Tag Archives: finance

That’s Not My Debt!

How can you be sued for someone else’s debt? SnAKE

By a company you never heard of?

And that company bought the debt from another

company that you never dealt with.

Many of my bankruptcy clients have debts like this, they have no idea

who it is or what it is about, but, if you are filing bankruptcy anyway,

there is nothing to be gained by taking additional action against the snake company.

Unless there was a Fair Debt Collection Practices Act violation.

Zombie debt is one term out there.  Most debts are bought and sold, like mortgages.

Original creditors, like banks, would rather bundle up their bad debts, and auction them off for pennies on the dollar, than chase people themselves.

The problem is, they sell piles of computer records, which may or may not be accurate, seldom if ever include things like original contracts or monthly statements.

And the debt buyers don’t care.  They just take what they get, and harass and sue.

Slightly more scrupulous debt collectors file actual legal cases in bulk, seeking judgments like the one obtained against Amrit Singh, so they can have local authorities use wage garnishment or other options to collect payment. Debt collectors often don’t inform the debtor about these cases, and even if they do, the case is in the debt collector’s name, which confuses consumers who have never heard of these companies to whom they allegedly owe money. Ninety-eight percent of the time, the defendant in the case is either absent, or has no legal representation.  (David Dayen, “Someone Else’s Debt Could Ruin Your Credit Rating

Some debt collectors don’t bother with the cost of filing suit, they just throw something on your credit report.

(Another reason to monitor those)

Then, when you go for a mortgage refinance, or for that new car, you are told this blot on your credit either disqualifies you altogether from financing, or sticks you with a higher interest rate.

Then you pay it off in a hurry, because  you have no time to sue them for messing up your credit.

And you do not need to file bankruptcy.

IF you fight these suits in court, your odds of success are high.

Of course, lawyers cost money.  Unless there is an FDCPA violation that can result in getting your lawyer paid.

Either way, best to have an experienced consumer lawyer check things out if you get sued by some company you never heard of.

 

3 Responses to That’s Not My Debt!

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Hope And Change Two??

   (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, organizedContinue ReadingContinue Reading

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Homeowner Help? Or Government Sellout?

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The long awaited on again, off again, multi-state settlement between the Attorneys General of our various states and the mortgage company rapists, uh, crooks, is apparently on again. Unless this is your first trip to this blog, let me end the suspense:  the proposed settlement is: image credit: dreamstime Sorry to ruin the ending. WhatContinue Reading

9 Responses to Oh, Oh, Bankruptcy Danger: Omitted Creditor

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How Much Is Your Home Worth?

Letter H

H is for home value, in the Alphabet Game, bankruptcy experts across the country blog on different topics. I always ask potential clients this question, how much is your home worth?, I mean, really, and the response frequently is something like:  well, it is worth $200,000, but right now, I can only get maybe $160,000Continue Reading

12 Responses to How Much Is Your Home Worth?

  1. Kurt,

    Nice job. You are spot on. I have had many similar discussions with my clients about the financial impact of retaining their home when it is currently upside down. Does not make sense to modify a loan by extending the term another 10 years. Those who have refinanced within the past 10 years are still looking at a 30 year mortgage on an overvalued piece of real estate. It will take more than 20 years at regular payments to probably break even. That is a long time.

    I hate to disregard “hope” but these are major investments. You need to be very realistic. If you are filing bankruptcy why not take advantage of its many benefits – like discharge of mortgage debt.

  2. The other piece of the puzzle is how the cost of living in the home compares to renting. If the cost of living in the home is not significantly more than the cost of renting, then there is no harm in staying put. Just so long as the “homeowner” understands that the real estate is housing, not an investment on which they can retire.

  3. And no doubt you get the same sort of dialogue:

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C Is For Creditor

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   Creditors may not all look like this.  OK, probably none of them do.  But that is what some of them make us think they are, on their way to bashing our heads in if we don’t fork over the loot. Loot that we don’t have. The bankruptcy code defines creditor as: (A) entity thatContinue Reading

2 Responses to C Is For Creditor

3 Responses to Credit Cards Are NOT The Problem

  1. Very true. if you use credit cards the way you should you can save money with cash back or miles. most people buy more than they can afford that is why they wind up not paying them off every month.

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