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Archive for April 15th, 2008

Lawsuits and Bankruptcy »

Repeat after me: “Bankruptcy stops collection lawsuits. Bankruptcy stops collection judgments.” Now, go write this on the blackboard 100 times.
Bankruptcy is a federal right, direct from the U.S. Constitution. Collection lawsuits are state law and they lose out to the superior federal law.
If anyone tells you otherwise, please PLEASE immediately write [...]

Bankruptcy and Charge-Offs »

You can still file bankruptcy on a charged-off debt.  Any statement otherwise violates federal law and can put money in your pocket.  Please, PLEASE, immediately write down all details of the call and contact your attorney. 
I must repeat the February 15, 2007 post of my colleague, Susanne Robicsek.  A charge-off is a creditor’s accounting entry [...]

Financial Crisis Spreads to Retailers »

As the Fed has pumped up the money supply, prices are inevitably rising.
Gas, now food, increasing first.
With mortgage-home equity borrowing having dried up, it seems people are using credit card debt to make up the difference.
This is not a good strategy. You cannot borrow your way out of a [...]

If My Income Increases, Do I Have To Amend My Bankruptcy Petition? »

It is unlikely the bankruptcy petition has to be amended if your income increases after the case is filed. This is because the bankruptcy petition, which is a document whose accuracy you have verified under penalty of perjury, is supposed to accurate as of the date you signed it, and as of the date [...]