Tag Archives: fraud

Feel Guilty Filing Bankruptcy? Good!

G Is For Guilty

image credit:  Dreamstime

Most of us have been taught to pay our bills.

If you borrow money, you should pay it back.  We get mad at our “friends” who don’t pay us back.

Whether it is money for furniture, a truck, a car, a boat, a house, a vacation, a student loan to get through college, or a loan from a friend or relative. We are supposed to pay it back as promised, or, at worst, when we can.

I tell my clients who file Chapter 7 bankruptcy, if you get the money later, you can pay back whoever you want.

Filing bankruptcy does not prevent you from paying your debts, it gives you relief from oppressive creditors.

Some clients told me last week they were feeling so guilty, even though they have no choice.

People who file Chapter 7 bankruptcy do not have the money to pay their bills, whether they file or not.

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5 Responses to Feel Guilty Filing Bankruptcy? Good!

  1. Your words here are so profound and spoke to our faith. There is such a stigma towards people who file bankruptcy that you can’t help but feel that you are doing “wrong” somehow. After reading this, we feel more hope about our future. Especially for our children. Something we haven’t felt in many years. Thank you.

  2. A Bankruptcy wipes out all a person’s eligible debts usually within nine months. In the vast majority of cases the debtor has no assets that he or she would lose. Bankruptcy gives a person a relatively quick “fresh start”.

    Bankruptcy in Canada should only be a last resort. Common reasons for Canadian bankruptcy are job loss, excessive student loan debt, or medical expenses.

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More Creditor Fraud?

    Now, if you or I were owed $45.9 billion dollars, in a bunch of states, by a bunch of people, and had over 1,000 lawsuits going to get some of that money back, what would it mean if, all of a sudden, we dropped those suits? It would mean we got religion, decidedContinue Reading

The Truth About Bankruptcy Fraud

The creditor lobby would have you believe that people who file bankruptcy are the ones committing fraud. They sold the bankruptcy law reforms as a way to stop the rampant fraud going on, people filing bankruptcy to skip out on their debts, debts which they could afford to pay. That was the company line. DebtContinue Reading

2 Responses to The Truth About Bankruptcy Fraud

  1. I am a victim of fraud and looking for some help i have all the evidnce of a scam and it is going on uncovered fake document being used in a court this con man has a long history of using the court in his scam Norm Hayes is the conman with lots of victims

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The Foreclosure Scam Story

Wreckage in Barrie

False advertising fills the airwaves: “the secret credit card companies don’t want you to know.” The secret? They don’t tell you is, you pay, and get no guarantee of anything. The State of Ohio busted a foreclosure scam outfit operated with attorneys. Check with your state’s Attorney General’s office. Better Business Bureau, not so much.Continue Reading

One Response to The Foreclosure Scam Story

Foreclosure Fraud, What Does It Mean?

We write mostly about specific issues and ways to improve family finances, what might be called micro issues by the economists. This post is a look at the macro picture, as it is referred to by the “dismal science” of economics. Massive fraud in mortgage documentation is coming to light across America. The Federal Reserve,Continue Reading

2 Responses to Foreclosure Fraud, What Does It Mean?

  1. Wall Street was incompetent to allow this to happen, and it is handling the situation incompetently. Proposals from NACBA and others to reduce mortgage notes and interest rates would decrease the value of the funds, but the funds would be intact. Hypothetical: I invest $10,000 a year in a fund which promised a return of $1000 a year, but I end up with a share of a fund worth $8,000 which returns $400 a year. Not good, but better than my fund managers destroy the fund, and the only who benefit are the lawyers who billed for the lift stay motions and the foreclosures. The current style of management is to resist to the utmost any law mandating re-writing mortgages. This Is the Louis XVI style of management. You will recall early in the French Revolution, Louis was called upon to become a constitutional monarch, in return for which the Estates General would reform his financial system and “bail out” his royal butt. He wanted to be bailed out, but not reform. Two decades later, a revolutionay military dictator reformed the system. Wall Street is worse than criminal. It is incompetent. I hope history doesn’t repeat itself and there won’t be a Napolean to straighten out the mess.