Someone going by the moniker “Good Nelly”, on a debt consolidation site, writes about 6 reasons not to file bankruptcy. Well, let me go through them. 1. Your credit is badly hit. Why are you contemplating bankruptcy if you have good credit? Now, sometimes foresighted people call me right when they get laid off, or…
There may be some for Michigan homeowners caught in the foreclosure crisis. And filing bankruptcy does not disqualify your, automatically, from the program. I am not sure why government bureaucrats like long names for programs, perhaps, it makes them feel more important. This is about Michigan’s Helping Hardest Hit Homeowners program, otherwise known as…
He played Warrick Brown on CSI: Las Vegas, and now, bankrupt. Gary Dourdan filed Chapter 11 bankruptcy. You may think his would be a unique case, but, a little internet research shows similarities with many of my clients. Bought too much house when times were good. $5,000 per month payments back in 2004 when…
(I am an Amazon affiliate, so click on the link if you want to buy the album or book) Foreclosure crisis continues, the election produces: another Republican House, another Democrat Senate, and the same president. Meet the new boss. Same as the old boss. I have been railing against the mortgage villains, industry, organized…
Debt collectors are like cops: do not assume tell the truth when they are interrogating you. Cops are free to lie to suspects. Debt collectors, not so much. And creditors, like, say, American Express, also have some constraints on their collection efforts. DON’T BELIEVE THE ENEMY. If the cops are interrogating you, they are NOT…
General Motors filed the biggest Chapter 11 bankruptcy in history. Lots of corners were cut, laws and rules ignored for political reasons. Bondholders, among others, got zip. The president wanted it over quickly, wanted the unions to come out on top. Now, it seems, not all of the maneuvering was done in the open…
utomatic Stay. Upon filing bankruptcy, whether Chapter 7, Chapter 11, Chapter 13, an automatic stay is imposed preventing creditors from taking ANY collection action against you: telephone calls, letters, lawsuits, garnishments, repossessions, foreclosures, all stopped. Automatically. No judge even looks at the paperwork. Although there is no paper anymore, all bankruptcy courts now use electronic…
You have heard it. Cannot get rid of student loans in bankruptcy. You can’t wipe out student loans. Student loan debt is NOT dischargeable in bankruptcy. (Though more people are calling for the laws to be changed to allow discharging student loan debt in bankruptcy.) Well, not so fast my friend. In a chapter…
Michigan bankruptcy clients forget creditors all the time. Or, don’t even know they owe some body money, especially medical bills, which often show up months later. Some people panic: I already had my bankruptcy hearing, is it too late? How much trouble am I in? Will I have to pay this bill?
Are you better off than you were a year ago? Record numbers of Americans are not. Rasmussen Reports, the top polling agency, says 32% of us owe more than last year. Not coincidentally, confidence in banks is at an all time low. And the government doesn’t poll so well either. With unemployment staying high, home…
