Because identity theft is such a hot topic, the major credit bureaus as well as a number of private companies offer credit monitoring services. These services alert you to potentially fraudulent activity in your credit file. For example, a request for a large increase in your credit limit, or a pattern of frequent cash advances [...]
June 2007
You need your bankruptcy papers are a shield against future collection actions for discharged debt.  The answer is a simple phrase: “zombie debt”.  Zombie debt is the phenomenon of old and discharged debt being revived by debt buyers and debt collectors long after the debt has been rendered uncollectible. Check out Zombie Debt Haunts the Discharged [...]
The bankruptcy hearing is technically called the first meeting of creditors. The name is mostly historical; originally the creditors were invited to a meeting when someone filed bankruptcy. While creditors are still invited to come to the bankruptcy hearing, it is a rare occasion when they attend. So what happens there? Let’s look at who [...]
Liens, including tax liens, survive a bankruptcy discharge. If the tax that generated the lien is discharged, the lien does not attach to assets acquired after filing bankruptcy. What to do with the lien on the assets owned at filing? Do nothing, is one possibility. If the assets have small value and a short useful [...]
A mortgage is a product you purchase from a seller, typically a bank, a lender or a broker. Just like cars on the lot, there are different types and no two cost the same. To compare one type of mortgage with the other you need an accountant. The seller used one to determine how much [...]
The “means test” hinges on the consumer debtor’s income and size of her household. Simply stated, the more people a household’s income must support, the more likely the debtor will be allowed to proceed in Chapter 7 and discharge debt. In particular the expenses allowed to sustain the household over a hypothetical future five-year repayment [...]
