which, in effect, takes your name off the note or contract. Americans now owe $1 trillion in [...]
Americans are swamped in $1 trillion of credit card debt– will bankruptcy be the answer? Different Bankruptcy Chapters LIquidation, or straight, bankruptcy is what Chapter 7 is called. That is to wipe out debts. You get a discharge, which, in effect, takes your name off the note or contract. Americans now owe $1 trillion in [...]
Bankruptcy blame and fraud dominate this week’s Consumer Bankruptcy lawyer News – Michigan. Bankruptcy Lawyers Get Blamed – By The Judge We get blamed by our clients all the time, but getting blamed by the bankruptcy judge is much worse. More fundamentally, the court is disappointed in Martell’s counsel for attempting to disallow a claim [...]
Most attorneys do not handle bankruptcies, and, most attorneys who handle bankruptcies do not handle Chapter 11 bankruptcy cases. I have done them for, well, decades. I do not have a pending chapter 11 case for the first time in a long time. Why Do Individuals File Chapter 11? First, there is a debt limit [...]
Consumer bankruptcy filings are sure to go up. Mortgage debt is one reason. The government just keeps pushing out mortgages to people who cannot otherwise get them. Those with lower credit scores and income. Which people, of course, default more often. People who cannot pay their debts are the ones who file bankruptcy. Mortgage Debt [...]
Debt Collector and bankruptcy updates this week. Looking at another Buffalo NY area debt collector, Galbo Sims Holding LLC. Debt Collector Abuse Someone mis-representing himself as a process server, connected with Clear Credit Resolutions LLC, calls my client telling him to pay $530 now or be sued and have to pay $788 plus court fees. [...]
The automatic stay is imposed, well, automatically, upon the filing of any bankruptcy petition. It is a big red STOP! sign to ALL creditors that debt collection actions, garnishments, foreclosures, repossessions, letters, phone calls, anything, must stop. Most courts can issue a stay, an order freezing things where they are, after a lawsuit is filed, and [...]
It takes folks a long time to realize that they are bankrupt and need to file Chapter 7 bankruptcy. It can take a long time to gather the required information to file a case. You have to do the stupid pre-bankruptcy credit counseling, too. How Long Does It Take From When It Starts? Now, that [...]
No, there is no age maximum for filing bankruptcy. In the old days, senior citizens had savings, equity in their homes to pass on to their heirs. And it was harder to borrow money, after retirement. when, income was lower. Not so much anymore. Ben Zigterman reports in the news-gazette website that In 1991, just [...]
I blog a lot about the 1.3 trillion dollars of student loan debt. Car Debt is headed toward that amount. The country’s auto debt hit a record in the fourth quarter of 2016, according to the Federal Reserve Bank of New York, when a rush of year-end car shopping pushed vehicle loans to a dubious peak [...]