Many debtors are surprised to learn that income to the bankruptcy court doesn’t just include taxable income. Income can be defined different ways depending on which section of the bankruptcy code is involved.

The American Bar Association has filed a lawsuit in the District Court in the District of Columbia seeking declaratory judgment against the Federal Trade Commission applying the new “Red Flag Rule” to attorneys. “Red Flag Rules” are supposed to protect consumers against identity theft by ensuring procedures are put in place by creditors to “flag” illegal activity.

The New York State Attorney General’s office has issued warnings that certain tactics will not be tolerated by debt collectors in New York State.  These include:
Harassing or Abusive Tactics – threatening the use of violence; continuously calling you with intent to annoy or harass; using obscene language; or not disclosing their identity when they call.
False [...]

The new bankruptcy law, BAPCPA (”Bankruptcy Abuse Prevention and Consumer Protection Act”) requires that a debtor’s assets must be valued at “replacement cost.”  In fact, if you meet with your attorney, he will give you a notice required by section 527(c) of the Bankruptcy Code, which probably explains valuation similar to this section from the [...]

Whether or not you will be able to keep a house after filing for bankruptcy will depend on several factors.
Are you current on the mortgage?
If you are current on the mortgage you can continue to pay the secured debt in a Chapter 7 bankruptcy while getting rid of your unsecured debt such as credit card [...]

One of the most enduring myths about the law is that spouses are legally responsible for each other’s debts — but it simply isn’t true, not even in a community property state.  Why, then, do so many people seem to “know” this is so, when it’s just a myth?
The answer probably lies in the nature [...]

If a relative dies owing money at the time of death, the debts are not inherited.  According to North Carolina laws, and likely other states, those debts might have to be paid from property owned by the person who died, but if the deceased didn’t own property then the debts may have died with the [...]

The meeting of creditors in a normal consumer Chapter 7 Bankruptcy is often the last thing that the debtor has to do.   There is a debtor education course that has to be finished after the bankruptcy is filed, and it must be completed within 45 days of the meeting, but most debtors get it [...]

Credit freezes are one of the most effective tools against ID theft available to consumers.  A credit freeze allows you to seal your credit report and it can only be thawed if you use a PIN (personal identification number) that only you know so that a legitimate application for credit and/or services can be processed.  It is an [...]

The Texas Attorney General recently charged a Houston-based credit repair firm with violating the Texas Deceptive Trade Practices Act (DTPA).  The action filed by the Texas AG’s office names Jubilee Financial Solutions LP, also known as The Credit Card Solution, Jubilee Financial Management LLC, and the companies’ owner, Robert Mitcell Lindsey.
The defendants claimed their “debt invalidation” [...]