Despite the current credit crunch, Paul Davis of American Banker reported the sale of credit card-based bonds are still being sold while subprime mortgage bonds are going wanting. In the odd world of consumer securitization, loans like credit cards are apparently seen as safer than home loans. Credit card debt is packaged and resold by [...]
August 2007
Will it do any good to file a bankruptcy if a a judgment has already been entered against you? Despite the misinformation you may hear, you may absolutely file a bankruptcy after a judgment has been entered.
I often recommend Chapter 13 to clients who qualify for Chapter 7. Why? One well known bankruptcy lawyer has a 53 item list of reasons to file Chapter 13. My favorite reason is because it’s flexible. A Chapter 13 plan can be dismissed at the debtor’s request at any time, for any reason, or for [...]
In North Carolina, you can’t go to jail for simply not paying a debt under most circumstances. You can be jailed for passing a bad check or for contempt of court. You can go to jail for failure to pay child support or taxes. However, not paying an ordinary debt is not sufficient for an [...]
Losing your home to foreclosure is a heavy blow. Â Then a tax audit notice arrives in the mail. Â The IRS claims you owe more tax. Â Foreclosure, or even selling your home for less than you owe can have unpleasant tax consequences. Â A recent New York Times Business section article describes a couple in Allentown, Pennsylvania, [...]
The end of a bankruptcy case can happen two ways: dismissal or discharge. When a case, whether 7 or 13 ends in a discharge, this means that the discharged debts are uncollectible by a creditor. The discharges gives the debtor a fresh start financially. On the other hand, a dismissal is usually a bad thing, [...]
