This may seem like a silly question because your first impression is: Well that depends upon who you are asking, right. If you ask Bill Gates and the High School Student working at the local fast food place the answer would be different. But the answer, to me is rather simple. My answer is: If [...]
March 2009
When consumers have bill problems and are thrown into collection, the law stands on their side. But the problem is that all too often, consumers do nothing to protect their rights. Last week, the Federal Trade Commission issued a report saying that the debt-collection legal system must be reformed and modernized “to reflect changes in [...]
Last night, the House of Representatives passed the Bankruptcy Cramdown Bill by a vote of 234 – 191. The Bill is also known as H.R. 1106. This is great news to people living in high foreclosure states like California and Florida. H.R. 1106, if passed in its present form, will allow Bankruptcy Judges to cramdown [...]
Losing a loved one can be very difficult, especially if your spouse or other loved one dies unexpectedly. What happens to debts owed by the deceased after his or her death? Laws vary from State to State, but in many cases the departed’s estate becomes responsible for outstanding debt. However this does not necessarily mean [...]
To keep houses and cars through a bankruptcy, a debtor has to satisfy two different parties to keep an asset subject to a lien. The bankruptcy trustee is looking out for the unsecured creditors; the lender is looking out for itself. How does this play out in the case? The bankruptcy trustee is on the [...]
Blue Dog Democrats made their deal, and Chapter 13 mortgage cramdown legislation is one step closer. Changes include having to provide your income, expenses and debts to the mortgage company while seeking modification, which must be done to be eligible for judicial modification of a first mortgage securing your residence. The bankruptcy court would determine [...]
