image by: Dreamstime Bankruptcy attorneys file bankruptcy, themselves, both Chapter 13 payment plan bankruptcies, or Chapter 7 liquidation bankruptcies, more often than we get million dollar fees. But, what is news? Over a billion (yeah, B as in Billion) in attorney fees, on a bankruptcy case? Yah, you betcha. “These fees are higher than my…
Category Archives: blog
Forgiveness Of Debt Income, What Everyone Ought To Know
DISCLAIMER: NOTHING IN THIS POST IS MEANT AS TAX ADVICE, CONSULT A PROFESSIONAL Some of my clients were about to pay income tax because of 1099-C forms received on rental properties they had abandoned. I was stunned. These people were bankruptcy clients, who had already filed Chapter 7 and received discharges. So they no longer…
Mortgage Balance Not Reaffirmed?
Had a different question last week, from someone who did not reaffirm her mortgage in her Chapter 7 case, kept current on the payments, but wanted to pay off the balance for less than what was owed on the mortgage balance. REAFFIRMATION Just to review, reaffirmation is the process for you to obligate yourself…
What Is A Chapter 7 No Asset Report?
No, it does not mean you have no property, that you lost everything by filing Chapter 7. Actually, it means that the trustee found no assets to be liquidated for the benefit of creditors. Which is a good thing, you keep everything you had before you filed. Subject to paying any liens on the property,…
Studen Loan Collection
A Stockton California man was awakened at 6:00 a.m. by a SWAT team breaking into his house to execute a search warrant relating to: An unpaid student loan. Yup, that is what it was about. Although, with typical government efficiency, he never owed any student loan; his estranged wife did. The video link…
Tornados And Charity
For this holiday weekend, just linking to a post I did on another site on the above topic. Click here. Happy holiday to all.
The Truth About The Foreclosure Crisis
An essential part of the real estate bubble was mortgage securitization, the process by which mortgage loans were sold into investment trusts from which bonds were sold. It was mortgage fraud from A to Z, from the selling of mortgage backed securities trusts, before the trusts were full of mortgages. From the ratings agencies, assuming…
The Real Truth About Debt Settlement Companies
(image from Dr. Mark Goulston web site) They are scams! Almost every debt settlement company is out to take advantage of people desperate to avoid bankruptcy. They make verbal promises that are NOT backed up in their written contracts, which always refuse to guarantee results. They take money out of your bank account every month,…
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 thousands…
