The discharge is the goal of the bankruptcy process. The court issues it after the deadline for a creditor or the bankruptcy trustee to file a complaint expires. It basically means you are free from personal liability on all the debts incurred before you filed your bankruptcy petition. It does NOT mean you can keep [...]
July 2007
The second most common mistake is not changing your lifestyle to match your finances. Once you have set your personal financial goals, now you have to figure out what changes to make to your lifestyle to achieve those goals. Does this mean a change in jobs or careers? Or does it mean changing your spending [...]
Card card issuers are constantly on the lookout for new ways to pump up their profits. They raise rates, charge new (and hidden) fees and punish card holders with unjust policies. In response, the Federal Reserve Board has proposed rules requiring issuers to disclose clearer information about rates and fees and 45 days’ (instead of [...]
So just who pays a servicer to service a home mortgage loan? Generally, the servicer earns a flat rate per each mortgage account in its portfolio. The servicer sends the borrower a monthly statement. Upon payment, the servicer applies funds to the account and forwards money to the investor. If payment is untimely or incomplete, [...]
Creditors love arbitration. Arbitration is the place where consumer rights go to die. But once you file bankruptcy, your creditor-debtor issues go to the judge to decide, normally. Can the creditor force you to arbitrate a claim you have against them, rather than have the bankruptcy judge rule on it? The Eighth Circuit Court of [...]
Rule #1, Have a personal financial goal and a plan to achieve it. The pressures of bills and getting the income to pay them typically cause you to lose sight of your personal financial goals. The second thing I ask a new client is, “If I could wave a magic wand to make it happen, [...]
