Monthly Archives: March 2011

Top Ten Reasons To Hire A Lawyer For Bankruptcy

1.  You want to keep your house.

As with all these points, hey, if you know how, by all means, DIY.

Do you need to reaffirm your mortgage?  Is there equity in your house that should be exempted?

2.  You want to get rid of as much debt as possible.

Which debts can you get rid of?  Is there something extra to do to get some kinds of debts discharged?

3.  You do not want to have done something that results in a relative sued.

Many clients tell me, well, I had a car, but I signed the title over to my sister so the creditors could not get it.

I just repaid my Mom the money she lent me to make the house payments last year.

There may be ways to fix these type of situations before you file and the bankruptcy trustee sues your relative.

4.  You want to know what happens at the hearing, before you get there.

Who will be there?  Do I have to talk?  What do I have to bring?

What kind of questions will I be asked?

An experienced lawyer can answer these questions and ease your mind.

5.  You do not want to have to go back to court extra times.

Your lawyer should help you get it right the first time.

The Detroit docket is backed up with people representing themselves who have to keep coming back because they did not file something, or did not give the trustee one of the required documents.

6.  You want to keep as much stuff as possible.

Property has to be valued and exempted.

Are you familiar with the exemptions you can use?

Do you know how to value your property?

7.  You don’t know what to do about the car in your name that your daughter drives.

Several alternatives on this one, an experienced bankruptcy attorney can guide you.

8.  What credit counseling?

Useless, but mandatory before you can file bankruptcy.

9.  What financial management?

Has to be done, after you file, before you can get your discharge.

10.  You want that garnishment to stop.

What if the creditor gets the notice, and keeps dinging your paycheck?

This is probably the main reason you filed your case, you want to get this right.

A mistake in any of these areas can cost you more than if you hire an attorney to begin with.

Top Ten Reasons To Hire A Lawyer For Bankruptcy

3 Responses to Top Ten Reasons To Hire A Lawyer For Bankruptcy

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The Truth About The Means Test

  (image from website)   The means test was made law in 2005, at the behest of the creditor lobby to stop abusive bankruptcy filings, which were supposedly costing the average American family $400 per year.. An obtuse formula is used to weed out those who supposedly can afford to pay something to theirContinue Reading

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The Truth About Second Mortgages

Second mortgages were marketed as home equity loans, or home equity lines of credit, partly to conceal that they were liens on your house, just like the first mortgage. I can’t tell you how many times I would ask a client, How many mortgages on your home? To be told, just one, and we haveContinue Reading

8 Responses to The Truth About Second Mortgages

  1. Mr. O’KEEFE :
    Very good blog !! I am especially interested in the 2nd mortgage topic. My husband took out a HELOC in 2006 – I did not qualify , so they used all HIS info & it was given to him . But they said I had to
    sign , even though it was HIS loan , because my name IS one the 1st mortgage.

    July 6,2007, my husband died of a self inflicted gun shot wound – suicide .

    GMAC “SOLD” the 2nd mortgage to a company called Specialized Loan Services ,(“SLS”) in 2009, but GMAC service , still, the 1st mortgage. When I tried to speak to “SLS” in 2009 , they said they could not talk to me – I WAS NOT ON THE LOAN !! BUT, they noticed payments were being “voluntarily” made for 4 years . I was doing what mechanically came to me , after witnessing my husband’s death as a result of suicide. They said “I DO NOT OWE THE LOAN , BUT IF I WANTED TO CONTINUE PAYMENTS THAT WOULD BE FINE ” , they even sent me 2 letters stating , “YOU DO NOT OWE THE LOAN , BUT IF YOU DON’T PAY IT – IT COULD OVER TIME AFFECT YOUR HOME” . NOW ~ THEY, “SLS”, is threatening to FORECLOSE on my home !! My 1st mortgage is CURRENT , never late , taxes are
    current , never late, etc.,etc.

    I’m in a catch 22 situation !! I don’t owe the loan – but the say they are going to foreclose !! AS a 63 year old widow, under the circumstances , in which he died , and being on a fixed income ( VERY fixed ) , no income , living on his & my S.S. , but managing to “JUST MAKE IT ” !!

    CAN , they do this ?? I STOPPED paying this in May, 2011 – after they said – “it isn’t your loan”. NOW, the threats have started.
    Sincerely ,

  2. my second mortagage co filed ins. claim for fraud title cloudy property reported stolen by owner rep. 3/08. 6/08 detroit law dept assign case by authority of city council k. cockrell j. terry request nez cert issued by state be revoked (only by city council) and return tax money paid and property roll for assessment be adjusted
    attorney adjusted roll much more to follow we have 2 trillion dollar law suit approved please settle claim j. terry is not an attorney con. j. terry 313 433-2370 or 313 332- 0662

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The Truth About Debt Buyers

(image from Wall Street Journal) Jessica Silver-Greenberg wrote about debt buyers at the end of last year, but the information is still timely. Companies like Portfolio Recovery Associates, which used many affidavits, like the one pictured, from a person who died before the date on the affidavit. Bad debts are sold in bundles of thousandsContinue Reading

2 Responses to The Truth About Debt Buyers

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