Banks, most especially Wells Fargo, seem to relish denying refinance applications for debtors who didn’t reaffirm home mortgage in bankruptcy. You didn’t reaffirm your existing home loan, so we can’t refinance that debt, they chortle. Sometimes, the dig is even more painful (to me at least): your attorney didn’t do this right so you are […]
Facing Foreclosure, You Need A Plan B
Bankruptcy stops foreclosures, with certainty. It’s the surefire defense to a scheduled foreclosure sale. Then why do homeowners keep waiting til the day before the sale to find a bankruptcy lawyer? Most of the other ways to stop a foreclosure sale require either gobs of money or an agreement with the existing lender or a […]
Wage Garnishment Survival Guide
“Your wages have been garnished, ” reads the letter from your employer. Do nothing and twenty-five percent of your after-tax earnings will be sent to your judgment creditor. So, do something: keep reading this action guide for Californians subject to a wage garnishment. This guide has three parts: the short run guide for minimizing the hit […]
Which Bankruptcy Chapter Is Right For Me?
Seven or Thirteen? 13 or 7? When you have a choice, how do you decide which chapter of bankruptcy works best? Usually, the choice is driven by the scope of the discharge and the kind of debts you have. More kinds of debts are dischargeable in Chapter 13 and the automatic stay protects you for the […]
Does THIS Violate My Bankruptcy Discharge?
When creditors contact you after your bankruptcy, you need to know what actions violate the discharge, and which are permitted by law. Having been through the financial wringer and having been proactive to get out from under old bills, you hope for a tranquil and prosperous life after bankruptcy. When creditors violate the discharge, they […]
The Unexpected Loss When Tax Returns Filed Late
Late tax returns can cost you big-time. File seriously late returns and you get no credit for toward your Social Security. Betcha didn’t know there was a connection between income taxes and your Social Security benefits. This was a new one for me. I’ve written often about the negative consequences of putting off filing tax returns. But […]
Debt Settlement Is A Dud
Debt settlement is often dangled in front of the financially challenged as an alternative to bankruptcy. Sounds good: making a deal with your creditors has enormous appeal when you can’t pay everything that you owe. And debt settlement companies count on it. The pitch for “settling your debts” touches a nerve. Almost everyone WANTS to […]
Six Tips For A Worry-Free Bankruptcy
What happens after filing bankruptcy ? Your bankruptcy case is filed. After you’ve assembled all the paper, after you’ve answered endless lawyer questions, and after you’ve filed all the bankruptcy schedules in your case with the court. what do you need to do now? Actually, relatively little happens after you’ve filed your bankruptcy. The heavy […]
What’s After Forbearance
Last spring, the CARES Act entitled everyone with a federally backed home mortgage to a forbearance of 6 months, extendible for another 6 months. 15 USC 9056. The end of the mandated forbearances is approaching for many. But the law provides no clue as to what comes after forbearance. Fannie Mae (the Federal National Mortgage […]
Who Files Bankruptcy In The Face Of Booming Bay Area Economy?
Silicon Valley is booming; our highways are so full of people getting to work that we can’t get to work. Employment is approaching the level of the dot.com bubble. Property values are outrageous. So who files bankruptcy in this pocket of prosperity? All kinds of people, it turns out. Let’s look at the people who sought […]
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