Consumers are being targeted by fake debt collection companies who usually threaten dire consequences if the debt is not immediately paid, including arrest, garnishment, or prosecution.

A chapter 13 bankruptcy is often viewed as a repayment or reorganization plan, while a Chapter 7 bankruptcy is called a liquidation.   In a Chapter 13, priority debts (back taxes, child/spousal support) are usually paid in full, followed by short-term secured debt (cars, arrearages on mortgages, property taxes, etc.) being paid, and then, if the Debtor’s [...]

Yesterday, major news sources reported that the money set aside by Congress for the “Cash For Clunkers” program was being depleted rapidly (as explained in my blog, “Cash For Clunkers:  Short Deal“).   In Detroit, car dealers were reportedly staying open late into the night in order to have customers be assured of the rebates before [...]

This week, the New York Times reported that consumers who had been the victim of fraud by unscrupulous debt collectors may be getting money back if the New York attorney general is successful in the lawsuit filed against two collection agencies and 35 attorneys.
According to the article, the debt collectors had sued the consumers and [...]

When a debtor files bankruptcy, part of the process requires that they list all assets (all the stuff that they own) and all liabilitlies for the bankruptcy court to review.   This rule has been in place for a long time, but under the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, the rule was emphasized.  [...]

The government announced today that it may be suspending the Cash for Clunkers program, which began officially July 1, 2009, but funds began flowing this wee (and which was discussed by my colleague, Dana Wilkinson, South Carolina bankruptcy attorney, earlier this week).   Congress appropriate $1 Billion in funds and according to cnn.com, that money may well be used up [...]

A recent article in the Summer 2009 USAA magazine (published for its members’ benefit) by Lisa Holton provided sound advice on “Where To Get Money Now” — how to manage cash shortages in today’s economy.  Ms. Holton is the former Business Editor for the Chicago Sun-Times and offers wise advice to the USAA readers–to stay away from the [...]

On Friday, June 26, 2009, Governor Ted Kulongoski signed HB 2306, which provides increased protection for a debtor to protect his vehicle and his home from creditors.   Formerly, a debtor could protect $2150 in value of a motor vehicle.   The bill amends Oregon Revised Statute 18.345(d) motor vehicle exemption value up to $3000.    Oregon has [...]

The website providing details for a new student loan repayment program is up and running to provide information to borrowers anxious to get their student loan payments under control.  The website, www.IBRinfo.org, provides information, a calculator and is a portal to further information.   As of June 28, 2009, t the calculator did not appear functional, [...]

As my friend and colleague, Cathy Moran explained in her blog over a year ago, the benefits of filing a bankruptcy mean that the debtor provides information to the bankruptcy court in the papers filed with the court.
This benefits the debtor more than the Court–this honesty.  For full disclosure, the debtor is able to rid [...]