InsideARM, a accounts receivable management blog reported today that during the past week, a consumer was awardeda $1.26 Million verdict in a Fair Debt Collection Practices Act (FDCPA) lawsuit in New Mexico. The consumer, a “Lucinda Yazzie”, had brought the lawsuit after the debt collector had attempted twice to garnish wages for a debt that the consumer [...]
July 2011
The National Consumer Law Center has launched the Bankruptcy Mortgage Project, a treasure trove of legal resources about home mortgage issues in consumer bankruptcy cases. The NCLC website collects local rules, forms, general orders and opinions about consumer mortgage issues from the 352 bankruptcy judges in 89 judicial districts in the United States. It serves [...]
My client asked me this last week as we were going through her final papers for her Chapter 7 bankruptcy filing. I told her the easy way I think of them: property that is exempt from being liquidated by the case trustee. In my state of New Mexico, you generally can choose between using the [...]
As I write this blog, there is still no deal on the Debt Ceiling. Quite frankly, I was trying to understand exactly how our Government’s accounting system works, and I will say that I am absolutely unable to understand how running a deficit each year is a good thing. There must be a secret training [...]
Executory contracts get special treatment in bankruptcy. They are roughly defined as a contract where both parties still have to perform – think lease - unlike a loan where the lender’s obligations ended when the loan was made. Executory contracts need to be listed in Schedule G, giving notice of the bankruptcy case to the other [...]
While Congress and the White House debate raising the debt ceiling of the nation, many of us just plain citizens wonder if we too should borrow more money to get through our hard times. The questions we need to ask are… can we borrow more? … and … should we borrow more? Lending institutions drastically tightened [...]
