Sounds wrong, but studies show the easier it is to file bankruptcy, the more people will take risks to start a new business. One of our favorite themes here at the bankruptcy law network, problems with the 2005 bankruptcy law changes James Surowiecki in the New Yorker. The actual cause of the increase in bankruptcy [...]
April 2009
There is a misconception that people who file for bankruptcy will lose their homes.  I hear from many people who avoided speaking to an attorney because ‘someone’ told them that if they file they will lose everything, including their home. This is a myth. Many homeowners not only keep their homes in bankruptcy, but many [...]
If you have an FHA loan, the lender is supposed to comply with FHA regulations. We have always maintained that if the lender fails to comply with FHA regulations if you default on a mortgage, you have a defense to the foreclosure. The Illinois Appellate Court just issued an opinion saying that lenders can get [...]
Debtors filing bankruptcy are required to disclose money paid to anyone, including attorneys, for debt consolidation, bankruptcy relief or petition preparation within one year before filing. This disclosure occurs on the Statement of Financial Affairs at question number 9. The question covers payments to debt relief or debt reduction companies, regardless of whether the effort [...]
If a collector contacts you about a debt, you may want to talk to them at least once to see if you can resolve the matter – even if you don’t think you owe the debt, can’t repay it immediately, or think that the collector is contacting you by mistake. If you contact the debt [...]
Texas Attorney General Greg Abbott has charged Credit Solutions of America, Inc. (CSA) with conducting an unlawful scheme that defrauded Texans with financial problems. CSA has allegedly offered Texas consumers a debt settlement service that would elimate the consumer’s unsecured debts such as credit card accounts in approximately a three year time period. The Texas AG’s [...]
