Figuring out what your home loan balance is can be harder than a calculus exam. For most people, their mortgage is their biggest debt. And their home is their most important asset. Yet, the people accounting for your payments are increasingly incapable of the very basics of their job. And that makes your job, as […]
When You’re Behind On Your Car Loan
Are you looking over your shoulder for the repo man every time you park your car? You’re not alone. Delinquent car loans are on the rise: almost 1 in 20 vehicle loans are in default. If you’re in that group of Americans struggling to pay for your wheels, there are solutions in bankruptcy. If you […]
Before You List Your Home For Sale: The Essential First Task
Selling your home? A letter to the servicer of your mortgage. You want full disclosure of what charges, fees, expenses and other “stuff” they want to collect from you when your sale closes. For all you know, they’ve stuffed your loan full of fees, not authorized by law or agreement, that pad their bottom […]
Your Right To Credit Reporting After Bankruptcy
You’ve finished your Chapter 13 and emerged from bankruptcy with your home loan current. But your credit report is a blank page as to your mortgage. The mortgage servicer isn’t reporting your payments to the credit reporting agencies [CRA’s]. Nothing. Nada. Crickets. So, even though you’re making regular payments, you’re not visibly rebuilding your credit. […]
Find The Hidden Mortgage Interest Tax Deduction In Bankruptcy
Is your Chapter 13 plan paying back mortgage payments that were delinquent when you filed bankruptcy? If so, a mortgage interest tax deduction lurks, unclaimed, in the trustee’s records. Track down that tax deduction, add it to your tax return, and you reduce your federal income tax burden. But it’s difficult because, for reasons I […]
No House, No Discharge When Chapter 13 Goes Off Script
Sound the alarm. Chapter 13 bankruptcy cases are getting dismissed right and left when debtors fail to make mortgage payments. What began as a trickle of Chapter 13 cases ending badly has become a torrent. More and more, bankruptcy judges are strictly enforcing the direct pay term of Chapter 13 plans. If your plan says […]
Bankruptcy Busts Taxes If The Timing Is Right
Got unpaid taxes for 2019? Three tax discharge timing rules control when those taxes can be wiped out in bankruptcy. On April 15, 2023 those taxes reached the end of the line as priority claims in bankruptcy. Or, the magic date may be October 15, 2023, if you got an extension to file the return. […]
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 […]
Can A Trust Protect You In Bankruptcy?
Can a living trust protect your assets in bankruptcy? Or, anywhere else? According to the lawyer advertising and the self-help books, everyone needs a living trust. The asset protection industry loves irrevocable trusts, another much touted trust. An irrevocable trust gets assets out of your name for all time. Unless of course, they are attacked in […]
Speak Fluent Bankruptcy: Guide To Essential Bankruptcy Terms
Bankruptcy has its own language. If you are considering filing bankruptcy, it helps to know the language spoken there. Master just a couple of words and phrases, and input from a bankruptcy lawyer starts to make sense. So, in our continuing campaign for better understanding of bankruptcy, here’s a dozen phrases from the language of […]
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