Those poor banks can hardly make an honest buck any more! They had contracts, which their lawyers wrote that allowed them to change the terms any time they felt like it. So, Congress said, hey, no fair! and passed a law against it, the CARD Act. As their lobbyists squawked while the law was being…
You probably don’t have a car-furniture combination like the one in the picture. But, you probably have a car or cars or vehicles of some kind, and, most likely, some furniture. And there are lots of bankruptcy myths circulating about what happens to your stuff if you file Chapter 7 or Chapter 13. Chapter 13…
Myth #1 “I would file bankruptcy, but you cannot get out of paying credit cards anymore.” Wrong. This is something the credit card companies would like you to believe, and something debt collectors may tell you, so you think you have no option but to make a deal with them. Major revisions were made to…
I am all for tithing, I think it is a very spiritual thing to do. The trick is, tithing from what number? Is tithing a budget essential? I have seen many bankruptcy clients over the years who were tithing, insisted that they had to keep tithing, even though the house or car payment was not…
OK, so the picture is Eva Longoria in her bankrupt Las Vegas restaurant. But Michigan businesses can benefit from bankruptcy filing too Chapter 11 or Chapter 13 bankruptcy can enable a business to restructure and/or discharge debt, and continue operating. What chapter of bankruptcy a business can file depends on the way the business is…
So I read this idea in Reader’s Digest decades ago. So goofy it stuck with me. Now, this was in the days before debit cards existed, and there weren’t 50 million Capital One cars floating around. So, people paid with checks or cash. Now, this tip only helps if you have stopped using credit and…
I hate to sound like a lawyer, but, I am one, so, the answer to the question: What happens to my tax refund if I file bankruptcy is: it depends. In a Chapter 13 bankruptcy case, tax refunds received after you file your case have to be paid to the Chapter 13 bankruptcy trustee. The…
Good for you, you started that savings account! Does it have a debit card attached to it? ATM access? Online access? A branch close to where you live and/or work? Then ditch that one, and find a bank that is farther away. Seriously. Do not get an ATM card, do not have online access, do…
I saw something in Court a couple of weeks ago that I see all too often, a lawyer asking a Judge to allow the Chapter 7 bankruptcy debtor toreaffirm a mortgage. This case involved a second mortgage, and the debtor had already reaffirmed the first mortgage. Malpractice! Yikes, I wonder what people are thinking. Reaffirmation…
