Bankruptcy can strip down what you’re paying on your car loan to just the bare essentials, saving you bundles. Consider my client whose car loan balance was grossly inflated to the point that she owed twice the value of her car, bought just a year ago. Before bankruptcy “reform”, she could have stripped the loan […]
Ten Debts That Follow You After Bankruptcy
Some debts just follow you out of bankruptcy. Not many but a few. These debts continue to be collectible even after a Chapter 7 discharge. The discharge in Chapter 13 is different and broader: just another reason to choose Chapter 13. 1. Family support Regardless of what it’s called, court ordered payments for support […]
Who Gets Grannie’s Cash – Grannie Or The Bankruptcy Trustee?
When there’s a joint bank account and a bankruptcy filing, good intentions can quickly go sour. The bankruptcy trustee sees a pile of money in the bank to which the debtor has access, even though the account also bears the name of someone not in bankruptcy. If the debtor can get the money, the trustee […]
Myth Of The Corporate Credit Card
As far as myths go, the myth of the business credit card ranks right up there with unicorns, Big Foot, and leprechauns . Every struggling small business owner who crosses the threshold of my office believes that his corporate credit card is not a personal debt. Wrong. In 41 years of bankruptcy practice, I have never seen […]
Financial Fundamentals: Credit v. Debit
Just because it’s plastic, doesn’t mean it’s a credit card. Yet when I ask my clients about their credit card accounts, too many of them proffer their debit card. And the confusion about plastic cards that aren’t credit cards isn’t confined to those in debt. My young adult son struggles with the distinction, too. So, […]
Five Tax Tips For Two Cents
The tax filing deadline approaches. So why is a bankruptcy lawyer talking about taxes? I’ve found over three decades as a bankruptcy lawyer that there’s a surprising degree of overlap between bankruptcy and tax . All too often, it’s tax troubles that brings a family to me for help. Here’s my two cents on what […]
Mortgage Lenders Stop Lurking And Start Foreclosing
I’m re-upping this post from nearly two years ago because I’ve seen a surge in foreclosure notices on old and irregular home loans. There is equity now in those homes, so they are at risk of foreclosure. They hadn’t paid the line of credit loan on their home for seven years. All was quiet […]
Credit Reporting Agency Is All Wrong About Bankruptcy
Found a mistake in your credit report after bankruptcy? Happens all too frequently. But a major credit reporting agency is flat wrong on its advice on how to debts discharged in bankruptcy reported properly. The cynical side of me is not surprised. They get so little else right, why do I expect them to write truthfully […]
When Mortgage Lenders Monkey With Your Loan
Spoiler Alert: As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges. And those who could do something “hear no evil, see no evil, speak no evil”. Meanwhile, you and other borrowers are the enemy in something once referred to decades ago as “Combat Loan Servicing”. Borrowers just […]
4 Keys To Chapter 13 Success
How do I make a Chapter 13 plan that succeeds? That’s important because a successful Chapter 13 lets you keep your assets, keep control of your income, and discharge more debts than any other form of bankruptcy. Yet a distressing number of Chapter 13’s fail before they reach the finish line. Debtor writes the plan […]
